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DISCOUNTING OP PROMISSORY NOTES Bills discounted by the Board during the year totalled £438, and the investments at the end of the year under this heading amounted to £74. REVENUE ACCOUNTS AND BALANCE-SHEET The accounts for the year ended 30th June, 1945, are being submitted by separate reference in terms of section 38 of the Act. Investments of the Redemption Pund show an increase of approximately £5,00,0 on the previous figures. Advances to associations have decreased by £17,000, but there is an increase in Part 111 loans of approximately £27,000. The amount now held by the Board in temporary investments, Government securities, and cash balances aggregates £181,478, and represents a decrease of £14,893 on last year's figures. Expenditure for the year shows little variation, the main items being interest on loan capital, £12,000, and management expenses, £2,246. Revenue derived by the investment of funds available for the Board's normal lending activities has been augmented by the transfer of £4,093 from the Redemption Fund Income Account in terms of section 17 (3) (a) of the Rural Intermediate Credit Act. The Board again records its indebtedness to the members of the district boards and the directors and secretaries of associations for the valuable services rendered by them in connection with the conduct of the lending operations. T.' N.' Wi,wooD} Joint Managing Directors.

RURAL INTERMEDIATE CREDIT BOARD Profit and Loss Account for the Year ended 30th June, 1945 Dr. £ Or. £ Management expenses .. .. .. 2,246 Interest on advances to associations.. .. 3,487 Travelling-expenses.. .. .. .. 4 Interest on advances to farmers .. .. 1,982 District board members' fees .. .. 3 Discount on bills discounted .. .. .. 7 General expenses .. .. .. .. 14 Interest on Government securities .. .. 4,640 Audit fees .. .. .. .. . . 59 Interest on short-term investment .. .. 81 Interest paid to Treasury .. .. .. 12,000 Sundries .. .. .. .. .. 36 Transfer from Redemption Fund income .. 4,093 £14,326 £14,326 Balance-sheet as at 30th June, 1945 Liabilities £ £ Assets £ Establishment grant from Consolidated Investments of the Rural Intermediate Credit Fund .. .. .. 10,000 Redemption Fund and premiums on conLess expenditure to date .. .. 7,765 version: Government securities at cost and 2,235 interest accrued .. .. .. .. 260,290 Advances from Consolidated Fund for pro- Advances to associations for preliminary expenses 58 liminary expenses of associations .. .. 850 £ Advances from Consolidated Fund under section Advances to associations .. .. 69,707 16 .. .. .. •• 400,000 Loss resorve .. .. .. 1,679 Rural Intermediate Credit Redemption Fund: 68,028 Accumulated interest on investments and Advances to farmers .. .. 46,154 share of profits .. .. ..125,820 Less reserve .. .. .. 991 Rural Intermediate Credit Reserve .. .. 19,511 45,163 Reserve (premiums on conversion of Redemption Bills discounted .. .. .. 74 Fund investments) .. .. • . 1,137 Less rebate of interest .. .. 3 Sundry croditors .. .. .. .. 7,238 — 71 Overdue interest on advances .. .. 7 Accrued interest on advances .. .. 1,072 Sundry debtors .. .. .. .. 624 Government securities and accrued interest .. 150,301 Cash at bank and in transit .. .. 31,177 £556,791 £556,791 m' It' q ARK ' \ Joint Managing Directors. T. N. Smallwood J b b W. G. Dent, B.Corn., A.R.A.N.Z., for Chief Accountant. 1 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. —J. P. Rutherford, Controller and Auditor-General.

Approximate Cost of I'aper.—Preparation, not given ; printing (507 copies), £3 10a.

By Authority: E. V. Paul, Government Printer, Wellington. —1945. Frice 3d.]

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