Mar. 10.] THE NEW ZEALAND GAZETTE. 449

hearing Mr. Stevenson of counsel for the applicant, Mr. O’Shea of counsel for the Wellington City Corporation, Mr. P. J. Gourley a member of the Debenture-holders’ Committee, and also Mr. J. Gallie a debenture-holder, and upon hearing the evidence then adduced, and the Commission having determined :—
(a) That the applicant is neither a “farmer” nor a “home” applicant;
(b) That the applicant is entitled to retain all its property;
(c) That the value of all property of the applicant is £34,409;
it is hereby ordered :—

1. That the amount of principal secured by or owing under each debenture of the said first and second series of debentures be and the same is hereby reduced by the sum of £21,181; and that the said sum of £21,181 be and the same is hereby written off and discharged; and that in the result the sum of £34,409 shall be and the same is hereby declared to be the only amount for principal remaining secured by or owing under the said two series of debentures.
2. That, whereas there is a sum of approximately £1,055 at present held by the Public Trustee as a sinking fund, the applicant immediately after the sealing and taking effect of this order shall distribute pro rata amongst the debenture-holders such sum of £1,055, and such payment to the debenture-holders shall be in part reduction of the reduced amount left secured by and owing under the said debentures of the said two series, so that in the result thereafter the sum of £33,354 shall be the amount for principal then left remaining secured by and owing under the said two series of debentures.
3. That the rate of interest payable as from the 1st day of October, 1937, upon the reduced amount remaining secured by and owing under each debenture of the said two series of debentures be and the same is hereby reduced to three pounds (£3) per centum per annum, so that such interest shall be payable at that rate and no more.
4. That the applicant may require debenture-holders to produce to it their debentures for endorsement, and upon the applicant association having any debenture so produced to it the same shall be endorsed by it under the seal of the association with the following words, namely :—
   “On and from the 1st day of October, 1937, the principal secured by or owing under this debenture has been reduced to the sum of £ , and the rate of interest has been reduced to £3 per centum per annum, by an order under the Mortgagors and Lessees Rehabilitation Act, 1936, dated the 19th day of October, 1937.”
5. That, whereas for some time past the applicant has been paying interest to the debenture-holders at certain less rate or rates than that provided for in the said debentures of the said two series, such payments so made shall be deemed to be in satisfaction of all interest accrued due up to the 1st day of October, 1937, and all or any arrears of interest owing under the said two series of debentures up to such date are hereby remitted, written off, and discharged as on the 19th day of October, 1937.
6. That if from time to time the applicant, after providing for the payment of the interest payable under this order, maintenance charges, working expenses, replacement, and construction work becoming necessary through depreciation, all other necessary outgoings, and such capital expenditure including additions and alterations to the existing buildings or alterations or improvements to the site as it in its absolute discretion may deem advisable to make, and also after setting aside such moneys as it deems advisable for making payments of a like nature in the future, shall have any surplus income, the applicant shall pay such surplus income to the debenture-holders in further reduction of the reduced amounts secured by or owing under the said debentures of the said two series: Provided, however (1) that the applicant shall not be entitled to expend in any one financial year of the association a sum exceeding £1,000 (but excluding all and any insurance moneys received by the applicant for loss or damage to the buildings or site) for additions or structural alterations to the existing buildings or alterations or improvements to the site, without first obtaining the consent of a majority in value of the debenture-holders to any such expenditure in excess of the said sum of £1,000, each such financial year extending from the 1st day of October in one year to the 30th day of September in the next year; (2) that in matters of expenditure (other than such excess expenditure on such additions, structural alterations, and improvements) the President of the association shall be the sole judge of the amount necessary to be expended under this clause, and that his decision shall be final and conclusive and binding on all debenture-holders.
7. That notwithstanding anything contained in the preceding clause 6 hereof, the applicant shall be at liberty to use and expend in reinstating the buildings or site all or any insurance moneys that may be received by the applicant as a result of loss or damage being suffered by or caused to the buildings or site; and it is expressly hereby declared that any limitations of expenditure imposed upon the applicant by the said preceding clause shall not apply to any such insurance moneys.
8. That a sealed copy of this order be lodged with the Registrar of Incorporated Societies, and that a copy of this order be published once in the Gazette, and such publication shall be deemed to be notice of this order and the terms thereof to all existing debenture-holders and to all persons purchasing, becoming possessed of, or dealing in or with the said debentures.

J. M. DALE, Chairman.
Wellington City (No. 3) Adjustment Commission.
Sealed at the office of the Court of Review at Wellington, this 7th day of March, 1938. 949

MUSIC-TEACHERS’ REGISTRATION BOARD.

STATEMENT of revenue and expenditure of the Music Teachers’ Registration Board for the year ended 31st December, 1937.

Expenditure.
31st December, 1937—
To Board members’ expenses .. .. £ s. d.
111 1 5
Registrar .. .. .. 100 0 0
Printing and stationery .. .. 21 2 7
Postages and telegrams .. .. 10 13 11
Essay prizes .. .. .. 3 3 0
Prizes at competitions .. .. 2 2 0
Audit fee .. .. .. 1 11 6
Bank charge .. .. .. 0 10 0
£250 4 5
Balance surplus revenue for year .. .. 145 2 1
£395 6 6

Revenue.
31st December, 1937—
By Registration fees .. .. £ s. d.
19 19 0
Subscriptions .. .. .. 375 7 6
£395 6 6

BALANCE-SHEET AS AT 31ST DECEMBER, 1937.

Liabilities.
£ s. d. £ s. d.
General Fund at 31st December, 1936 858 8 7
Plus surplus revenue for year .. 145 2 1
1,003 10 8
£1,003 10 8

Assets.
New Zealand Government Stock
£450 at 4 per cent. ; £150 at 3½ per cent. .. £ s. d.
609 7 6
Cash in National Bank of New Zealand .. 394 3 2
£1,003 10 8

PROVIDENT FUND.

Receipts.
£ s. d.
Balance in Post Office Savings-bank at 31st December, 1936 .. .. .. 51 13 4
Interest—
New Zealand Government Stock .. .. 23 12 6
Post Office Savings-bank Deposit .. .. 1 19 1
£77 4 11

Payments.
£ s. d.
Grant made during year .. .. .. 5 5 0
Income-tax .. .. .. 1 16 0
Balance in Post Office Savings-bank at 31st December, 1937 .. .. .. 70 3 11
£77 4 11

E. C. CACHEMAILLE, Registrar.
We have examined the books and accounts of the Music-teachers’ Registration Board for the year ended 31st December, 1937, and certify that the above balance-sheet, revenue and expenditure account, and the statement of the Provident Fund are correct in accordance therewith.

HENRY KEMBER AND SON,
Public Accountants, Auditors.
Wellington, 23rd February, 1938. 951