8.—14

GENERAL. In the administration of the Rural Intermediate Credit business the Board has received valuable assistance from the members of district boards, by whom the bulk of the new business is now considered under delegated authority from the Central Board. We gratefully acknowledge the help given by these gentlemen, who handle a considerable volume of work in a prompt and efficient manner. We are also indebted to the directors and secretaries of Co-operative Rural Intermediate Credit Associations, by whom the majority of the loans are administered. Much gratuitous service is given by these officials, and the results obtained are a credit to them. In addition to the usual duties of management and supervision of investments, good work is being done by association board members in helping and advising borrowers with their farming operations and development work. The services of members of the staff of the State Advances Corporation have been extensively used in co-ordinating and supervising the lending operations of this Board, which is an important factor in the continued success of the undertaking. A. D. Pabk | M Joint T. N. Smallwood 1

RURAL INTERMEDIATE CREDIT BOARD. Balance-sheet as at 30th June, 1940. Liabilities. £ £ Assets. £ Establishment grant from Consolidated Fund .. 10,000 Investments of the Rural Intermediate Credit RedempLess expenditure to date .. .. 7,765 tion Fund and premiums on conversion : Government 2,235 securities at cost and interest accrued .. .. 217,159 Advances from Conslidated Fund for preliminary expenses Advances to associations for preliminary expenses .. 274 of associations .. .. .. .. .. 850 £ Advances from Consolidated Fund under section 16 of the Advances to associations under Part II .. 138,209 Rural Intermediate Credit Act, 1927, including Less Reserve .. .. .. .. 4,397 £133,333 6s. Bd. which under section 17 of the said Act 133,812 forms part of the Rural Intermediate Credit Redemp- Advances to farmers under Part 111 .. 7,308 tion Fund .. .. .. .. . . 400,000 Less Reserve .. .. .. .. 1,094 Rural Intermediate Credit Redemption Fund : Accumu- 6,214 lated interest on investments and share of profits .. 103,495 Bills discounted .. .. .. .. 813 Rural Intermediate Credit reserve .. .. .. 18,255 Less rebate of interest .. .. .. 31 Reserve, representing premiums on conversion of Rural 782 Intermediate Credit Redemption Fund investments .. 1,137 Short-term investment .. .. .. .. 100,000 Sundry creditors .. .. .. .. .. 3,083 Accrued interest .. .. .. .. .. 1,576 Sundry debtors .. .. .. .. .. 1 Office appliances, furniture, fittings, &c. .. .. 32 Cash at bank and in transit .. .. .. 69,205 £529,055 £529,055 PROFIT AND LOSS ACCOUNT FOR YEAR ENDED 30th JUNE, 1940. Dr. £ Cr. £ Management expenses .. .. .. .. 2,326 Interest on advances to associations .. .. .. 6,369 Advertising .. .. .. .. .. 255 Interest on advances to farmers .. .. .. 502 Printing and stationery .. .. .. .. 60 Discount on bills discounted .. .. .. 25 Travelling-expenses of officers .. .. .. 27 Interest on temporary investment .. .. .. 2,096 Travelling-expenses of district board members .. .. 51 Sundry fees .. .. .. .. .. 10 District board members'fees .. .. .. 15 Transfer from Redemption Fund income .. .. 1,915 General expenses .. .. .. .. .. 53 Audit fees .. .. .. .. .. 75 Depreciation .. .. .. .. .. 5 Interest paid to Treasury .. .. .. .. 8,000 Reserved for losses .. .. .. .. 50 £10,917 £10,917 A. D. PARK, F.1.A.N.Z., F.R.A.N.Z.\ T • , • tv T. N. Smallwood } Jomt Dlrectors " R. Robertson, Chief Accountant. I hereby certify that the Balance-sheet and accompanying accounts have been duly examined and compared with the relative books and documents submitted for audit and correctly state the position as disclosed thereby — C. G. Collins, Controller and Auditor-General.

Approximate Cost of Paper.—Preparation, not given ; printing (1,110 copies), £7 10s.

Authority : E. V. Paul, Government Printer, Wellington.—l94o.

Price 3d.]

4