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place in the business transacted through rural intermediate credit associations. From present indications it would appear that the Board's operations will, in the majority of the districts, increase mainly through the medium of loans through associations and under the discounting system introduced by the Board. ADMINISTRATION. 7. Meetings of Board and Local Committee. —The Board has met monthly usually on the second Friday of the month for the consideration of matters of policy and a review of the operations of the Board and its Local Committee. The Local Committee, consisting of three members of the Board resident in Wellington, has met weekly when necessary to consider matters requiring prompt attention such as loan applications and matters affecting loans, consent to the registration of rural intermediate credit associations, the appointment of valuers and the acceptance of guarantees and endorsements of companies under Part 111 of the Act and under the Board's discounting system. During the year twelve meetings of the Board and thirty-five meetings of the Local Committee were held. 8. District Boards. —During the year forty-one meetings of district boards were held, the number of meetings varying in the different districts according to the volume of business calling for attention. The main matter dealt with by district boards was the granting of loans not exceeding £250 in amount, but the boards also rendered valuable assistance in giving advice on matters affecting their districts or the working of the system generally, and as in previous years the services of the members of the district boards call for an expression of sincere appreciation on the part of the Board. Where the number of applications for loans received did not warrant the calling of a board meeting the applications were circulated to the members and their decisions obtained by correspondence. The Board has extended the system of delegation already inaugurated, thus increasing the powers of district boards. The powers entrusted to committees of district boards have also been augmented. Mr. Patrick James Small, a member of the Manawatu-Wellington District Board, died during the year, and was succeeded by Mr. David Buchanan, of Tiakitahuna, a well-known farmer, who is also a member of the councils of the New Zealand Pig Breeders' and Ayrshire Breeders' Associations, a member of the committee of the Agricultural and Pastoral Association, and a director of the Kairanga Dairy Co., Ltd. The Board records its regret at the loss of Mr. Small, who had been a member of the district board since the inception of the scheme and had rendered useful service. Changes also took place in the personnel of the Wairarapa, South Canterbury, and Southland District Boards. Mr. Thomas Moss, after a period of absence from the Dominion, resumed his seat on the Wairarapa District Board in February last, Mr. George Henderson Hodd, of Pahiatua, having acted as a member of the district board during Mr. Moss's absence. Mr. Benjamin Cochran, on his transfer from the South Canterbury district, resigned his position on the South Canterbury District Board, the vacancy being filled by the appointment of Mr. Charles Edward Shallcrass of the staff of Pyne, Gould, Guinness, Ltd., and President of the South. Canterbury Woolbrokers' and Stock Auctioneers' Association. Mr. John Macdonald, Commissioner of Crown Lands for the Southland Land District, retired from that position during the year and resigned from the Southland District Board, being succeeded by Mr. Bernard Charles Alton McCabe, the present Commissioner of Crown Lands for the district. The Board desires to place on record its sincere appreciation of the valuable services rendered by the retiring members of the district boards. 9. Executive Work. —The senior officers of the Public Trust Office continued to act as executive officers of the Board, and District Public Trustees- and District Managers of the Office also acted as District Intermediate Credit Supervisors and District Officers respectively. The arrangement under which the Public Trust Office acts as agent of the Board has proved very satisfactory in every way, and a suitable charge for the services rendered has been agreed upon without difficulty between the Board and the Public Trustee. *

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