ASSETS REALISATION BOARD.

Lyttelton Times, Volume CVI, Issue 12550, 11 July 1901, Page 5

ASSETS REALISATION BOARD.

ANNUAL REPORT. [From: Our Special Correspon-dent.l WELLINGTON, July 10. The annual report of the General Manager of the Assets Realisation Board !has just 'been presented: to Parliament. The result of the year's working, it etates, again shows, satisfactory figures, via. :«■" From stations £63,019, sundry propertiftf £13,750,/'payment by Bank of New Zealand, 1900,'£50,000, totalling £126,769, less debenture interest £84,095, and income tax £7991, charges, etc., £686 debtor balance, 1900, -£1936, totalling £100,890, and leaving a surplus of £25,87S over expenditure towards the realisation of the deficiency. To this must be added £50,000 payable by the bank to March 31 last. The comparative returns each year since realisation commenced in 1895 show approximately an averago earning to date as follows: Station properties—On book cost 3.70 per cent, on Manager's valuation 5.26 per cent; for year to March 31, 1901, on latest Government valuation (plus stock) 7.37 per cent; sundry properties—on book cost 1.31 per cent, en Manager's valuation 1.97 per cent, for year to March 31, 1901, on. latest Government valuation (plus stock) 5.72 per cent. The statutory n payment by the Bank of New Zealand has been made, and the Manager is advised that the £50,000 accrued due at March 31 last will be handed in shortly. To March 31 last debentures amounting in all to £305,285 have been redeemed, and the. Manager anticipates, as the various unpaid balances of purchase money and mortgages are now rapidly maturing, that heavy redemptions will bo made during the present ■ year. This account would fcavo been reduced ; to a much greater extent but for the obvious necessity of according easy terms of payment for the properties sold. Debenture interest has been paid and provided for from revenue as under: —From surplus 1599-1900, £48,063; from surplus 19001901 operations, £61,910; total £109,973; statutory payment by bank for 1901, to come, £50,000, totalling £159,974, leaving a surplus of £25,878, plus contribution by bank £50,000, to carry forward. Under the heading "Realisations," the>Manager reports sales have been in smaller volume and value than in the previous year, especially in regard to country properties, the demand for which, except in dairying districts, has eased off very considerably, . in consequence, no doubt, of the shortening of the resources of would-be purchasers, due to the: shrinkage in the value of produce, and the local advance dn prices for stock. Sales have been made:—Ooun-. .ty lands, 34,911 acres, realising 1 £78,894;. and town and suburban lands and sundries to the value of £13,657. The sales for the ' year total £101,711, of which.the sum of £82,451 was for land and £9260 forstocfe and implements on properties finally realised. The sales in the period' 1895-1901,.' including stock, total £685,282. In rev gai'dto station properties, the Manager says that he has great pleasure in recording further good results for the year, notwithstanding that in consequence of the serious fall in the wool market they have had to provide for reclamations on drafts io the ex-. tent of £20,868. against clips unrealised at March 31, 1900. He arranged for a valuation by the London brokers by cable-, and this season's sales should, he says, fully cover the drafts. The estates sold during the year comprise tlia whole of Awamate", 2365 acres, the whole of Hora Hora, 8680 acres ; the balance of Manawaxu, 189 atres; Hie "balance of Eskbank, 1467 acres; iha balance of Kakare, 2148 acres; parts of Lockerbie, 10 acres; Matama-ta, 3263 acres; Rangiuru, 2853 acres ;, Waihao-. , runga, 1206 acres; Fcncourt Estates, 9919 acres, totalling 32,100 acres. The vrorkr ■ ir.g expenses totalled- £71,524, of which th? - sum of £6442 was for permanent improvements, and £34,220 for repairs, rates, fe«d, etc., and £10,183 for renewing pastures.