CORNWALL PARK.

DEFICIT ON YEAR'S WORKING. By the balance sheet of the Cornwall Park trustees, which is issued to-day, it will be seen that the expenditure exceeds the income by £048, but in view of the new system of valuing park lands authorised last session by Parliament it is hoped that in future this deficit will not recur. Under the present system of valuing the splendid park, which the late Sir John Logan Campbell bequeathed to the citizens of Auckland, the value was £550 per acre, which meant exceedingly heavy rates. Last session Parliament decided that in future park lands should be valued for rating purposes on their restricted value, which in the case of Cornwall Park is only the £4 5/ per acre received for grazing purposes.

During the past year the trustees spent £1192 in formine roads, .-.venues, etc., and the biggest item en this side of the balance sheet was rates. £1740. The total expenditure was £4020. The park endowments produced £2970, and interest brought the total receipts up to £3370. The capital value of the lands held by the Park Tmst is just over £200,000.