“A PRINCIPALITY.”

Hawera Star, Volume XLVIII, 23 February 1925, Page 8

“A PRINCIPALITY.”

R.IVKRINA STATION SOLD FOR £300,000.

“It is not a station: it is a principality,’’ declared the auctioneer in offering for sale at Scott’s Hotel (Melbourne) recently the renowned Riverina sheep station known as •Henerembah.’’

The station which, as offered, comprises 90,830 acres of freehold 1 and 14,349 acres of leasehold situated about half-way between Hay and Narrandera with a frontage on the Murrumbidgee River was first taken up about 50 years ago bv the late’ Mr. Thomas llaillie. Since Mr. Baillie died 3d years ago, the estate lias been worked by the trustees of his estate. The trustees have been desirous of winding-up the estate, but because of an embargo by the New South Wales Ministry arrangements for the sale of the property could not he completed until last year. Some interesting figures concerning the working of the huge property were detailed by the auctioneer to the large crowd present. According to the statements prepared by the trustees’ accountants, the station has in the last 32 years, produced 29,602 hales of wool, or an average of 925 bales a year; 363,500 sheep have been sold, and 397,600 lambs have been reared. In the period specified, working expenses, including shearing, amounted to £2OS--111, an average of £6503 a year. Rents and taxes amounted to £597 a year, and the unimproved value is 24/ an acre. The gross, return for last year amounted to £73,682, which included the following items: —1200 hales of wool, which realised £51,640: sale oi sheep, £21,193 ; sale of fat cattle, £442 ; sale of skins and oddments £470. With the working expenses, including rates, rents, taxers, etc., deducted, the net return for last year was £60,000. The first, bid received was £250,000 and by a rapid succession of -bids the amount offered rose to £325,000 at. which figure the bidding ceased. This amount, it is understood, was close to the reserve price fixed, but it was decided to pass the property in at auction, and to treat privately with intending buyers. Later in the afternoon it was announced that the property had been sold privately for £340,009 to the Willandra Pastoral Co., Ltd., of Sydney. the firm’ which had bid £325,000 at auction. Mr. F. W. Hughes, oi Sydney, was, the ninner-iin at auction, his bid being £320,000.