ASSETS REALISATION BOARD.

Auckland Star, Volume XXX, Issue 158, 6 July 1899, Page 5

ASSETS REALISATION BOARD.

The balance-sheet of the Asset* Realisation Board was laid on the table of the House to^ay. It i^ as follows: — . ■ Liabilities: Three and a half, pep cent, debentures outstanding, £2,555,----285; produce advance, Court drafts drawn against produce, £65,218; total, £2,620,503. Assets: Stations, '£1,637,807;" freeholds, £409,720; other properties, £ 159,181"; amount paid in excess of Mr Hean's valuation, £54,507; balance due by purchasers, £95,458; realisation adjustment account, £ 129,509;' cash account, £49; suspense accounts, £1747; accrued revenue, £2054; Bank of New Zealand (including1 station overdrafts and credits), £20,295 produce consignment account, £ 64,855 ;| profit and loss account, £45,313; total, £2,620,503.

The profit and loss account shows that £9736 was paid for land tax, £4233 for general charges, £90,075 for interest on debentures. The net profit on stations was £42,841. The expenditure on account of properties was £2102. The Bank of New Zealand payments in terms of the Banking Act included in the statement are:; Arrears 1896-97, £24,900; payment for 1808, £50,000. A long list of properties realised as appended. The properties finally realised amount to £53,609, and properties partially realised to £65,909, a a total of £119,519. The net surplus is almost identical with, last year's. The general manager's report states that the working of station properties has been attended with very good results as compared with previous years. The Bank has made the statutory payment up to March 31, 1898, and the Board is informed that it has made provision for payment in due coursfe of the £5000 accrued due on March 31 last. The sales of properties ftnttttyf closed March, 1895-98, inclining Ran:' giatea, and sales of stock amounted to £274,160, and the deficiency oa book cost, including realisation' expenses, etc., was £106,953. The tales for the year ended March 31 last totalled £105,318.

The manager states that, notwithstanding public criticism, good propress lias been made with realisation, and no opportunities of placing properties have been missed. The sales in Auckland have amounted to £99,557;] Canterbury, £115,621; Hawke's Bay, £2304; Otago, £56,067; Marlborough, £7869; Wellington, £65,350. £'or the balance-sheet of March 31, the manager estimates the wool clip, which at that time 'was afloat and unrealised, to net about the same as the foregoing year. A decline in London, however, caused a deficiency on the estimate of £7365, which has had to be provided for at March 31 last. This, with the reclamations on frozen meat, etc., reduced the . surplus on the year's working of the stations from £51,028 to £42,841. The manager states that the improvement in wool prices will ibe well appreciated in the current I year's finance, for as he valued the clips now coming into the London ! market on the basis of last year's realisations, he anticipated a very substantial surplus. Mr Foster concludes with a statement that the large area lately offering by the Government has affected the demand for all classes of country lands for sale, and fcas retarded business in this direction. There are, however, prospects of the sale of some of their blocks to the Land Purchase Board at fair prices. His object had been to bring them into the best condition for sale, and this object was gradually being effected, the Waikato properties especially showing a. zoarjied. ixQprovemjen.t, ~^^