H.—ls

2

An analysis of these figures shows that the operations of the Department result in a surplus after charging depreciation, but before charging interest on capital. Summarized, the results of the past nine years are as follows : —

From this it will be seen that the Department's financial position has improved considerably since the commercial balance-sheet system came into operation. In 1921-22 the deficiency was £95,153 14s. lid., while during 1929-30 this figure was reduced to £6,555 12s. 6d., a net betterment of £88,598 2s. sd. The reason for the deficit during the year under review, in comparison with the surplus of the previous year, is that the revenue from whaling operations in the Ross Sea has shown a considerable decrease during 1929-30. Harbour Boards' Special Legislation. Bluff Harbour Board Reclamation and Empowering Act, 1929.—This Act— (а) Authorizes the Board to reclaim 26 acres of land from the sea in Bluff Harbour. (б) Authorizes the vesting of the land in the Board. (c) Confers, in respect of this area, on the Board the leasing-powers conferred by the Public Bodies' Leases Act, 1908. (d) Empowers the Board to carry on the passenger and cargo service to Stewart Island. This special power was granted as it is not one' of the general powers Harbour Boards by the Harbours Act, 1923, and the Board has a vessel not fully occupied on harbour-work and thus able to carry on the island service. Gisbome Harbour Board Amendment Act, 1929. —The main proposal of this Act was to rectify the position in regard to the Board's inability to secure title to certain tidal lands and tidal waters vested in it by previous legislation. A proposal contained in the Bill as introduced into Parliament, to authorize reclamation of the areas, was deleted, and the Board's powers to lease any parts of the area were restricted to the powers of leasing foreshore and tidal waters conferred upon it by the Harbours Act, 1923. Lyttelton Harbour Boa.rd Reclamation Validation Act, 1929.—1n 1910 the Board was authorized to reclaim certain lands at Lyttelton, which land was vested in the Board. It was subsequently found that an additional 2 acres 3 roods 30 perches had been included in the work of reclamation ; and the purpose of this Act was to validate the reclamation of this additional piece and vest it in the Board. Otago Harbour Board Empowering Act, 1929. —The Otago Harbour Board Empowering Act, 1926, authorized the Board to borrow, among other items, the sum of £25,000 for construction of a harbour warehouse. The 1929 Bill, as promoted by the Board, sought authority to expend this amount on the following works, instead of on the warehouse, the Board stating that these were of a more urgent nature :—• (a) Purchase and erection of two cranes for Victoria Wharf, and repairing that wharf and providing railway connection, £22,250. (b) Erection of a bridge connecting the school-site vested in the Otago Education Board. £1,200. (c) Shed appliances for handling goods, £1,550. The Bill also contained minor clauses relating to leases of certain of its endowment lands. The proposals outlined above were agreed to, and the Bill passed into law with the addition of a clause authorizing the Board to enter into an agreement with the Railway Department for railway connection with the Victoria Wharf. Sumner Borough Land Vesting Act, 1929.—This Act vested in the Sumner Borough Council a small area of waste tidal land in the Heathcote and Avon Estuary, between the tram-line and the Sumner Road, with a view to its being improved for public purposes. Timaru Harbour Board Loan Act, 1929. —The principal provision in this Act is the authority granted to the Board to borrow £25,000 for repairing damage done to the Eastern Extension Mole by a heavy storm ; raising, improving, and strengthening the mole : and arresting shingle encroachment. Additional provisions include the requirement of a poll to be taken for consent of the ratepayers, and the machinery for taking the poll; the levy and collection of the rates required for the loan, security ; remedies of debenture-holders in the event of default by the Board; power for the Board to pay off loan by instalments; and the establishment of a Renewal and Reserve Fund.

Ygar ' Before paying Interest After paying Interest on Capital. on Capital. £ s. d. £ s. d. 1921-22 .. .. .. Deficiency 74,146 4 2 Deficiency 95,153 14 11 1922-23 .. .. .. „ 53,456 11 3 „ ' 69,172 18 6 1923-24 .. .. .. „ 9,759 8 1 „ 27.231 4 9 1924-25 .. .. .. „ 2,144 4 11 „ 19,882 0 6 1925-26 .. .. .. Surplus 517 2 2 „ 17,294 8 10 1926-27 .. .. .'. „ 5,881 5 2 „ 12,124 0 10 1927-28 .. .. .. „ 5,941 6 0 „ 12,178 12 0 1928-29 .. .. .. „ 17,531 8 1 Surplus 1,474 15 2 1929-30 .. .. .. „ 1.0,879 2 8 Deficiency 6,555 12 6