UNKNOWN.

Otago Witness, Issue 2626, 13 July 1904, Page 65

UNKNOWN.

REALISATION OF PROPERTIES

DEFENCE OF THE BOARD'S POLICY.

(From Odk Own Correspoxdjcnt.)

WELLINGTON, July 8

The- report and balance sheet of the Bank of New Zealand Assets Realisation Board «a« laid on the table of the Hou-o of Bepre.sentatives to-cUy. Mr Foster (the genera l manager) in his report states that th-e improved demand for hind has resulted in a considerable increase 1 m sales o\ev previous years. Taking into account the statutory £50.000 rc-'oened from tho bank, the surplus foti 1 the year, afier providing debenture in-teif-t, amoui t.s to £27.293. Summarised, the position is as follows: — Balance of p;ofit on stations, £51,296; from sundry pierert'cs, £16.530; from payments by the B.uik of Xcw Zc.ila.nd, £166,782;— 1e5s debenture interest, £68.626 ; laud and income tax, £7985 ; and various charges, £7-161:— making the net balance, £144,076. Tln> following statement shows the comparative returns p-aoli year since realisation comluenctd:—StatioT Properties— lß96. £58,493; in 1&97, £56.536, in 1898, £43,296; in 1899, £C 841 ; iv 1900 £87,455; in 1901. £63.019; in 1902. £21,927: m 1903, £38.524; and in 1904, £41,296. Sundry properties, commencing at £6295 in 1896, and ris.ng gradually to £13.510 in 1904. These figures show (oprroxiniately) an average eauwng for the pc-riod from 1395 to 1904 as follows : —On station iDropertie^, 3.41 per cent, on book cost and 5.08 per cent, oil the manager's valuation; and on sundry properties, 1.84 per cent-, on book co?t end 2.77 per cent, on the. manager's \aLuation. For the year tj March 31, 19C4. the profit on the latest Go T . ernu.ent valuation, plus stock, was 6.83 per cent, on station properties, and 7.86 por cent, on sunc'iy properties. The total dtotntory pnvmeixts by the bank to date harl been £667.917.

Sales to the extent of £286.350 had heen made during the j e:.r, «s compared with £138,498 in the previous yeaa\ Country lands were sold to the amount- of £252.162; knvn land*, £8363; and stock, implements, etc.. £24 525. The saYs far the period 18S5 to 1904 fineluilin-v stock) total £1.250,028. Of this, £700,975 is for pioperties finally ieali c cd. and on these there was a deficiency of £316.056 on tho book cost. Tiie loeali-iio-i of the sales made are: Auckland, £518.385; Canterbury £285,455; Hawke's Bay. £104,250; Otago, £75.202; Marlbcrouph, £20,414; and Wellington, £156.631.

The various estates and properties still on h&nd ai'e, coutin.iies the report, in good cortntion, the country properties being kept in the best heart, and worked 1-ess with a Mf'\v to maximum amiu.ii profits than to biing into ?,nd maintain in tho most profitable condition for the purchaser. Tho special realisation of the year has been Muiianrta, nnd lhat the property wa« worth all. and more, than estimated by the hoard's valuers was proved by the very successful ballet held in Jwiie- and the since very frr-cly-cxpvesspcl opinion of the department that Mata.rn.tin is cheap and a good bargain. Subdi\ibion surveys of the remaining poition of r'he pioperbies are now nearly completed and by this tiipe uext year a \fij substantial area should ha\c changed l'fii'd«. Notwithstanding the cxpres=ed opu ions that realisation has jjroceoded too =l"wly, it i'- certain that the board's policy lias subfcianiial'v contributed to the lossenii i j, of tic dpficit to Ix* ultimately made up. Httd the bo.ird inched tl-e propert'^s on wh^t has until recently been an unwllmn liuikol the loss on acp'al valtM^* would l'a\e lieen voiy grc si (. "in conclusion. I may point to t!.<? »a> l-fartory outcome of cortain c>-taie« whie'i havo been finally ipfili-"d — namely. Kainguin : Itealistil £4 14s 3v( por acre, being 19-> 3d ihore th«n tht bc^t pieviot's oit-or; Ohauti. £1 16- 7d ]"->! :ino. b-Ping bs Id nioio than the b<'st pnuioti^ off'-r : ]NJ:ilam?to, £2 19s 3d. bpiiig ISs 3d mr>-e than tia j bi.st previous (cNclud.u^ ihe Gc\ernm<-nt ofer of £2 ICft. on w'lich it ccinpul r only acquiic- 1 ) : and Waihaornnga. £4- 7* sd, or £1 7s 5d nwio than tho best j>ri-vi'ius <r,fft-i tho difi'oreucos b^ln-i'cn the pric^-i r''dh-ed and the b~>-t j): e\iouc of oi-i being: Iva.ngiu'. v, £(..597; Oiu.mti, £2000: ilat.im.itci. £41,276; am' WeHh.iorunu.i. £.24.561. The markot ■\;.lu-e foi kii'd has. „f course, achanccd since tl-u hankii""; legislation to Mich an c\i'-nt a^ could iK-'thot' lu.v-c. lie-on foirsc'-n i\or hoccd for. but it i^ a curious fact tLat

were wt> how m pos ; p-,-non of the wr.olo ciE ih.e prop' rt to-, handed <>\c? at tliot date l! tvo \\<<n!d lu.r !io a i''i-i\-~cn t f ''. -\.;l']a iMorr than sutth ie.it lo pifii'J.o Irr the pii-ent p^'iiii.itcl tiifKicijcv. bat in thy mraiitu.ie tup pvfiU Ji< ii< tiic wcilcin™ ])io-p-f-rnos would, with ti :c athanco of pi ices for pioduc". ha\o fully pro\ ided for the d j beniuic nitcicst."