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The attached table stows, for comparative purposes, income and expenditure since 1921 :— Revenue, Expenditure. £ s. d. £ s. d. Year ended 31st March., 1922 .. .. 17,719 6 4 23,528 0 6 1923 .. .. 19,790 18 1 19,119 4 7 1924 .. .. 19,137 7 10 18,430 18 4 1925 .. .. 23,535 13 9 21,553 13 1 1926 .. .. 23,268 5 1 23,415 17 1 1927 .. .. 19,103 11 5 24,303 6 9 1928 .. .. 18,997 13 6 17,488 7 6 To meet the situation which arose last year, expenditure was cut down to an absolute minimum, being nearly £7,000 less than for the previous financial year. The Public Works programme was curtailed, and expenditure in all Departments was reduced. The New Zealand Government, which has rightly committed us to increasing activities in various directions, such as medical services, education, public works, superannuation, &c., will realize that with the abnormal conditions which have obtained in the last three years owing to heavy storms early in 1926 we must depend upon it for a certain amount of financial aid until better conditions are restored. The balance-sheet set out hereunder takes into account the value of all Administration assets throughout the Group as at the 31st March, 1928, and all liabilities, and shows an excess of assets amounting to £73,000 4s. 9d. Balance-sheet as at 31st March, 1928. Liabilities. £ s. d. Assets. £ s. d. Accumulated funds .. .. .. 73,000 4 9 Land .. .. .. .. 9,476 15 0 Sundry creditors .. .. .. 5,956 17 7 Buildings .. .. .. .. 45,991 3 3 Waterworks, Rarotonga .. .. 4,947 12 0 Water-tank 3, Outer Islands .. .. 1,644 111 Telephone system .. .. .. 527 5 0 Plant and tools .. .. .. 2,397 0 8 Office furniture and fittings .. .. 667 0 7 Furniture, household .. .. 4,295 10 4 Boats .. .. .. .. 461 6 3 Motor-vehicles .. .. .. 939 7 4 Stocks on hand .. .. .. 2,212 12 9 Sundry debtors .. .. .. 3,550 1 8 Cash in hand (Resident Agents) .. 103 5 11 Cash in bank .. .. .. 1,064 16 11 Cash in hand .. .. .. 679 2 9 £78,957 2 4 £78,957 2 4 Trade . For the year ended 31st December, 1927, the value of the imports was £116,606, and of exports £138,357, showing an excess of exports of £21,751. For the previous year the figures were —Imports, £134,473 ; and exports, £138,588. During the year 123,021 cases of oranges and other citrus fruits, 45,470 cases of bananas, and 41,080 cases of tomatoes were exported. The following comparative table shows the exports of our main products for the last four years : — 1924. 1925. 1926. 1927. Oranges (cases) .. .. .. 177,396 94,773 169,668 123,021 Bananas (cases) .. .. .. 78,453 85,451 30,766 45,470 Tomatoes (cases) .. .. .. 25,438 61,064 72,087 41,080 Copra (tons) .. .. .. 2,250 2,440 1,245 1,676 It will be seen that our export of oranges, bananas, and tomatoes still shows a considerable drop on what is a normal year's output. Copra made a small recovery compared with the previous year, but is still considerably below an average year. The orange crop in Rarotonga this year is a heavy one, but reports from the 0 liter Islands shows that their output will be considerably less than that of last year. Bananas have not been extensively planted in Rarotonga, but tomatoes have received considerable attention, and if the weather is favourable the crop should be a fairly heavy one. The following are the returns of the imports and exports for the year just ended, together with a summary for the past thirteen years : — Poet of Avaeua. Return of Imports for the Year ended 31st December, 1927. SUMMAEY. £ £ New Zealand .. .. .. 87,773 Norway .. .. .. 50 United States of America .. .. 13,142 Portugal .. .. .. 30 United Kingdom .. .. .. 6,682 Holland .. .. .. 28 Australia .. .. .. 5,044 Czecho-Slovakia.. .. .. 15 Tahiti .. .. .. .. 1,486 Java .. .. .. .. 11 France .. . . .. .. 730 China .. .. .. .. 5 Canada .. .. .. .. 631 Suva .. .. .. .. 4 India .. .. .. .. 361 Italy .. .. .. .. 4 Germany .. .. .. 212 South Africa .. .. .. 2 Belgium .. .. .. .. 101 Sweden .. .. .. .. 1 Switzerland .. .. .. 91 Hawaii .. .. .. .. 1 Austria .. .. .. .. 80 Japan .. .. .. .. 68 £116,606 Ceylon .. .. .. .. 54 t r-.

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