ED—45

As anticipated, the decision of the Government to extend the licensing period for 1948 to cover goods which arrived in New Zealand waters up to 28th February, 1949, -considerably alleviated the congestion which would otherwise have been experienced over the Christmas and New Year holiday period, 1948/49. 10. GOVERNMENT STORE, AUCKLAND The Commission has continued during 1948-49 to operate the previous No. 3 Cargo Control Store at Auckland as a Government store for the storage of Government goods. A table is included in the Appendix (page 97) showing the tonnages of various classes of cargo handled during the year ended 31st March, 1949. The total tonnage handled amounted to 48,682 tons, which was 2,862 tons less than that handled during 1947-48. Of the total tonnage handled, 40,280 tons, or 83 per cent., was in respect of wheat, tea, and other foodstuffs, which are the principal lines of Government goods. Goods for private consignees are only stored when the Commission is satisfied that alternative private storage is not available. The rate of handling per man-hour for the year ended 31st March, 1949, was 3-80 tons, as against 2-94 tons for the preceding year. The cost per ton handled was 2s. 3-37 d., as against 2s. 3-1 Id. for the preceding year. The increases in wages during the year have been offset by greater efficiency in the store resulting in an increase of o*B6 tons per man-hour in the rate of handling. This increased rate is mainly due to the greater use of fork-lift trucks and palette boards. The volume of cargo handled through the store during the year indicates the need fur the continuation of its operation. The Store Account shows a profit for the year of £3,630, The work has been carried out efficiently by the Commission's store staff at Auckland. 11. ACCOUNTS (a) GENERAL No changes took place either in the nature or in the number of the Commission's funds during the year ended 31st March, 1949. The funds operated by the Commission as at 31st March, 1949, were therefore the same as those set out on page 14 of the 1947 annual report. Only one variation occurred in the rates of levies or assessments for the 1948-49 financial year. A decrease in the National Administration' Fund levy from Bd. per paid hour to 6d. per paid hour applied as from 4th October, 1948 (Order No. 65). The reasons for this reduction were given in the last year's annual report (page 20). A new peak has been reached in total income, which, at £3,696,618, is £265,603 greater than for 1947-48 and exceeds the previous peak of £3,584,366 for year ended 31st March, 1944, by £112,252. The reasons for this increase are dealt with in Section (d), Co-operative Contracts Fund. Further additions have been made to the Commission's reserve funds, and these are dealt with under the respective fund headings. Comparative figures being available for the various funds, these figures, together with the usual percentages, are included in the statements of account. In accordance with the proposal relating to depreciation contained in paragraph 1, v page 14 of last year's annual report the first step has been taken this year by writing back the accumulated depreciation on all assets and creating depreciation reserves. The assets in the balance-sheets are now shown at cost. It is proposed in the near future to invest these reserves in suitable securities to provide for ultimate renewals and replacements. In addition to the detailed statements of account for each fund included in the Appendix, a table is given (Appendix, page 95) showing in summarized from the fund totals of expenditure and income, as well as Appropriation Account headings and Accumulated Funds Accounts for the period 1940-48, 1947-48, 1948-49, and the full

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