ASSETS REALISATION BOARD. BALANCE-SHEET AND STATEMENT OF ACCOUNTS FOR THE HALF-YEAR ENDED 31st MARCH 1900.

Appendix to the Journals of the House of Representatives, 1900 Session I, B-15a

B—lsa.

1900. NEW ZEALAND.

ASSETS REALISATION BOARD. BALANCE-SHEET AND STATEMENT OF ACCOUNTS FOR THE HALF-YEAR ENDED 31st MARCH 1900.

Laid before Parliament in pursuance of Section 52 of "The Bank of New Zealand and Banking Act, 1895."

I, Alexander Macintosh, the Auditor appointed under " The Bank of New Zealand and Banking Act, 1895," to audit the accounts of the Assets Eealisation Board, do hereby certify:— (1.) That I have carefully examined the attached balance-sheet marked " A " and initialled by me, and the attached statement marked " B " and initialled by me, and the accounts and other material whereon the same are based. (2.) That the said balance-sheet and statement are correct in every particular, and truly and fully set forth the position of the Board at the date thereof, subject to the following observation : (a.) With the exception of live and dead stock on hand, all assets are taken at book-value. Wellington, N.Z., 16th June, 1900. A. Macintosh, Chief Auditor.

A.—Balance-sheet at 31st Maech, 1900. Liabilities. £ s. d. Assets. 3J-per-oent. debentures outstanding .. 2,500,000 0 0 £ s. d. £ s. d. Produce advance account,— Stations .. .. 1,541,389 3 0 Drafts drawn against produce .. 70,098 0 0 Freeholds .. 332,078 8 0 Colonial Consignment and Distributing Other properties .. 156,159 11 11 Company, London, —" Produce Ac- Amount paid in excount " ~ .. .. .. 31 2 10 cess of Mr. Hean's valuation .. 54,507 0 0 2,084,134 2 11 Balances due by purchasers.. .. 199,288 8 7 Bealisation adjustment account .. 157,972 14 5 Cash accounts .. .. .. 41 15 3 Station suspense account .. .. 1,706 17 6 Suspense account .. 351 7 6 2,058 5 0 Accrued revenue .. ~ .. 2,513 17 1 Bank of New Zealand (including station overdrafts and credits) .. 52,085 10 0 Produce consignment account .. 70,098 0 0 Profit and loss account .. .. 1,936 9 7 Total .. .. ..£2,570,129 210 Total .. .. ..£2,570,129 210 We hereby certify that we have carefully examined the foregoing balance-sheet and statement, and also the accounts and other material whereon they are based, and that such balance-sheet and statement are correct in every particular, and truly and fully set forth the position of the Board at the date hereof. W. C. Cuff, Accountant. Gko. Todd, Chairman. Wellington, 12th June, 1900. Wameb G. Posteb, General Manager, I—B. 15a,

B.—IOA.

B.—Profit and Loss Account for Twelve Months ending 31st Maech, 1900. £ s. d. £ s - d - Balance at 31st March, 1899 .. .. 43,313 2 3 Net profit on stations.. .. .. 87,455 10 11 Land-tax .. .. £9,162 V 5 Revenue from freeholds and other proGeneral charges '.'. 4,048 2 6 perties,— 13,210 911 Rent .. .. £3,392 17 5 Interest on debentures .. .. 88,098 13 5 Interest .. .. 4,570 9 0 Bxahange paid during the year .. 51 13 6 Revenue accrued, reversal of entry at 31st 7,90 d bo March, 1899 .. .. •• 2,054 15 3 Deduct expenditure on account of properties 1,140 9 8 Revenue accrued .. .. ■• 2,513 17 1 Bank of New Zealand, payment in terms of " Bank of New Zealand and Banking Act, 1895 " 50,000 0 0 Balance 1.936 9 7 Total £148,728 14 4 Total .. ... ..£148,728 14 i Contingent Assets. Amount outstanding at 31st March, 1900, £ s. d, and due by Bank of New Zealand in terms of Act ~ ~ .. 50,000 0 0 Amounts previously received under this head ~ .. ~ .. 200,000 0 0 W. C. Cuff, Aocountant.

Statement of Receipts and Expenditure for the Year ending 31st March, 1900.

W- C. Cuff, Accountant,

2

Becei ipts. Expeni liture. Capital. Properties sold and purchased Live-stock and implements sold and purchased Eedemption of debentures Permanent improvements £ s. d. 51,717 13 7 131,109 6 11 £ s. d. £ s. a. £ s. d. 47,091 5 4 ,827 0 61 55,285 6 9,367 1 9 3 111,743 13 4 General. Interest, &c. ... Interest on debentures Exchange Rent Payment by Bank of New Zealand Maintenance of properties Eealisation expenses and members' travelling-expenses, &c. Land-tax Charges 4,570 9 3,392 17 50,000 0 0 5 0 88,098 13 5 51 13 6 1,140 9 8 3,337 7 11 9,162 7 5 4,048 2 6 >Y,963 6 5 ,838 14 5 Stations. Wool and other produce Rent... Sundry receipts and disbursements Wages Repairs Rates and taxes Cost, growing turnips (stock feed) Renewing pastures for grassing ... Rabbiting Manure Accident insurance 82,226 15 4 684 1 8 1,111 6 9 13,761 0 10 2,430 8 9 4,909 17 11 20,249 2 9 3,749 9 9 3,712 4 2 6,244 6 8 9,854 19 4 259 9 2 10,940 5 8 29 11 3 255" 5 8 84,277 9 5 76,140 16 3 Expenditure on permanent improvements charged to capital on account of stations 9,354 7 3 66,786 9 0 Balance 40,698 19 7 £ 325,067 16 4 325,067 16 4

8.—15 a.

Realisation for Twelve Months ending 31st March, 1900.

3

Property. Area. Sale Price. Surplus. Deficiency. I Book Cost. Land-tax, plui 10 per Centi Properties finally realised. Auckland— Beach Eoad Store, part Lots 19 and 22, Section 8 Lot 7, Takapuna Wyndham Street Stables Lot 107, Cambridge Lots 274 and 276, Cambridge .. . i Section 6, Kohukohu Lots 5 and 8 of Allotments 86-90, Section 16, Auckland Part Allotment 2, Karao, Whangarei Sections 32 and 34 of Allotment 50, Whangarei Blenheim— Part 1, Section 34, Pelorus Valley ) Part 2, Section 37, Pelorus Valley j Part Section Sα, Omaka Lot 86 of Sections 1 and 3, Omaka Part Section 6, Omaka Lot 2 of 16 of 4, Omaka 3anterbury— Section 713, Gloucester Street, Christohurch R.S. 19089, Eangiora Dunedin— Leith Brewery Sections 18,19, Block 48, Rattray Street.. Lots 12, 13, Block 1, Mornington, with four-roomed house Section 123, Kelvin Grove Kaiapoi— Part R.S. 320, Kaiapoi Nelson— Lots 38 and 39, Haven Road Wellington— Victoria Buildings Lot 66, Thomson Street Sections 3,4, 149-152, Thorncion Usclamation Winton— Seotion 15 and part 2, Block 3 .. A. E. P. 0 1 26 4 2 0 0 0 14-5 10 0 2 0 0 0 0 34 9 3 3 302 0 0 0 2 0 201 2 0 13 3 0 0 10 10 0 1 0 10 £ s. d. 1,750 0 0 225 0 0 1,150 0 0 87 10 0 50 0 0 10 0 0 2,000 0 0 302 0 0 6 0 0 240 0 0 400 0 0 450 0 0 75 0 0 300 0 0 £ s. d. 350 0 0 6 - 0 0 56 9 0 £ S. d. 450 0 0 25 0 0 160 0 0 29 10 0 15 0 0 1,192 19 9 3,205 3 4 216 0 0 185 16 11 325 0 0 484 0 0 £ s. d. 2,200 0 0 250 0 0 1,310 0 0 117 0 0 65 0 0 1,202 19 9 1,650 0 0 3,507 3 4 456 0 0 585 16 11 775 0 0 18 11 0 784 0 0 £ s. d. 2,200 0 0 225 0 0 1,210 0 0 76 0 0 66 0 0 940 0 0 1,815 0 0 332 0 0 264 0 0 833 0 0 789 0 0 40 ft. x 105 ft. 650 0 0 950 0 0 1,600 0 0 792 0 0 2 3 23 11 11 6 9 8 6 21 0 0 13 0 0 10 0 0 10 0 10 2,550 0 0 350 0 0 91 0 0 2,438 0 0 16,017 14 5 9 0 0 4,988 0 0 16,367 14 5 100 0 0 3,960 0 0 138 0 0 0 1 33 17 10 0 822 15 0 840 5 0 0 0 166 110 0 0 666 0 0 776 0 0 0 3 0 80 0 0 70 0 0 150 0 0 165 0 0 0 0 29-5 1 1 26 249 ft. frontage 6,000 0 0 2,000 0 0 9,200 0 0 92 18 6 561 8 6 4,835 10 0 6,092 18 6 2,561 8 6 14,035 10 0 6,039 0 0 2,487 0 ,0 0 0 35-8 750 0 0 581 17 0 1,331 17 0 Properties partially realised. Auckland— Lot 5, Section 61, Surrey Hills Lot 6, Pa Estate Lot 11, Section 61, Surrey Hills Lot 26, Section 8, Surrey Hills Lot 37, Kohukohu Part Lot 3, Section 74, Surrey Hills Part Lockerbie Estate, Paddock No. 20 .. Lot 7, Waikato Coal Company's lands .. Lot 21, Waikato Coal Company's lands .. Lot 23, Waikato Coal Company's lands .. Lot 10, Waikato Coal Company's lands .. Lot 19, Waikato Goal Company's lands .. Lot 12, Seotion 63, Surrey Hills Lot 8, Section 61, Surrey Hills Lot 28, Section 5, Surrey Hills Lot 13 of 6 and 6a, Henderson Lot 11, Section 63, Surrey Hills Lots 8, 9, and 20 of 6 and 6a, Waipareira Lot 24, Waikato Coal Company's lands .. Lot 13, Section 21, Surrey Hills Seotions 38 and 39, Kohukohu Lot 11, Section 32, Surrey Hills Lots 26-28, Section 6, Surrey Hills Lots 17 and 18, Seotion 23, Surrey Hills.. Lot 13, Waikato Coal Company's lands .. Lots 14 and 15, Section 21, Surrey Hills.. Section 11, Rangiuru Section 33, Kohukohu Lot 14, Waikato Coal Company's lands .. Lot 6, Section 61, Surrey Hills Lot 20, Waikato Coal Company's lands .. Lots 10 and 11 of 6a, Waipareira Lots 36 and 37, Section 74, Surrey Hills.:. Lot 44, Karangahape .. Lot 6, Section 82, Surrey Hills Lots 11 and 12, Section 21, Surrey Hills.. Lots 9 and 10, Section 21, Surrey Hills .. Lot 21, Section 10, Surrey Hills Lot 20, Seotion 10, Surrey Hills Lot 36, pars Victoria Estate Section 3, part Rangiuru Lot 27, Seotion 5, Surrey Hills Lots 13 and 14, Section 23, Surrey Hills Lots 11-13, Section 19, Surrey Hills 40 ft. x 115 ft. 4 0 0 38' 6" x 132' 52 ft. x 115 ft. 0 0 20 2 ft. x 132 ft. 18 3 14 100 1 16 473 0 0 432 0 0 362 0 0 544 0 0 40 ft. x 115 ft. 38' 6" x 132' 40 ft. x 132 ft. 16 0 32 40' x 115' 6" 65 0 0 418 0 0 52 ft. x 115 ft. 0 10 115 ft. x 132 ft. 120 ft. x 132 ft. 92 ft. x 115 ft. 444 0 0 J 80 ft. x 115 ft. 336 0 0 0 0 20 565 0 0 52 ft. x 115 ft. 345 0 0 14 2 16 80 ft. x 132 ft. 80 0 19 40 ft. x 115 ft. 77 ft. x 132 ft. 77 ft. x 132 ft. 40 ft. x 115' 6" 40' x 115' 6" 263 0 0 60 0 0 40 ft. x 132 ft. 92' x 115' 6" 116 ft. x 132 ft. 50 0 0 280 0 0 49 1 9 62 10 0 6 0 0 8 0 0 282 11 3 35 0 0 597 3 3 297 0 0 190 1 0 353 12 0 60 0 0 48 2 6 55 0 0 12 3 0 65 0 0 48 15 0 313 10 0 52 0 0 10 0 0 104 0 0 I 218 0 0 299 14 0 80 0 0 1,848 0 0 6 0 0 635 12 6 78 0 0 172 10 0 10 19 0 120 0 0 81 2 0 80 0 0 77 0 0 57 15 0 40 0 0 40 0 0 657 10 0 210 0 0 50 0 0 98 18 0 150 0 0 Carried forward 36,796 1 9 412 9 0 33,343 1 11 61,786 4 5

8.—15 a.

Realisation for Twelve Months ending 31st March, 1900— continued.

4

Properties. Area. Sale Price, Surplus. Deficiency, j Book Cost. Brought forward A. B. P. £ s. d. 36,796 1 9 £ s. d. 412 9 0 £ s. d. 33,343 1 11 £ s. d. 61,786 4 5 £ s. d. Properties partially realised —continued. .uokland— continued. Lot 23, Section 73, Surrey Hills Lot 18, Section 61, Surrey Hills Lot 15, Section 23, Surrey Hills Lot 18, Section 20, Surrey Hills Lot 34b, Victoria Estate Lot 33a, Victoria Estate Lot 15, Section 73, Surrey Hills Lot 27, Section 8, Surrey Hills Lots 186-188, 190-193, Huutly Township Lot 13, Section 33, Surrey Hills Lot 6, Section 83, Surrey Hills Lot 20, Section 5, Surrey Hills Lot 8, Section 21, Surrey Hills Lot 27, Section 7, Surrey Hills Lots 33 and 34a, Victoria Estate Lot 6, Manawaru Lots 157-164, Huntly Township Lots 28-30 of 6a, Waipareira Lots 19 and 20, Section 20, Surrey Hills Lot 4, Seotion 73, Surrey Hills Lot 21, Section 72, Surrey Hills Lot 2, Manawaru Lot 34, Victoria Estate Lot 13, Section 73, Surrey Hills Lot 12, Section 32, Surrey Hills Lot 13, Section 32, Surrey Hills Lot 11, Section 5, Surrey Hills Lot 15, Section 63, Surrey Hills Lots 15-17, Section 61, Surrey Hills Lot 16, Section 73, Surrey Hills Lot 16, Section 21, Surrey Hills Lot 10, Seotion 83, Surrey Hills Lots 21 and 22, Section 20, Surrey Hills Lot 17, Section 10, Surrey Hills tot 17, Section 21, Surrey Hills Lot 12 of 6a, Waipareira Sections 39 and 40 of 6 and 6a, Waipareira Lot 12, Seotion 73, Surrey Hills Lot 1, Manawaru Lot 7, Seotion 82, Surrey Hills Section 8, Waharoa Extension Lots 56 and 57, Morrinsville Township, with cottage Lots 1-3, Section 23, Surrey Hills Lots 14 and 15, Section 67, Surrey Hills.. Section 10, Waharoa Lots 47 and 48 of 6a, Waipareira Lot 11, Section 83, Surrey Hills Lot 10, Section 19, Surrey Hills Lots 32 and 29, Kohukohu Iron chimneys at Onehunga Ironworks .. Waharoa Bakery on Section 18, and part Township Section 12, Block 14 Lot 22, Pa Estate Lots 21 and 22, Section 6a, Waipareira .. Small piece of land, part Waharoa Lot 1, Section 12, Surrey Hills Lot 106, Karekare Lots 432-436, Ngaruawahia Lot 14, Section 73, Surrey Hills Section 28, Kohukohu Seotion 36, Kohukohu Lot 8, Section 14, Surrey Hills Lot 23-28, Seotion 2, Surrey Hiils Lot 7, Section 21, Surrey Hills Lot 21, Pa Estate Lot 4, Manawaru (finally realised) Lot 17, Section 73, Surrey Hills Lots 44 and 45, Huntly Township Lot 14, Section 17, Surrey Hills Lot 9, Seotion 24, Surrey Hills Lot 7 of 5a, Henderson Part Port Street property Lots 11 and 12, Kohukohu " Old Cottage," Pa Estate Plant and machinery, Onehunga Ironworks Part Lot 6, Manawaru Adjustment of Area, 2 a. 0 r. 6 p., at £210s. per acre, Lot 36, Viotoria Estate Seotion at Hinuera Penoourt, Whitehall, and part Karapiro.. Part Waharoa (Vowless Deposit) Sale of timber on sections at Hamilton .. Slenheim— Blairioh Estate 52 ft. x 115 ft. 52 ft. x 115 ft. 52 ft. x 115 ft. 52 ft. x 115 ft. 147 0 0 83 0 0 38' 6" x 132' 40 ft. x 115 ft. 7 1 2 52' x 115' 6" 40 ft. x 115 ft. 40 ft. x 115 ft. 38' 6" x 132' 40 ft. x 132 ft. 118 0 0 97 3 0 40 2 28 178 2 36 77 ft. x 132 ft. 40' 5" x 89' 38' 6' x 132' 141 3 24 150 0 0 38' 6" x 132' 38' 6" x 132' 38' 6" x 132' 40 ft. x 132 ft. 44' 10" x 132' 120 ft. x 115 ft. 38' 6" x 132' 40 ft. x 115 ft. 40'8" x 115' 77 ft. x 132 ft. 40 ft. x 132 ft. 40' x 115' 6" 15 2 4 84 1 8 38' 6" x 132' 146 0 9 37' 5" x 132' 153 0 0 10 0 52 0 0 65 0 0 43 0 0 58 10 0 845 5 0 456 10 0 43 6 3 50 0 0 12 0 0 91 0 0 70 0 0 50 0 0 28 17 6 60 0 0 708 0 0 562 1 3 46 10 3 134 1 0 67 7 6 80 17 0 52 18 9 461 3 6 825 0 0 52 18 9 80 0 0 80 0 0 60 0 0 78 9 2 180 0 0 48 2 6 50 0 0 55 18 4 86 12 6 50 0 0 50 0 0 11 13 0 63 4 6 62 11 3 657 5 0 65 9 7 497 5 0 100 0 0 132' x 115' 6" 80' x 115' 6" 50 0 0 107 1 24 52 ft. x 115 ft. 38' 6" x 132' 0 10 231 0 0 240 0 0 150 0 0 80 11 0 71 10 0 48 2 6 10 0 0 10 0 0 21 0 0 0 1 1-8 7 3 26 81 0 25 0 10 52 ft. x 115 ft. 1 1 17 110 38' 6" x 132' 0 0 16 0 0 16 52' x 115' 5" 240 ft. x 115 ft. 38' 6" x 132' 7 3 11 160 0 18 38' 6" x 132' 0 2 0 40 ft. x 115 ft. 38' 6" x 132' 47 3 28 2 ft. frontage 0 0 32 197 16 3 60 17 4 13 0 0 130 0 0 7 10 0 30 0 0 43 6 3 6 0 0 6 0 0 58 10 0 262 10 0 38 10 0 195 3 4 880 12 6 48 2 6 10 0 0 45 0 0 33 13 9 35 19 0 65 0 0 75 0 0 3 0 0 1,700 0 0 For surplus and book cost see end. 4 0 32 2 0 6 24 3 0 5 16 51 0 29 16,148 0 5 38 7 6 38,963 16 7 5 0 0 18 0 0 8,489 0 0 10,000 0 0 Carried forward 97,851 8 4 412 9 0 33,343 1 11 ;61,786 4 5

8.—16 a.

Realisation for Twelve Months ending 31st March, 1900— continued.

5

Properties. Area. Sale Price. Surplus. Deficiency. Book Cost. Land-tax, pin 10 per Cent. A. B. P. £ s. d. 97,851 8 4 £ s. d. 412 9 0 £ a. d. 33,343 1 11 £ s. d. 61,786 4 5 £ s. a, Brought forward .. Properties finally realised. Canterbury— Rangitata Estate Lot 10, Glentui Estate » 11, . » ,,12, „ „ .. „ .1, "„ .. „ 13, „ .. „ 14, „ .. „ 15, „ .. ,,16, „ „ „ 17, „ „ 18, „ „ ,,19 5,593 1 20 238 0 0 305 0 20 403 0 8 165 2 3 44 2 15 242 0 0 1,300 0 0 329 3 16 575 0 0 746 0 0 364 0 4 936 0 20 11,186 15 0 2,261 0 0 1,881 2 10 1,309 18 3 1,034 9 10 312 3 0 1,462 0 0 4,550 0 0 1,484 6 6 862 10 0 1,492 0 0 855 9 2 1,638 4 5 43 8 O § -3 * a> Xβ (D £ M b CO u o Properties partially realised. Lot 16, Waihaorunga Estate „ 12, „ 13, „ 14, „ 15, „ Part Lot 2, "„ "„ '.'. '.'. Belfast lands: sundry proceeds of soles per N.Z. Loan and Mercantile Agency Company Compensation for improvements on runs 145 and 145a, Glentui Part E.S. 320, Kaiapoi.. Dunedin— Seotions 20-23, Block 48, Eattray Street.. Sections 15 and 16, Block 48, Rattray Street Section 17, Block 48, Rattray Street Grand Pacifio Hotel, Musselburgh Sections 145 and 159, Ravensbourne Sections 12 and 13, Bishopscourt Section 17, Kelvin Grove Seotion 20, Kelvin Grove Sections 15 and 16, Block 14, Musselburgh Township Section 3, Block 15, Musselburgh T'ship. Sections 1 and 5-8, Block 16, Musselburgh Township Sections 9-11, Block 16, Musselburgh Township Sections 12-19, Block 16, Musselburgh Township Sections 32-39, Block 16, Musselburgh Township Sections 2 and 3, Block 17, Musselburgh Township Sections 18-20, Block 17, Musselburgh Township Section 21, Block 17, Musselburgh T'ship. Sections 3 and 4, Block 18, Musselburgh Township Sections 5-8, Block 18, Musselburgh Township Sections 21 and 22, Block 18, Musselburgh Township Sections 25 and 26, Block 18, Musselburgh Township Sections 27 and 28, Block 18, Musselburgh Township Sections 34-38, Block 18, Musselburgh Township Sections 55-57, Blcck 18, Musselburgh Township Section 58, Block 18, Musselburgh T'ship Section 59, Block 18, Musselburgh T'ship Section 60, Block 18, Musselburgh T'ship Seotions 1 and 2, Block 19, Musselburgh Township Seotion 3, Block 19, Musselburgh T'ship Sections 4 and 5, Block 19, Musselburgh Township Sections 19 and 20, Block 21, Musselburgh Township Seotions 23 and 24, Block 21, Musselburgh Township Sections 25 and 26, Block 21, Musselburgh Township Seotions 27 and 28, Block 21, Musselburgh Township Sections 3 and 4, Blook 22, Musselburgh Township 415 0 0 235 0 0 328 0 0 314 0 0 508 0 0 70 2 0 154 1 27 0 10 0 2 0 0 10 0 0 20 0 1 13 0 0 14 0 2 0 0 0 17 0 0 19 0 0 36 0 10 0 2 0 0 1 14 0 3 26 0 3 26 0 10 0 10 2,075 0 0 1,128 0 0 1,558 0 0 1,617 2 0 2,540 0 0 282 0 0 424 13 0 407 0 6 341 14 9 140 0 0 700 0 0 350 0 0 175 0 0 1,500 0 0 10 10 0 70 0 0 19 5 0 18 10 0 54 0 0 24 0 0 144 0 0 100 10 0 280 0 0 196 0 0 71 0 0 99 0 0 0 0 18 0 0 36 42 10 0 73 0 0 0 1 32 138 0 0 0 0 36 73 0 0 0 0 36 71 0 0 0 0 36 71 0 0 0 2 10 180 0 0 0 0 36 88 10 0 0 0 18 0 0 18 0 0 18 0 0 36 38 10 0 38 0 0 47 10 0 56 0 0 0 0 18 0 0 36 28 0 0 49 0 0 0 0 36 50 0 0 0 0 36 50 0 0 0 0 36 50 0 0 0 0 36 50 0 0 0 1 20 50 0 0 Carried forward 143,740 12 7 412 9 0 33,343 1 11 61,786 4 5

8.—15 a.

Realisation for Twelve Months ending 31st March, 1900— continued.

W. C. Cuff, Accountant.

6

Property. Area. Sale Price. Surplus. Deficiency. Book Cost. Land-tax, plus 10 per Cent. Brought forward A. R. p. £ s. d. 143,740 12 7 £ s. d. 412 9 0 £ s. d. 33,343 1 11 £ 8. d. 61,786 4 5 £ s. d. Property partially realised— continued. )unedin— continued. Sections 5-7, Block 22, Musselburgh Township Sections 29 and 30, Block 22, Musselburgh Township Section 1, Block 23, Musselburgh T'ship Lots 2-4, Block 23, Musselburgh Township Lots 7 and 8, Block 23, Musselburgh T'ship Lot 13, Block 23, Musselbugh Township.. Part Lots 70-71, Section 7, Anderson's Bay Road Section 2, Bishopscourt lasterton— Sections 1, 2a, and 2b, Kakare Estate 'imaru— Lot 20, part Eskbank Estate Lot 6, part Eskbank Estate Lot 14, part Eskbank Estate Wellington— Section 1, Reclamation Vaimate — Section 33, Waihaorunga Paddock 11, Waihaorunga Sections 32894-32896, Waihaorunga 0 1 20 0 1 20 0 0 29 0 1 29 0 16 0 0 23 2 0 0 3 0 3-1 75 0 0 58 0 0 30 10 0 66 0 0 42 0 0 21 10 0 193 0 0 450 0 0 711 2 10 2,134 13 9 234 2 16 173 3 21 300 3 0 1,759 10 0 912 17 6 1,654 2 6 50' 1" x 86' 11" 1,600 0 0 230 0 0 479 0 0 33 1 8 920 0 0 2,169 0 0 33 6 0 155,860 2 4 By Section 7, Eangiuru, cancelled .. .. £1,391 15 0 Adjustment of area, Section 37, Victoria Estate, sold to R. Hannon .. 26 12 0 Adjustment, Sundry Areas Account, Glentui 4 13 10 Old liabilities of Doherty and Northcroft taken over from Estates Company, irrecoverable Rangitata, transfer sundry accounts Glentui Stock Adjustment Account transferred By Manawaru surplus sales Glentui surplus sales Rangitata surplus sales Arowhenua, sale of harrows.. 'o realisation expenses transferred— Agents' commission, surveying, advertising, law-costs, travelling-expenses, &c. 'o members' Travelling-expenses Account transferred — 1897 .. .. .. £152 13 4 1898 .. .. .. 155 1 1 1899 .. .. .. 77 4 9 1900 .. .. .. 58 17 8 1,423 0 10 38 7 9 1,024 12 7 1,679 14 4 468 0 10 9,689 5 3 2 10 9 2 17 0 412 11 8 9,443 18 9 11,184 4 3 2,508 11 11 443 16 10 SummaryProperties finally realised Properties partially realised 154,437 1 6 10,575 2 10 39,038 5 4 82,826 19 1 60,056 0 0 94,381 0 0 154,437 0 0

8.—15 a.

GENERAL MANAGER'S ANNUAL REPORT FOR YEAR ENDING 31st MARCH, 1900. (No. 6/4.) Wellington, 18th June, 1900. Meeting held, 19th June, 1900. I have the honour to submit balance-sheet and profit and loss account for year ending 31st March, 1900, and to report that the conduct of the business by the Board has proved extremely satisfactory, not only from a revenue-earning but also from a realisation point of view. The working and management of station properties shows a surplus of £87,455 10s. lid., or equal to £5-92 per cent, on book cost and £8-88 per cent, on my valuation. A proportion of this (£11,855) was surplus over drafts against London consignments unrealised at the 31st March, 1899, and this deducted from the total surplus leaves as the* ; net actual profit of the year the sum of £75,600, which gives £5-14 per cent, on book cost and £.768 on my valuation. The statement below gives returns each year from the commencement of the Board's existence:— 1896. 1897. 1898. 1899. 1900. £ & £ £ & Station properties ... 58,493 56,336 43,296 42,841 87,455 Sundry properties ... 6,295 6,897 6,659 7,031 6,822 showing approximately an average net earning for the period 1895 to 1900 as follows : —- For Year to 31st March, „ 0 1900, on latest Book Cost. my Valuation. Valuation plus Stock. Station properties ... 3 - 52 per cent. 5-16 per cent. 9-26 per cent. On Land-tax plus 10 per cent. Sundry properties ... 1-10 per cent. 1-65 per cent. 3• 30 per cent. (2.) Statutoey Payments by Bank of New Zealand Have been fully complied with in respect of amounts due to the 31st March, 1899, and at date of writing I am advised that cheque is about to reach us for the amount due to the 31st March last— £50,000. (3.) Debentures and Debentuke Interest. The amount redeemed to the 31st March, 1900, is £180,285, and we are now in a position to repay £75,000, with additional £50,000 as soon as we receive the bank's statutory amount. Debenture interest (£88,098 13s. 5d.) has been paid prompt to date, and has been provided for as under; — £ s. d. ■ From surplus from 1898-99 ... ... ... ... 4,686 17 7 From surplus from 1899-1900 operations ... ... ... 81,474 16 1 From statutory payment by bank ... ... ... ... 50,000 0 0 £136,161 13 8 Leaving a surplus of £48,063 to carry forward. (4.) Eealisations. The sales have been made in larger volume and to greater value than last year, and embrace 46,429 acres of country lands, realising £111,137, and town and suburban lands and sundries to the value of £43,300. The enhanced value of produce and stock has been responded to in land, and prices hitherto unobtainable have been secured. Nothing has been lost by the Board's policy of feeding the market in no greater quantity than could be absorbed at fair values, and we have succeeded in all cases in selling at or over reserve prices without difficulty. The keenest inquiry experienced has been in the South Island, where certain of our estates have been cut up and sold at considerable advance on the prices quoted for the estate as a whole, Glentui having far exceeded anticipations. It is certain that the concluding sale of Glentui freehold was well timed, and had the Board's operations not been somewhat precipitated by outside representations, and we had not sold any portion prior to the 21st December, 1899, we should have had a considerable addition to our surplus on this property. The sales for the year are as follows : — £ Land ... ... ... ... ... ... ... 154,437 Stock and implements on properties finally realised ... ... 13,909 £168,346 Land sales being £34,917 in excess of previous year. The proportion of sales to book cost (£2,731,706) is 21-4, and to land-tax valuation, plus 10 per cent, for sundry properties, and my valuation for station properties, which together total £1,895,179, it is 30-79.

7

8.—15 a.

The sales for the period 1895-1900, including stock, total £583,571, as follows :— Deficiency on Book Cost (including Book Cost. Realisation Expenses, &c). Sales of properties finally closed £ £ £ 1895-1900 (including stock) 360,534 157,972 518,506 Properties partially sold, 1895--1900 ... 223,037 £583,571 The localities in which sales have been made are as follows:— Estates. Farms. »£*» £ Auckland ... ... 4 93 538 151 ... 158,819 Canterbury ... ... 3 59 18 63 ... 206,056 Hawke's Bay ... 9 2,304 Otago .".. ... 2 5 564 95 ... 65,817 Marlborough ... 1 4 63 6 ... 19,414 Wellington ... 17 29 1 ... 86,289 £538,699 Sundry proceeds : Sale of iron and furniture, tire insurance received, &c. 7,810 Stock sales on properties finally olosed ... ... ... ... 37,062 £583,571 (5.) Station Pkopeeties. It is satisfactory to record considerable advance in values of most of our staple products. This is especially the case in respect of merino and fine crossbred wools, and in consequence our Marlborough country is returning handsomely. As previously referred to, our returns from working are much ahead of last year, and compare very favourably with any similar period for many years, notwithstanding that we have sold so many of the best revenue-earning estates. Comparison of Actual Profits for Five Years, Stations sold during that Period being omitted. Year ending . . , „ „, Per Gent. Per Cent. 31st March, Actual rront. on Book Cost on my y aluation £ 1896 ... ... ... 36,408 ... 2-29 ... 2-79 1897 53,187 ... 330 ... 4-49 1898 32,578 ... 2-05 ... 2-82 1899 ... ... .. 61,606 ... 3-97 ... 5-64 1900 ... ... ... *75,371 ... 5-13 ... 7-66 Average return for five years 51,830 ... 3 - 34 ... 4-68 The estates sold during the year comprise : — Whole. Acres. Fencourt, Whitehall, Victoria, balance of Karapiro... .... ... 16,964 Blairich ... ... ... ... ... ... ... 8,489 Rangitata ... ... ... ... ... ... ... 5,593 Balance. Glentui ... ... ... ... .-.. ... ... 5,649 Parts of Kakare ..'. ... ... ... ... ... ... 711 Lockerbie ... ... ... ... ... ... ... 18 Matamata ... ... ... ... ... ... ... 203 Manawaru ... ... ... ... ... ... ... 550 Eangiuru ... ... ... ... ... ... ... 396 Eskbank ... ... ... ... ... ... ... 709 Waihaorunga ... ... ... ... ... ... ... 2,767 42,049

* For comparison the balanoe of profit and loss account (£229 3s. 5d.), Bangiatea and Rangitata, is deducted. In the former the profit was the surplus on the previous year's wool, and the latter was only worked for the first three months of the year.

8

8.—15 a,

(6.) Comparison of Operations, 1899 with 1900.

(7.) Working-expenses. Working-expenses show a decrease on the previous year of £5,108. The only items showing any increase are for regrassing and permanent improvements. 1899. 1900. Eenewing pastures ... ... ... ... ... £9,401 £11,146 Implements—depreciation ... ... ... ... ... 1,260 1,366 Cost of turniping ... ... ... ... ... ... 17,708 16,525 General expenses, wages, repairs, rates, feed, &c. ... ... 38,612 34,955 Eent and interest ... ... ... ... ... ... 3,967 1,684 Babbiting ... ... ... ... ... ... 1,490 1,201 Grain-growing for sale (at Bskbank and Waimana) ... ... 857 906 73,295 67,783 Permanent improvements ... ... ... ... ... 8,951 9,355 £82,246 £77,138

(8.) Sales of Stock. Comparison of sales for the two years ending 31st March, 1900:—

Sheep. —The total number of sheep sold during the year is 86,906, and frozen 19,382, averaging 9s. 10d. and 13s. respectively, or an average of 2s. 2d. per head more than the previous year, equal to £11,514. Cattle have not returned so well in the aggregate, but the reduced average per head is due to the clearing sale at Pencourt, at which young cattle only were disposed of. Belatively to age, however, our sales have been more profitable. 2—B. 15a.

9

;s Year. Rape. Turnips (alone).* Grasi ling. Oa: is. Tons Acres, per Acre. Oaten Hay. 00 a 'a 1 _o m a a o With Plough. Surfacesown. Acres. Bush. per Acre. 1899 1900 Acres. 3,047 2,243 Acres. 10,915 9,015 Acres. 11,079 15,488 Acres. 5,085 1,874 2,094 762 Est. 26 24 1,827 1,972 Est. 1 1 Chains. 1,157 669 Acres. Acres. 1,603 3,654 736 1,393 Increase Decrease 804 1,900 4,409 3,211 1,332 2 145 *48i I 867 2,261 * In mi ist cases ti irnipe vn ire also iwn wii ;h grass.

,eep. Year. Number sold. Net Average Number Net Averaffe Total disProceeds. Avera S e - frozen. Proceeds. Avera 8 e - posed of. Net Proceeds. Average. 1899 ... 89,770 £ £ a. d. j , „ -tc aoq 33,312 0 7 5 (J; 1 *;** 42,609 0 9 10 jf 1 !;^ £ £ s. d. 10,153 0 12 4) 12 R 2,963 0 9 4[ liAM8 10,292 0 13 1) 1f)R 9Rft 2,278 0 12 5f 106 > 288 £ 46,428 £ s. d. 0 8 3 1900 ... 86,906 55,178 0 10 5 Oα, ;«e. .899 ... .900 ... 4,191 24,570 5 17 5,276 27,249 5 3 3 3 407 4,191 24,570 5 17 3 2,683 6 11 10 5,683 29,932 5 5 4 * Value of frozen meat is estimated.

8.—15 a.

(9.) Stock on Hand and Valuation at 31st March, 1900.

Sheep show an increase in valuation of Is. sd. per head on previous year, and since the 31st March market-values have risen considerably. Cattle also show an increase of Is. lid., with increasing values since balance.

(10.) Wool-clip.

(11.) Net Return eor Two Years.

(12.) Lambing.

10

No. on Hand. Valuation. Average. No. on Hand. Valuation. Average. Sheep. orth Island— Waikato Other estates 126,872' 65,252 £ £ s. d. £ £ s. d. 60,272 27,947 0 9 6 0 8 6 112,754 64,368 57,002 31,487 0 10 1 0 9 9 louth Island 192,124 66,118 88,219 24,921 0 0 9 7 2 6 177,122 63,662 88,489 33,873 0 10 0 10 0 8 258,242 113,140 0 8 9 240,784 122,362 0 10 2 tattle. Torth Island— Waikato Other estates 14,374 5,966 I 43,868 19,195 3 3 1 4 0 4 12,642 4,770 39,317 16,304 3 3 2 8 2 4 iouth Island 20,340 60 63,063 172 3 2 2 17 0 4 17,412 57 55,621 202 3 3 11 3 10 11 20,400 63,235 3 2 0 17,469 55,823 3 3 11

1899. 1900. Number shorn. Average Weight of FJeece. Number shorn. Average Weight of Fleece. J Sheep shorn jambs shorn L 280,514 43,152 lb. oz. 7 12 2 13 Sheep shorn Lambs shorn 235,596 45,333 lb. oz. 7 12 2 9

1899. 1900. Net Return Net Weight. at , Po f °. f Shipment 8 (excluding Insurance). Average per Lb. Net Weight. Estimated Net Return at Port Average of Shipment (exclud- per Lb. ing Insurance). Greasy Scoured lb. 1,978,018 204,414 £ 60,720 8,396 d. 7-37 9-86 lb. 1,745,904 127,056 £ 55,623 5,260 d. 7-64 9-88

Ewes to Bam. Lambs cut and tailed. Percentage. ■ Ewes to Earns. Lambs out and tailed. Percentage. 1899. 110,485 1899. 87,337 ■ 1899. 79 1900. 105,517 1900. 82,649 1900. 78

8.—15 a.

(13.) Mortality.

The foregoing statements, Nos. 10 to 13, call for no special comment, the average weight of clip showing no difference. The lambing is about the same. Mortality shows higher, and is attributable to special losses amongst hoggets, and snow losses in high country. The year as a whole has been favourable as regards seasons, although the summer has been excessively dry, and at one time our root-crops in both Islands were severely threatened. Wool made upwards towards the end of 1899, but except in the finer qualities the market was not long sustained. The surplus on wool shipments, which I anticipated in last report, was realised, and I am sanguine that the prices at which we have taken our shipments into account this year will be exceeded. Inquiry for land is still active. We have made further substantial sales, and anticipate heavy -clearance during the current year. (14.) London Consignments. Wool. —Our consignments of this product afloat and unrealised amount to 4,732 bales, and it is matter for regret that prospects are not as encouraging as from the markets of last year we were led to hope. In view, however, of the decline in the market our valuation as at the 31st March is made on safe lines. Frozen Meat and other Produce is selling remarkably well, and considerable surpluses over drafts are anticipated. Walter G. Foster, General Manager. •

(Memorandum.) Wellington, 25fch June, 1900. Statutory Payment by Bank of New Zealand. Eeperbing to paragraph 2 : Cheque for £50,000 was paid by the Bank of New Zealand on the 15th June, 1900. Walteb G. Foster, General Manager. Approximate Cost of Paper. —Preparation, not given; printing (1,410 copies), i>ll 2s. 6d.

By Authority: John Mackay, Government Printer, Wellington.—l9oo. Price 6d.]

11

Sfa tp. Gat, ie. Dead or Missing. I Pet Cent. Dead or Missing. Per Cent. Dead or Missing. Per Cent. Dead or Missing. Per Cent. 1899. 19,221 1899. 5-88 1900. 25,883 1900. 8-83 1899. 1,138 1899. 5-23 1900. 552 1900. 2-70