order to retain their mortgages, have voluntarily lowered the rate of interest to 5 per cent. The tabular statement on the following page of the financial position is the latest that has been issued, and does not purport to be more than approximately correct. Advances may also be made towards the construction of dwelling-houses to those who have obtained selections under the Land for Settlements Acts; but they may not exceed twenty pounds nor the {101} amount already spent by the applicant upon his holding. INCOME. The advances authorised and accepted amount to L735,967, and yield an annual income of 5 per cent. . . . . . . . . . . . L36,798 The temporary investment of L603,444 in Government securities yields an annual income at the rate of 3.42 per cent. . . . . 20,747 The balance of L51,805 on current account with the Bank, may be estimated to yield 2 per cent. . . . . . . . . . . . . . . . . 1,036 -------- Estimated total income on June 15, 1896 . . . L58,581 -------- EXPENDITURE. Annual charge for interest at 3 per cent. on L1,500,000 . . . . . . . . . . . . . . . . . L43,000 Salaries for the year . . . . . . . . . . . . 3,700 Other expenses . . . . . . . . . . . . . . . . 2,800 Mortgage Tax, estimated . . . . . . . . . . . 1,800 -------- Estimated total expenditure . . . . . . . . . L53,300 Balance of income over expenditure . . . . . . 5,281 -------- L58,581 ========