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APPENDIX VII. Loan Account as at 31st March, 1927. To Loan authority— £ s. d. By Debentures issued — £ s. d. Section 40, Forests Act, 1921-22* 500,000 0 0 Finance Act, 1916 (section 50), at Section 40, Forests Act, 1921-22, 4J per cent. .. .. .. 50,000 0 0 and section 16, Finance Act, 1924 100,000 0 0 Finance Act, 1918 (No. 2), (secSection 8, New Zealand Loans Act, tion 32), at 4 per cent... .. 171,000 0 0 1908 (charges and expenses of Finance Act, 1918 (No. 2), (secraising New Zealand consolidated tion 32), at 4J per cent. .. 29,000 0 0 stock, 1936-45) .. .. 4,396 13 5 Finance Act, 1920 (section 16), at Section 40, Forests Act, 1921-22, 4 per cent. .. .. .. 27,000 0 0 and section 6, Finance Act, 1926 500,000 0 0 Finance Act, 1920 (section 16), at 4J per cent. .. .. .. 8,000 0 0 Forests Act, 1921-22, at 5 per cent. 10,000 0 0 Forests Act, 1921-22, and Finance Act, 1924, at 5 per cent. .. 100,000 0 0 Stock issued— New Zealand consolidated stock, 1936—51, at 6 per cent. .. 1,774 12 10 New Zealand consolidated stock, 1936-45, at 5 per cent. .. 204,396 13 5 Balance of authority .. .. 503,225 7 2 £1,104,396 13 5 £1,104,396 13 5 * Section 40, Forests Act, 1921-22, confirmed the authorities previously issued under the Finance Acts, 1916, 1918, and 1920, and repealed all the authorities outstanding thereunder. Note. —Under Section 21, Finance Act, 1926, certain appropriations out of the Consolidated Fund for afforestation purposes, totalling £59,250, become repayable to the Consolidated Fund, and bear interest at 4J per cent, from Ist April, 1926, until repayment.

APPENDIX VIII. State Forests Account, 1917-27.

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Receipts. Payments. Fiscal Year. Income, Loans rated. Total. Capital. Operation. In {g*£ on Total. ! 1 i ! I ££££££££ Balance, 31st March, 1917 .. .. .. 2,530 1917-18 .. .. 13,299 28,100 .. 41,399 40,865 988 902 i 42,755 1918-19 .. .. 7,529 36,900* .. 44,429 39,162 2,182 1,861 j 43,205 1919-20 .. .. 8,514 65,000 .. 73,514 60,844 5,975 3,577 70,396 1920-21 .. .. 19,518 70,000 .. 89,518 64,802 14,570 6,127 85,499 1921-22 .. .. 30,784 86,780 .. 117,564 69,840 38,087 9,797 , 117,724 1922-23 .. .. 63,372 214,221 2,935 280,528 51,823 38,591 19,701 1 110,115 1923-24 .. .. 93,480 209 6,013 99,702 54,323 | 43,077 23,172 120,572 1924-25 .. .. 161,469 100,000 6,727 268,196 171,920+ ! 56,245 23,157 j 251,322 1925-26 .. .. 152,550 .. 7,178 159,728 115,886 63,729 28,004 207,619 1926-27 .. 128,566 .. 4,552 133,118 134,411 72,787 29,077 236,275 Balance, 3 1st March, 1927 .. 24,744 1,310,226 I 1,310,226 * Includes £10,000 from Consolidated Fund. f Includes £100,000 purchase of Selwyn Settlement forest. Note. —Credits-in-aid and recoveries have been deducted from expenditure.