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State Forests Account.—Loan Account as at 31st March, 1919. Dr. Cr. To Loan authority— £ By Debentures issued— £ Section 50, Finance Act, 1916 . . 50,000 1916-17—Section 50, Finance Act, 1.916 10,000 Section 32, Financo Act, 1918 .. .200,000 1917-18—Section 50, Finance Act, 1916 28,100 1918-19—Section 50, Finance. £ Act, 1916 .. .. 11,900 Section 32, Finance Act, 1918 15,000 26,900 Balance of authority as at 31st March, 1919 185,000 £250,000 £250,000 Trade. Though the returns received as to the output of timber are not complete, it is shown in the reports of the Conservators that the output of timber for the year is considerably less than that of last year. About the beginning of the New Year there was, however, a marked revival in the timber trade, and with the resumption of public; works and private building no doubt there will be for some time a big demand for timber. Reconstruction in Europe will require huge quantities of American, Canadian, and Baltic timber, so a diminished import and'the renewal of building in this country should bring a prosperous time to local mills. As has boon the case with other commodities, the price of timber has advanced during the year, and this advance has had the effect of bringing about a more complete use of the log of ordinary timbers and an increase in the output of silver (or Southland) beech (Nothofagus Menziesii) and Pinus radiata. There has been such a demand for Pinus radiata that a price of 17s. 6d. per 100 .superficial feet has been readily obtained from the inferior material that is cut from trees grown in wind-breaks. Import of Timber. The following return, furnished by the Comptroller of Customs, shows the total quantity and value of the undermentioned kinds of timber and tan-bark imported into New Zealand, and the net Customs duty collected thereon, during the year ended 31st March, 1919 :—

Item. Quantity. Net Duty v collected. Value. (1.) Round logs— Ironbark Other timbers (2.) Hewn logs— Ironbark Jarrah Other timbers (3.) Sawn, rough — Ironbark Jarrah Oregon pine (Canada) Oregon pine (U.S.A.) Other timbers (4.) Sawn, dressed — Miscellaneous Sup. ft. 555,624 34,071 £ 7 4 £ 10,409 543 1,812,289 455,174 1,362,990 128 26,370 5,904 16,992 53 238,529 213,188 220 228 3,695 1,569 2,694,052 2,805,025 2,602 3,105 25,400 55,894 7,1.32 16 267 10,178,074 6,363 147,043 (5.) Laths (6.) Palings, split (7.) Rails, split (8.) Posts, split (9.) Shingles Number. 796,310 93,235 95 108 1,506 968 5,134 678,065 1,500 1,483 83 1,572,744 286 5,457 (10.) Miscellaneous timbers (11.) Tanning-bark (12.) Wood-pulp Tons. 3,225 178 29 391 44 2,885 - 39,721 4,406 Total 7,113 £199,514 From the above it is found that the import of logs ■as less than for the previous year by roughly 8,000; and dimension 100 sup. ft., bu limber for the yi the value was ■ar under review £14,000 more.