1.—6

22

In quoting these estimates of probable expenditure I may mention that, by the Act incorporating the association, its officers, from and after the passing of the Act, were deprived of the privileges that would have accrued to them under the Civil Service Act. In conclusion, it should be stated that under the new Act the Governor in Council is invested with powers as to regulating the business conducted by the Board similar to those vested in him under the old Act, except that the Board appoints its officers. All the funds which were formerly vested in the Commissioner are now vested in the Board. D. M. Luckie.

Comparison of Expenses of 1884 with 1885.

Estimates of 1885 and 1886 compared.

Salaries. —Increases: Principal increase at the branches—namely, £2,330; head office increase, £1,109. Directors' Fees. —£6oo: This was not included in the probable expenditure for 1885, as it was fixed by statute, and it was not then deemed necessary to include it. Extra Clerical Assistance. —Additional £500 because of extra work in connection with the quinquennial division of profits. Printing, Stationery, and Advertising. —Additional £1,000 because of the same reason.

Tuesday, 22nd June, 1886. Mr. D. M. Luckie in attendance and further examined. Witness : I hand in, as desired, the original certificate of title of the Christchurch property for the inspection of the Committee ; also the following schedule, showing particulars, rate of interest, and value of the investments, which is referred to in my memorandum to the Chairman submitted yesterday:—Treasury debentures, 4-| per cent., £288,100; ditto, 5 per cent., £171,000: total, £459,100. Deficiency bills, 5 per cent., £100,000. Ashburton County Council, 7 per cent., £1,000. Eailway debentures, 6 per cent., £40,000; ditto, 6J per cent., £35,000 : total, £75,000. Wanganui Harbour Board, 6f per cent., £10,000. Otago University, 6 per cent., £15,000. Fixed deposit, Colonial Bank, 5 per cent., £25,000. Borough securities —Arrowtown, 7 per cent., £2,500 ; Parnell Drainage, 6 per cent., £4,608; * Parnell Waterworks, 6 per cent., £2,064; * Wanganui, 7 per cent., £1,000; Queenstown, 7 per cent., £3,500 ; Feilding, 7 per cent., £5,800 ; New Plymouth, 7 per cent., £4,000; South Dunedin, 6 per cent., £9,700 ;* South Invercargill, 7 per cent., £3,400 ; Marton,

* The Parnell Debentures were purchased some years since at 96; those for South Dunedin at 97. The nominal value of the former is £6,950; of the latter, £10,000, and for these sums the association holds debentures; but in this statement only the actual price paid is set down. —D. M. L,

Dissei Jtion of Increi .Sβ. 1884. 1885. Increase. Occasioned Incorporation, and Nonrecurring. Board, Extra Charges. Quinquennial Special Expenses. Salaries Medical fees Travelling expenses Advertising Printing and stationery Rent Postage Telegrams Exchange Office-furniture depreciation General expenses Directors' fees Quinquennial expenses Commission £ s. a. 10,418 16 3 4,383 10 10 1,158 17 11 439 19 5 1,238 14 6 554 15 1 850 0 0 386 12 5 116 6 9 215 14 7 1,148 13 8 £ s. a. 11,463 13 4 4,812 16 11 2,055 12 3 730 18 4 2,350 3 0 991 8 2 1,000 0 0 718 18 8 158 6 1 252 4 8 2,170 18 9 600 0 0 900 0 0 8,840 7 10 37,045 8 0 £ s. a. 1,044 17 1 429 6 1 896 14 4 290 18 11 1,111 8 6 436 13 1 150 0 0 332 6 3 41 19 4 36 10 1 1,022 5 1 600 0 0J 900 0 o! 71G 10 6 £ s. a. 700 " 0 0 £ s. d. 600 0 0 200 0 0 175 1 9 391 8 7 £ s. a. 586 17 9 188 11 0 600 0 0 8,123*11 4 900 ' 0 0 Total 29,035 12 9 I 8,019 5 8 .1,286 17 9 2,155 1 4 900 0 0

Expenditure. 1885. 1886. Increase. Salaries at head office Salaries at branches Directors' fees Extra clerical assistance Commission Medical fees Postage and telegrams Printing, stationery, and advertising Travelling expenses, agents, &c. Contingencies (including valuation and preliminary expenses) £ s. a. 8,429 4 0 2,745 0 0 £ s. a. 9,538 4 0 5,075 0 0 600 0 0 2,000 0 0 10,000 0 0 5,000 0 0 1,800 0 0 4,000 0 0 2,000 0 0 4,000 0 0 £ s. a. 1,109 0 0 2,330 0 0 600 0 0 500 0 0 1,500 0 0 10,000 0 0 5,000 0 0 1,800 0 0 3,000 0 0 2,000 0 0 4,000 0 0 1,000 0 0 Total 38,474 4 0 44,013 4 0 5,539 0 0