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Table IY.—Rural Reticulation Fund as at 31st March, 1948 £ s. d. Cash balance brought forward, Ist April, 1947 .. 23,398 16 7 £ s. d. Receipts from annual levy ~ .. .. 24,391 6 3 Interest on investments .. .. .. .. 993 16 11 48,783 19 9 Administration costs and expenses .. .. .. .. 355 14 6 Cash balance, Ist April, 1948 .. .. .. 48,428 5 3 Sundry creditor —Electric Supply Account: Admin- .. 100 0 0 istration costs and expenses Net balance in Fund, Ist April, 1948 .. .. £48,328 5 3 The operations for the year under review took place under the chairmanship of Mr. F. T. M. Kissel, who retired from his official duties at 31st March, 1948. As the new Chairman, I find it impossible to join the Council on its scheduled tours in both Islands, but Mr. Kissel has kindly consented to act as Chairman for this purpose. I would like to acknowledge the very real assistance which this will be. I have, &c., A. E. Davenport, 8.E., M.1.E.E., Ghairman.

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