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APPENDIX VII. Loan Account as at 31st March, 1928. 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, 4+per cent. .. .. .. 50,000 0 0 and seotion 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 (oharges and expenses of Finance Act, 1918 (No. 2), (secraising New Zealand consolidated tion 32), at 4i| per cent. .. 29,000 0 0 stock, 1936-45) .. .. 4,396 13 5 Finance Act, 1920 (section 16), at Section 40, Forests Aot, 1921-22, 4 per cent. .. .. .. 27,000 0 0 and section 6, Finance Act, 1926 500,000 0 0 Finance Act, 1920 (section 1.6), at 4* per cent. .. .. .. 8,000 0 0 Forests Act, 1921-22, at 4| 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 New Zealand Inscribed Stock, at 5J percent... .. .. 115,000 0 0 Balance of authority .. .. 388,225 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40, Forests Act, 1921-22, confirmed the authorities previously issued under the Finance Acts, 1916, 1918, and 1920, and repealed all the authorities outstanding thereunder. Not"-.—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 4£ per cent, from Ist April, 1926, until repayment.

APPENDIX VIII. State Forests Account, 1917-28.

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Price Is.]

Bcci npts. Pay nents. Fiscal Year. Forest Income. Loans raised. Interest on ,.,,.. Investments. 10 '' aL Capital. Operation. Interest on Loans. Total. £ £ £ £ £ 2,530 41,399 44,429 73,514 89,518 117,564 2,935 280,528 6,013 99,702 6,727 268,196 7,178 159,728 4,552 133,118 1,224 276,622 I £ £ £ £ Balance, 31st Maroh,1917 .917-18 .918-19 .919-20 .920-21 .921-22 .922-23 .923-24 .924-25 .925-26 .926-27 .927-28 13,299 7,529 8,514 19,518 30,784 63,372 93,480 161,469 152,550 128,566 115,398 28,100 36,900* 65,000 70,000 86,780 214,221 209 100,000 2,935 6,013 6,727 7,178 4,552 1,224 I 40,865 39,162 60,844 64,802 69,840 51,823 54,323 I71,920f 115,886 134,411 152,395 Balance, 3 988 2,182 5,975 14,570 38,087 38,591 43,077 56,245 63,729 72.787 75,896 1st March, 902 1,861 3,577 6,127 9,797 19,701 23,172 23,157 28,004 29,077 35,040 1928 .. 42,755 43,205 70,396 85,499 117,724 110', 115 120,572 251,322 207,619 236,275 263,331 38,035 160,000 1,586,848 1,586,848 * Includes £10,000 fr Notk.—Credits-in-aii •om Consolic lated Fund, >ries have b f Inc leen deductei sludes £100,i d from expe 000 purchasi snditure. of Selwyn Settlemeir forest. d and recovi