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8.—13 a

1937. NEW ZEALAND.

STATE ADVANCES CORPORATION OF NEW ZEALAND. REPORT AND ACCOUNTS FOR YEAR ENDED 31st MARCH, 1937.

Laid before both Houses of the General Assembly in pursuance of Section 42 of the State Advances Corporation Act, 1936.

PART I. —GENERAL. PAGE 1. Change in Constitution . . .. .. .. .. .. .. 4 2. World Events .. . . .. . . . . .. .. .. 5 3. Business Conditions in New Zealand . . . . .. .. .. 5 4. Trend in Interest-rates . . . . .. .. .. .. . . 6 5. Fresh Issue of Stock and Debentures : Series "B " .. .. .. 8 6. Management of Corporation Stock and Debentures .. . . . . .. 9 7. New Business ~ .. .. .. .. .. .. .. 9 8. Loans for Industries .. .. .. .. . . .. .. .. 13 9. Reserve Fund Investments .. .. .. . . . . . . .. 13 10. Establishment of Branch Offices .. .. . . .. .. . . . . 13 11. Transfer of Discharged Soldiers Settlement Mortgages .. .. .. ..14 12. Transfer of Rural Intermediate Credit Securities .. .. . . . . 16 13. Adjustment of Mortgages under Section 39, State Advances Corporation Act, 1934-35 . . 16 14. Mortgagors and Lessees Rehabilitation Act, 1936 .. .. .. .. .. 16 15. Field Staff .. .. 17 16. Agencies for other Government Departments . . .. . . . . .. 18 17. Arrears of Instalments .. .. . . . . . . .. . . . . 19 18. Interest due and received .. . . .. .. .. .. .. 19 19. Reverted Securities : Urban Properties . . .. .. .. .. .. 20 20. Reverted Securities : Rural Properties . . . . .. .. . . .. 20 21. Salvage Advances .. ... .. •• .. .. ..20 22. Revenue Accounts —Comments on .. . . . . . . .. . . . . 21 23. Balance-sheet—Comments on . . . . . . . . . . . . . . 21 24. Organization and Staff . . .. . . . . . . .. . . 22 25. Conclusion .. . • • ■ ■ ■ • ■ • • • ■ ■. . . 23 Accounts and Auditors' Report .. . . . . . . ... . . . 24 PART lI,— OPERATIONS UNDER HOUSING ACT, 1919. 1. Change in Constitution . . . . . . .. .. .. •. .. 25 2. Transfer of Housing Account . . . . .. .. . . . . 25 3. Housing Policy .. .. • • •. • • • • • ■ • • .. 25 4. Organization . . • • ■ • ■ ■ ■ • • • • • • • . . 26 5. Report of Director of Housing Construction . . .. . . . . . . 27 6. Loans to Local Authorities .. . . .. .. . . . . . . 29 7. Loans to Co-operative Dairy Factories . . . . . . . . . . . . 29 8. Balance-sheet and Revenue Accounts—Comments on .. .. .. ..29 9. Statutory Returns .. • ■ • ■ • ■ ■ ■ • 30 Accounts and Auditors' Report . . . . 30

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