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The balance-sheet set out hereunder takes into account the value of all Administration assets throughout the Group as at the 31st March, 1927, and all liabilities, and shows an excess of assets amounting to £71,950 lis. lOd. Balance-sheet as at 31st March, 1927. Liabilities. £ s. d. Assets. £ s. d. Accumulated funds .. .. .. 71,950 11 10 Land and buildings .. .. .. 55,495 3 2 Sundry creditors .. .. .. 3,818 10 2 Waterworks, Rarotonga .. .. 5,153 15 0 Water-tanks, outer islands .. .. 1,686 5 0 Telephone system .. .. .. 555 0 0 Plant and tools .. .. .. 2,503 7 10 Office furniture and fittings .. .. 679 11 6 Furniture, household .. .. 4,367 13 7 Boats .. .. .. .. 498 14 4 Motor-vehicles .. .. .. 867 5 0 Stocks on hand .. .. .. 2,267 1 5 Sundry debtors .. .. .. 1,357 11 6 Cash in hand (Resident Agents) .. 41 6 9 Cash in bank .. .. .. 33 9 8 Cash in hand .. .. .. 272 17 3 £75,769 2 0 £75,769 2 0 Trade. For the year ended 31st December, 1926, the value of the imports was £134,473, and of exports £138,588, showing an excess of exports of £4,115. For the previous year the figures were : Imports, £130,609 ; exports, £151,939. During the year 169,668 cases of oranges and other citrus fruits, 30,766 cases of bananas, and 72, 087 cases of tomatoes, were exported. The following comparative table shows the exports of our main products for the last three years, ending 31st December : — 1924. 1925. 1926. Oranges (cases) ... .. .. 177,396 94,773 169,668 Bananas (cases) .. .. .. 78,453 85,451 30,766 Tomatoes (cases) .. .. .. 25,438 61,064 72,087 Copra (tons).. .. .. .. 2,250 2,440 1,245 It will be seen that our export of bananas was extremely poor, and the copra showed a drop of nearly 1,000 tons on the previous year, being just about half a normal year's output. This is due to the very heavy storms experienced in December, 1925, and the Ist April, 1926, Rarotonga itself being the worst sufferer of all the islands of the Group. It will still be some twelve months before we entirely recover from the effects of the storms, and the prospects of the banana and copra trade for the current year are not at all encouraging. Our growers are planting heavily this season in tomatoes, and it is to be hoped that the season will be a good one in order that we may make up some of our losses in other directions. As to steamer services, it is anticipated that the mail-steamer will meet requirements if the arrangement to reserve ten thousand cases each ship all the way from San Francisco is adhered to. In last annual report reference was made to the unsatisfactory cargo service, but for the coming season the Union Steamship Company has effected considerable alterations and improvements to the " Waipahi," which is to enter the service, in order to make her suitable for fruit-carrying. If she proves satisfactory, then a grievance of our exporters which has existed for a great many years will have been removed. The following are the returns of the imports and exports for the year just ended, together with a summary for the past twelve years. Poet op Avarua. Return of Imports for the Year ended 31st December, 1926. £ £ New Zealand .. .. .. 95,531 Italy .. .. .. . . 150 United States of America .. .. 13,720 Siam .. .. .. .. 142 United Kingdom .. .. .. 10,995 Belgium .. .. .. 138 Australia .. .. .. 6,922 Czecho-Slovakia .. . . 103 Tahiti .. .. .. .. 1,505 Austria .. . . .. 49 India .. .. .. .. 1,434 Norway .. .. .. 47 France .. .. .. .. 759 Holland .. .. .. 45 Canada .. .. .. .. 744 Ceylon.. .. .. .. 11 Switzerland .. . * .. 573 South Africa .. .. .. 7 Germany .. .. .. 456 Algeria .. . . .. 6 Japan .. .. .. . . 367 Fiji .. .. .. .. 2 Sweden .. .. .. .. 357 China .. .. .. .. 212 £134,473 Samoa . . .. .. .. 198 ' < -

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