H—4s

period of the Commission's activities, 1940-49. Percentages are shown to indicate the relation of each fund to the total operations of the Commission. The following points are of interest as compared with 1947-48 and past years : (i) Income and expenditure have increased by £265,603 and £255,012 respectively as compared with 1947-48. For the third year in the Commission's history both totals exceed £3,000,000. Aggregate totals for 1940-49 are now £ Income .. .. .. .. -22,773,795 Expenditure .. .. .. .. 20,773,505 (ii) Profit distributions (mainly Co-operative Contracts Fund) have increased by £22,816, or 8-28 per cent, as compared with 1947-48. The aggregate of profit distributions is now £1,591,251 for the period 1940-49 (excluding equivalent profit distributions for period July, 1940, to March, 1943, which were not included in the Commission's accounts for those years). (iii) Charges directly concerned with the discharging and loading of shipping (Co-operative Contracts Fund) amount to 87-41 per cent, of the Commission's income for 1948-49 and to 87-98 per cent, of expenditure, which is 1-74 per cent, and 0-89 per cent, respectively greater than the corresponding proportions of 1947-48 total income and expenditure. (iv) Administrative costs are equivalent to 4-11 per cent, of " total income " and 4-59 per cent, of " total expenditure," an increase of 0-27 per cent, in each case as compared with 1947-48. Details are —

(v) After appropriations, a balance of £39,088 was carried down to Accumulated Funds Account, as compared with. £10,997 for 1947-48. (b) BUILDINGS FUND (See Appendix, page 78) During the year ended 31st March., 1949, the erection of two further buildings was completed—namely, Nelson and Bluff. The official opening ceremonies were performed, at Nelson on 17th April, 1948, and at Bluff on 16th October, 1948. As mentioned earlier, depreciation has been written back on all assets, and the buildings are now shown in the balance-sheet at cost. The total cost-price, of all buildings at 31st March, 1949, was £68,299 and depreciation to the same date totalling £3,685 has been credited to Depreciation Reserve. Contracts have been let for the construction of' watersiders' waiting-rooms at the Ports of Whangarei and Tauranga. Owing to the financial position of the Habour Boards at these ports, the Commission has undertaken responsibility for their erection, the cost being in the vicinity of £5,000 for the two buildings. To provide for the estimated final cost of buildings already erected or in course

18

Fund. Percentage of Total Income. Percentage of Total Expenditure. 1947-48. 1948-49. 1947-48. 1948-49. Consolidated (vote, " Labour and Employment ") National Administration 0-50 3-34 0-47 3-64 0-56 3-76 0-52 4-07 Totals 3-84 4-11 4-32 4-59