ASSETS REALISATION BOARD: BALANCE-SHEET FOR THE YEAR ENDING 31st MARCH, 1901, STATEMENT OF REALISATIONS, STATEMENT OF RECEIPTS AND EXPENDITURE, AND GENERAL MANAGER'S REPORT ON OPERATIONS FOR THE YEAR.

Appendix to the Journals of the House of Representatives, 1901 Session I, B-15a

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1901. NEW ZEALAND.

ASSETS REALISATION BOARD: BALANCE-SHEET FOR THE YEAR ENDING 31st MARCH, 1901, STATEMENT OF REALISATIONS, STATEMENT OF RECEIPTS AND EXPENDITURE, AND GENERAL MANAGER'S REPORT ON OPERATIONS FOR THE YEAR.

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 1 With the exception of live and dead stock on hand all assets are taken at book-value. \ ■> c A. Macintosh, Wellington, New Zealand, 27th June, 1901. Chief Auditor.

A.—Balance-sheet at 31st Makch, 1901. Liabilities. Assets. 3_-per-cent. debentures £ s. d. _ s. d. - .* *• °' * c ' a - issued ..2,680,285 6 9 Stations, per schedule 1,495,080 10 5 Since redeemed .. 305,285 6 9 Other freeholds .. 302,955 40 Other properties .. 150,435 4 11 Balance outstanding .. •• 2,375,000 0 0 Amount paid in exProduce advance account,- ° e f of Mr. Hean s Drafts drawn against shipments .. 38,679 0 0 valuation .. 54,507 ° ° Colonial Consignment Company, Lon- 'iqr''„iis a don— Balances due by purchasers.. .. 196,34118 a Produce account .. .. 336 14 6 Realisation adjustmant account .. 180,502 8 8 Bank of New Zealand- Government debenture account .. 38,500 0 0 Including station overdrafts and Accrued revenue account .. .. _,Sd« ill credit/ 40,968 13 4 Cash account 35 9 4 Profit and loss account .. .. 25,878 7 3 Suspense accounts .. •• 3,320 Id 5 Produce consignment account .. 01,d40 v v Tota l £2,480,862 15 1 £2,480,862 15 1 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 and statement are correct in every particular, and truly and fully set forth the position of the Board at the date thereof. P W. 0 Cuff, Accountant. A.M. Geo. Todd, Chairman^ Wellington, 14th June, 1901. Walter G. Poster, General Manager.

B.—Profit and Loss Account, Twelve Months ending 31st Makch, 1901. £ s d ' £ s. d. Balance, 31st March, 1900 .. 1,936 97 j Ne = t 63,019 211 General charges .. r perti es,_ _ x Interest, Bank of New Zealand .. 133 11 2 Interest .. .. 8,931 9 2 Interest on debentures .. •• 84,095 17 8 Revenue accrued—Reversal entry, 31st ii.aii MornVi 1900 .. •• 2,513 17 1 Deduct expenditure on Balance I ' l9o .. .. ... 25,878 7 3 account of properties .. 1.004 010 g Exchange account .. .. • • 46 2 Revenue accrued .. ... •• 2,838 11 1 Bank of New Zealand, payment in terms of Act 50,000 0 0 £126,769 4 7 Contingent Asset. Amount outstanding at 31st March, 1901, £ s. d. and due by Bank of New Zealand .. 50,000 0 0 Amounts previously received under this head 250,000 0 0 W. C. Coff, Accountant. A. M. G. T. W. G. P. I—B. 15a.

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Realisations for Twelve Months ending 31st March, 1901.

Property. Area. Sale Price. Surplus. Deficiency. Book-cost Land-tax, plus uooK cost. 1Q per Cen( . Properties finally realised. Auckland— Section 5, Manawaru Lot 134, Kirikiriroa Lots 3, 4, 5, 7, Fort Street Blenheim— Part of Allotment 1 of part of Section 4, Omaka Dunedin— Sections 3a, 4a, and 8, Bishopscourt Part Section 11, Block 1, Upper Kaikorai Gore— Section 38, Block 16, Gore Invercargill— Lots 4 and 5, part Seotions 14 and 23, Block 15, Invercargill Hundred Lot 3, Section 2, Burton Napier— Awamate Estate A. B. p. 188 2 29 50 0 0 0 1 10-5 0 3 29-7 0 2 21-5 1 1 28 £ s. d. 848 14 0 33 2 6 1,430 0 0 600 0 0 90 0 0 430 0 0 £ s. d. 848 14 0 £ s. d. 2,42o"o 3 300 0 0 211 12 10 570 0 0 £ fs. d. 33 2 6 3,850 0 3 900 0 0 301 12 10 1,000 0 0 £ s. d. 50 0 0 770 0 0 715' 0 0 0 0 30-7 90 0 0 60 0 0 150 0 0 132 0 0 20 0 31 79 0 0 16 0 0 95 0 0 77 0 0 0 10 50 0 0 50 0 0 22 0 0 2,365 0 0 13,718 12 7 9,393 7 7 23,112 0 2 20,349 0 0 Properties partially realised. Auckland— Himiera No. 2, part Block 1054, part Fencourt Lot 18, Section 73, Surrey Hills Lots 1 and 2, part HungaHunga, and parts Turaunga o Moana and Aratiatia Lot 22, Section 73, Surrey Hills Lot 1, Section 74, Surrey Hills Lots 4-6, Section 9, Surrey Hills Lot 17, Waharoa Lot 13, Waharoa, and a further area adjoining and fronting Railway Road, 50 acres Lot 9, Waharoa Section 8, Fort Street Lot 16, Section 22, Surrey Hills Lot 15, Section 13, Surrey Hills Lot 12, Section 33, Surrey Hills Lot 8a, Karangahape, Huia Lot 14, Seotion 32, Surrey Hills Lot 9, Section 31, Surrey Hills Lot 10, Section 31, Surrey Hills Lot 19, Section 61, Surrey Hills Lots.11 and 12, Section 31, Surrey Hills.. Lot 19-23, Section 4, Surrey Hills Lots 4 and 5, Seotion 14, Surrey Hills .. Lot 27, Section 74, Surrey Hills Section 16 of 6 and 6a, Waipareira Lot 13, Section 60, Surrey Hills Lot 11, Section 17, Surrey Hills Punui, Seotion 255 Lot 12, Section 17, Surrey -Hills Lot 14, Section 14, Surrey Hills Section 16, Section 17, Surrey Hills Lot 28, Section 8, Surrey Hills Lots 14 and 15, Section 19, Surrey Hills.. Lot 15, Section 17, Surrey Hills Lot 7, Section 14, Surrey Hills Lots 9 and 10, Section 17, Surrey Hills .. Lot 85, Henderson Lot 35, Section 74, Surrey Hills Lot 5, Pah Estate Section 1, Waharoa Lot 10, Section 32, Surrey Hills Lot 3, Rangiuru Lot 10, Section 71, Surrey Hills Lots 8 and 9, Section 74, Surrey Hills .. Lots 25 and 28, Pah Estate Lot 4, Section 82, Surrey Hills Section 7, Rangiuru Part Section 9, Rangiuru Part Section 18, Rangiuru, and Section 1, known as " Sheaths " Gravel-pits, part Lockerbie, one near Rooks Paddock, one near Piako River, about Lot 126, Pirongia Lots 1, 2, and 2a, Fort Street Lot 12, Section 22, Surrey Hills Seotions 17-21,and 56, part Oxford Township Lots 15 and 16, Section 32, Surrey Hills.. Lot 135, Horotui Lot 4, Section 13, Surrey Hills.. Part Allotment 66 and Allotment 67, Karekare Carried forward 62 1 20 115' 6" x 52' 8,660 0 0 40' x 115' 113' 5" x 132' 132' x 115' 6" 45 0 0 100 0 0 27 0 15 53-72 per. 40' x 115' 6" 40' x 115' 6" 38'6"x 132' 105 0 0 40' x 115' 6" 52' x 115' 6" 40' x 115' 38' 6" x 132' 80' x 115' 6" 212' x 115' 6" 92' x 115' 6" 52' x 115'6" 23 0 0 52' xll5'6" 38' 6" x 132' 33 3 25 38' 6" x 132' 61'3" x 121'6" 40' x 115' 6" 40' x 115' 6" 80' x 115' 6" 40' x 115' 6" 53' 2" x 132' 77' x 132' 31-2 perches 40' x 132' 9 1 19 75 1 29 38' 9" x 159' 374 0 0 38' 6" x 132' 80' x 132' 5 3 12-4 40' x 115' 6" 293 0 0 199 0 0 1,085 2 0 38 19 8 58 10 0 5,615 4 0 45 0 0 150 0 0 400 0 0 161 10 0 100 0 0 75 0 0 1,477 8 3 55 0 0 40 0 0 57 15 0 30 0 0 80 0 0 130 0 0 90 0 0 57 15 0 180 0 0 424 0 0 174 0 0 65 0 0 17 5 0 91 0 0 48 2 6 380 0 0 48 2. 6 91 17 6 60 0 0 70 0 0 100 0 0 60 0 0 66 9 2 96 5 0 5 0 0 70 0 0 655 16 3 377 2 6 77 10 0 1,496 0 0 52 18 9 120 0 0 145 12 6 100 0 0 1,391 15 0 945 5 0 3,256 10 0 10 0 0 80 0 0 50 0 0 158-55 links 38' 6" x 132' 3 0 0 25 0 0 2,616 1 6 57 15 0 22 0 0 80' x 115' 6" 50 0 0 40' x 115' 6" 172 0 0 180 0 0 50 0 0 100 0 0 107 10 0 39,935 9 2 848 14 0 12,971 0 8 29,491 15 9

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Realisations for Twelve Months ending 31st March, 1901— continued.

Properties. Area. Sale Price. Surplus. Deficiency. B „„. .„_. Land-tax, plus Book-cost. 1Q per Cent A. E. P. £ s. d. 39,935 9 2 £ s. d. 848 14 0 £ s. d. 12,971 0 8 £ s. d. 29,491 15 9 £ s. d. Brought forward Properties partially realised— continued. Auckland — continued. Lot 5, Section 13, Surrey Hills Lot 4, Hora Hora Lot 11, Section 22, Surrey Hills Lots 17 and 18, Section 26, Surrey Hills.. Lot 3, Section 84, Surrey Hills Lot 14, Section 60, Surrey Hills Lot 5, Section 74, Surrey Hills Lot 6, Section 74, Surrey Hills Lots 1, 2, 3, 5, Hora Hora Lot 11, Section 3, Surrey Hills Part Okoroire Lot 22, Section 71, Surrey Hills Lot 7-9, Section 54, Surrey HillB Seotions 36-41, Oxford Township Sections 12-16, 26-31, Oxford Township.. Sections 9-11 and Part 5-7, Hunga Hunga Part Section 9, Rangiuru Part Waharoa of Matamata Estate Lot 9, Pah Estate Lot 8, Waikato Lands Lot 4, Howiok, Bleak House Lot 18, Section 32, Surrey Hills Lot 1, Section 15, Surrey Hills Part Section 303, Kirikiriroa Lot 10, Section 64, Surrey Hills Lot 12, Section 60, Surrey Hills Lot 108, Karangahape, abuut Lots 1 and 2, Rangiuru Lot 302, Kirikiriroa, about Lot 25, Section 74, Surrey Hills Lot 26, Section 74, Surrey Hills Lot 14, Pah Estate Allotment 63, Pakuranga Section 11, Morrinsville Lot 29, Section 8, Surrey Hills Lots 1 and 62, part Bleak House Lot 5, part Bleak House Proceeds sundry tools, &o., part Pah Estate Sale of old horse " Skobeloff " .. Sundry sales on account Waikato Coal Co.' christchurch — New Zealand Loan and Mercantile Company (Limited), proportion proceeds sales )unedin — Sections 52-54, Block 18, Musselburgh .. Lots 4, 5, Block 17, Musselburgh Lot 6, Block 17, Musselburgh Section 13, St. Clair Park Sections 4-8, Block 15, Musselburgh invercargill— Section 11, Block 11, Invercargill Hundred Section 29, Blook 10, Invercargill Hundred Section 13, Block 12, Invercargill Hundred By amount recovered from P. P. McKay, deposit Section 13, Block 12, less lawcosts ?imaru— Lots 13 and 10, Eskbank Lot 21, Eskbank Lot 9, Eskbank Waimate — Part Lot 4, Waihaorunga Part Lot 40, Waihaorunga Part Lot 2, Waihaorunga Lot 7, Waihaorunga Wellington — Sections 3, 4, 5a, 5b, and 7, part Kakare.. 40 ft. x 115 ft. 1,800 0 0 38 ft. x 132 ft. 92 ft. x 115 ft. 40 ft. x 115 ft. 40 ft. x 115 ft. 40 ft. x 115 ft. 52 ft. x 115 ft. 6,880 0 0 38 ft. x 132 ft. 420 0 0 38 ft. x 132 ft. 115 ft. x 115 ft. 3 0 0 5 0 0 766 0 0 243 0 0 160 0 0 4 0 38 739 0 0 83 2 15 68 ft. x 115 ft. 34 ft. x 115 ft. 365 0 0 40 ft. x 123 ft. 38 ft. x 132 ft. 320 0 0 665 0 0 175 0 0 40 ft. x 115 ft. 40 ft. x 115 ft. 16 1 27 80 0 0 0 2 0 40 ft. x 115 ft. 229 3 33 88 0 8 110 0 0 4,500 0 0 67 7 6 207 0 0 60 0 0 70 0 0 80 0 0 130 0 0 10,500 0 0 67 7 6 1,260 0 0 67 7 6 ' 115 10 0 18 0 0 50 0 0 383 0 0 1,123 17 6 160 0 0 300 0 0 794 8 6 1,462 18 0 120 12 0 69 0 0 228 2 6 110 0 0 77 0 0 160 0 0 2,327 10 0 87 10 0 60 0 0 60 0 0 500 0 0 1,440 0 0 100 0 0 70 0 0 4,599 2 6 1,661 0 0 0 7 0 !- 15 0 22 12 0 1,093 11 8 Ir. 14-96 p. 36-64 p. 18-32 p. 2a. Or. 25 5p. 1 1 0 88 10 0 90 0 0 45 0 0 54 0 0 137 10 0 83 1 9 79 0 32 68 2 0 100 0 0 40 0 0 51 7 6 26 19 1 874 2 16 315 2 24 277 2 20 6,126 5 0 2,051 14 6 1,631 1 0 236 0 0 316 0 0 332 0 0 333 0 0 885 0 0 1,020 10 0 1,577 0 0 1,665 0 0 2,148 1 2 2,691 5 3 By sundry adjustments of areas, account various estates Co Rangitata, amount expended on account J. Withell for clearing gorse off land purchased Kakare Improvement Suspense Account transferred 92,531 0 8 79 2 3 40 0 0 89 0 0 Carried forward 92,451 18 5 848 14 0 L3.100 0 8 29,491 15 9

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Realisations for Twelve Months ending 31st March, 1901 — continued.

W. C. Cuff, Accountant.

Statement of Receipts and Expenditure for the Year ending 31st March, 1901.

W. C. Cuff, Accountant.

Property. Arei. Sale Price. Surplus. Deficiency. Book-cost. Land-tax, plut 10 per Cent. Brought forward A. B. P. £ s. d. 92,451 18 5 £ s. d. 848 14 0 £ 8. d. 13,100 0 8 £ s. d. 29,491 15 9 £ s. a. 'o Awamate Improvement Suspense Account transferred Eskbank Improvement Suspense Account transferred Glentui Improvement Suspense Account transferred Glentui Deficiency Land Account Kakare Deficiency Land Account Eskbank Awamate Stock Adjustment Account transferred Kakare Stook Adjustment Account transferred Eskbank Stock Adjustment Account transferred Realisation Expenses Acoount transferred— Agents' commission, surveying, advertising, law-uosts, travelling-expenses, &o. Members' Travelling-expenses Acoount transferred iy Boga Meat Company, final dividend Final dividend, Warren's Estate 224 0 0 904 0 3 262 0 0 310 17 4 553 6 2 783 19 10 1,196 1 2 496 19 0 3,341 2 4 2,195 13 0 27 19 6 16 2 9 1 13 8 Totals .. 92,451 18 5 866 10 5 23,395 19 3 29,491 15 9 iummary— Properties finally realised Properties partially realised 17,369 0 0 75,082 0 0 Total 92,451 0 0

Rece ipts. Expem liture. Capital. Properties sold and purchased Live-stock and implements sold and purchased Bedemption of debentures Permanent improvements £ s. d. 94,409 2 8 101,529 16 2 £ s. d. £ s. 52,508" 9 d. 6 £ s. d. 195,938 18 10 125,000 0 6,718 13 0 5 184,227 2 11 General. Interest, &c. ... Interest on debentures Exchange Bent Payment by Bank of New Zealand Maintenance of properties Bealisation expenses and members' travelling-expenses Land-tax Charges 8,797 18 4 6 2,979 16 50,000 0 0 2 1 0 84,095"17 8 1,004 0 10 2,223 12 6 7,991 12 6 4,219 9 4 99,534 12 10 Stations. Wool and other produce Bent... Sundry receipts and disbursements Wages Bepairs Bates and taxes Cost, growing turnips (stock feed) Benewing pastures for grassing ... Babbiting Manure 8-W_ Balance' ... 61,782 0 3 76,685 14 8 1,064 1 11 1,667 8 3 34,538 1 2 3,182 6 1 5,483 12 4 18,665 10 11 3,466 18 10 3,181 15 2 9,348 16 6 7,091 2 7 193 8 9 10,025 16 11 95,177 9 3 79,417 41,801 4 10 1 1 £ £ 378,939 5 0 378,939 5 0

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GENERAL MANAGER'S ANNUAL REPORT FOR YEAR ENDING 31st MARCH, 1901. (No 7/1 ) Wellington, 14th June, 1901. (Meeting held 15th June, 1901.) I have the honour to submit to the Board the balance-sheet and profit and loss account and supporting statements for the year ending 31st March, 1901. The result of the year's working again shows satisfactory figures, viz. :— £ s. d. £ s. d. Prom stations ... ■•• ••• ••■ From sundry properties ... . . • • • 13,750 1 8 From payment by Bank of New Zealand, 1900 50,000 0 0 j.__Dj /t>y / Less debenture interest ... ... ••• 84,095 17 8 „ Land-and Income-tax ... ••• 7,991 12 6 „ Charges, &c. ... ••• ••■ 6.866 17 7 „ Dr. balance, 1900 ... ... £25,878 7 3 showing a surplus over expenditure of £25,878 7s. 3d. towards realisation deficiency, to which must be added £50,000 payable by bank to 31st March last. The following statement will show the comparative returns each year since realisation commenced, viz. :- igg6 ig97 iBgB 1899 igoo _ Station properties ... 43*296 42,841 87,455 63,019 Sundry properties ... 6,295 6,897 6,659 7,031 6,822 10,907 showing approximately an average earning for the period 1895 to 1901 as follows :— For Year to 31st March, O n On 1901, on latest Book-cost my Valuation. Government Valuation (plus Stock). Station properties ... 3-70 per cent. 5-26 per cent. 7-37 per cent. Sundry properties ... 1-31 „ 1"97 „ 572 „ (2.) Statutory Payments by Bank of New Zealand Have been made, and I am advised that the £50,000 accrued due at 31st March last will be handed in shortly. (3.) Debenture Interest. To 31st March last debentures amounting in all to £305,285 have been redeemed, and I anticipate, as the various unpaid balances of purchase-money and mortgages are now rapidly maturing that heavy redemptions will be made during present year. This account would have 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 has been provided for from revenue as under :— £ s. d. From surplus from 1899-1900 ■■■ 48,063 10 5 From surplus from 1900-1901 operations ... ... ... 61,910 14 b 109,974 4 11 Statutory payment by bank for 1901 to come ... ■•• 50,000 0 0 £159,974 4 11 leaving a surplus of £25,878, phis contribution by bank £50,000, to carry forward. (4.) Bealisations. Sales have been in smaller volume and value than 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 resources of would-be purchasers, due to shrinkage in value of produce, and the local advance in prices for stock. Sales respectively have been made : County lands, 34,911 acres, realising £78,794; and town and suburban lands and sundries to the value of £13,657. The sales for the year : — loJ ... ... 92,451 Lana ... ••• ••• ••• ~ _ a o«n Stock and implements on properties finally realised ... ... y.^ou £101,711 The proportion of sales to book-cost (£2,731,706) is 250, 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 36-10.

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The sales for the period 1895-1901 (including stock) total £685,282, as follows :— Deficiency on Book-cost (including Book cost. Realisation Expenses, &c). bales of properties finally realised £ £ £ 1895-1901 (includingstock) ... 387,163 180,502 567,665 Properties partially realised, 1895--1901 ... 298,119 £685,282 The localities of the sales are as follows :— Estates. Farms. _ Town Suburban , . , . Sections. Sections. £ Auckland ... ... 5 128 571 216 . 216 848 Canterbury ... ... 3 66 18 63 ... 222,064 Hawke's Bay ... 1 ... 9 26 022 Otago 2 9 565 112 '.'.] 67463 Marlborough ... 1 4 64 6 20 014 Wellington ... 17 30 1 ... 88.981 _ __»•._■ , -, 631,092 Proceeds: Beahsation of sundry assets ... ... ... 7 g6B Stock sales on properties finally realised ... ... ... 46*322 £685,282 (5.) Station Properties. I have pleasure in recording further good results for the year, notwithstanding that, in consequence of the serious fall m the wool-market, they have had to provide for reclamations on drafts to the extent of £20,868 against clips unrealised at 31st March, 1900. As a guide to our estimates for March last, I arranged for valuation by our London brokers by cable, hence this season's sales should fully cover drafts. It is especially satisfactory to note that the Waikato properties have since 1895 provided a considerable steadily increasing proportion of the station profits. Comparison of Actual Profits for Six Years, Stations sold during that Period being omitted. flsY March Actual Profit. Percentage Percentage aia. marcn, on Book-oost. on my Valuation. 1896 32,719 .... 2-19 ... 2-51 1897 46,400 ... 3*ll ... 3-92 1898 25,857 ... 1-73 ... 2-24 1899 54,812 ... 3-71 ... 5-02 1900 49,598 ... 3-49 ... 503 1901 81,710 ... 5-70 ... 8-47 48,516 3-32 453 The estates sold during the year comprise :— The whole of Awamate ... ... ... ... ... 2 365 acres. Horahora ... ... ... ... ... 8.680 „ The balance of Manawaru ... ... ... Ig9 „ Eskbank ... ... ... ... ... 1 457 „ Kakare ... ... ... ... ... 2,148 Parts of Lockerbie ... ... ..,'. ... ' „ Matamata ... ... ... ... 3 263 Bangiuru ... ... ... ... [" 2*853 "„ „ Waihaorunga ... ... ... ... \ 206 „ Fencourt Estates ... ... ... ... 9 919 32,100 acres.

(6.) Comparison of Operations, 1900 with 1901.

Grassing. Oats. Oaten Hay. Year. Rape. Turnips. With Plough. Surfacesown. Bushels j Tons Acres. per Acres. per Acre. : Acre. a a '3 Q be a CD CO 3 pq ab .9 cS 8 O 1st Time.! Eenew " mg. Acres. 2,243 2,941 Acres. 8,895 8,308 Acres. 2,959 1,377 Acres. 111,432 8,901 Acres. 1,677 1,575 ! Chains. Acres. 669 736 1,137 ... 468 ... ~ 736 t 900 .901 762 731 24 19 1,912 i,30i: [ 1* 1* Acres. 1,235 4,430 .ncrease decrease 698 587 1,582 2',531 102 31 5 611 "i 3,195

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(7.) Working-expenses. 1900. 1901. Eenewmg pastures ... ... ... ... ... 10,669 10,183 Implements, depreciation ... ... ... ... ... 1,230 864 Cost of turniping ... ... '. ... ... 16,'450 16,739 General expenses, wages, repairs, rates, feed, &o. ... ... 31,213 34,220 R ent ... ... ... ... ... ... ... 1^742 Babbiting ... ... ... ... ... ... 1443 1^334 61,772 65,082 Permanent improvements ... ... ... ... ... 7, 881 6 442 69,653 71,524

(8.) Stock Sales. Comparison of Sales for the Two Years ending 31st March, 1901:—

(9.) Stock on Hand and Valuation at 31st March, 1901. Sheep.

(10.) Wool-clip.

xep. Year. Number : Net . sold. ! Proceeds. Avera § e ' Number frozen. Net . Proceeds.) Avera « e - Total disposed of. Net Prooeeds. Average. 1900... £ £ s. d. 52,827 24,880 0 9 5 41,604 27,165 0 13 1 js.15,720 11. 3,662 js.10,632 {l. 9,778 £ £ s. 11,298 0 14 2,267 0 12 7,224 0 13 5,419 0 11 d. 4 5 7 1 1 72,209 | 62,014 £ 38,445 £ s. d 0 10 6 1901... 39,808 0 12 1C Cattle. 1900... 1901... 5,258 j 27,203 5 4,028 24,646 6 3 2 5 ! 4 407 464 3,045 7 9 3,531 7 12 7 2 5,665 30,248 5 4,492 28,177 6 6 5

1900. 1901. No. on Hand. Valuation. Average. No. on Hand. Valuation. I Average. North Island— Waikato Other estates 112,754 56,132 £ 57,002 28,043 £ s. 0 10 0 10 d. 1 0 116,418 54,379 £ 75,655 32,101 £ s. 0 13 0 11 d. 0 9 South Island 168,886 61,738 85,045 32,640 0 10 0 10 0 7 170,797 66,819 107,756 41,216 0 12 0 12 7 4 230,624 117,685 0 10 2 I 237,616 148,972 0 12 6 ■attle. North Island— Waikato Other estates 12,642 4,667 39,317 15,943 3 3 2 8 2 4 11,289 5,260 43,595 23,383 3 17 4 9 8 0 South Island 17,309 57 55,260 202 3 3 10 3 10 10 16,549 30 66,978 99 4 3 1 0 5 10 17,366 55,462 8 3 11 16,579 67,077 4 1 0

1900. 1901. Number shorn. Average per Fleece. Number shorn. Average per Fleece. Iheep shorn Iambs shorn 235,596 45,333 lb. oz. 7 12 2 9 Sheep shorn Lambs shorn 197,621 51,395 Lb. oz. 7 13 2 14

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(11.) Net Returns for Two Years.

(12.) Lambing.

(13.) Mortality.

(14.) The seasons throughout the year have been favourable to the breeder, although not altogether to the grazier. Spring and the early part of summer was excessively moist andstock did not fatten as well as usual. Autumn proved damp m Waikato and other Nor h Island dis tricts where the Board has holdings, and at one time I feared our young sheep^ might inconsequence have to face the winter with a somewhat impaired constitution The fine weather, however, of the past month or two has mended matters, and it is expected they will winter well. Walter G. Foster, General Manager. Approximate Cost of not given; printing (1,410 copies), £ 7 6s.

By Authority: John Mackay, Government Printer, Wellington.—l9ol. Price 6d.]

1901. 1900. Net Return „,„.-.. at Port of Shipment Average Net Weight. (exoluding ineur- per Lb. ance). Net Weight. Estimated Net Return at Port of Shipment (excluding Insurance). Average per Lb. rreasy Icoured Lb. 1,730,996 148,709 £ 37,756 4,068 d. 5-23 6-56 Lb. 1,501,583 132,744 £ 33,600 3,872 d. 5-37 700

At 31st March, 1901. At 31st March, 1900. Ewes to Ram. Lambs bred. 1 Percentage. Ewes to Ram. Lambs bred. Percentage. 105,517 82,649 78 88,987 73,802 83

Shy Cattle. \ep. 31st March, 1900. 31st Maro :, 1901. 31st Marol , 1900. 31st March, 1901. Dead and Missing. Per Cent. Dead and Missing. i Per Cent. Dead and Missing. Per Cent. Dead and Missing. Per Cent. 25,833 8-83 14,455 60 552 2-70 J 304 1-73