ASSETS REALISATION BOARD: BALANCE-SHEET FOR THE YEAR ENDED 31st MARCH, 1902, 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, 1902 Session I, B-15a

8.—15 a.

1902. NEW ZEALAND.

ASSETS REALISATION BOARD: BALANCE-SHEET FOR THE YEAR ENDED 31st MARCH, 1902, 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 23 of " The Bank of New Zealand and Banking Act Amendment Act, 1898."

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 observations: (a) All assets in the shape of landed property are taken at book value, (b) live and dead stock on the General Manager's valuation ; (c) the amount shown to credit of Profit and Loss Account is not a cash balance available for distribution, but is to a certain extent an adjustment of stock and produce values to correspond with market prices of the day. A. Macintosh, Wellington, 11th July, 1902. Chief Auditor.

A.—Balance-sheet at 31st March, 1902

Liabilities. 3J-per-cent. debentures £ s. d. £ s. d. issued .. .. 2,680,285 6 9 Since redeemed .. 330,285 6 9

Balance outstanding .. .. 2,350,000 0 0 Produce Advance Account, — Drafts drawn against shipments .. 32,492 0 0 Bank of New Zealand, — Including station overdrafts and credits .. .. .. 32,352 8 7 Profit and Loss Account .. .. 13,592 7 7

Total .. £2,428,436 16 2

Assets. £ s. d. £ s. d. Stations, per schedule 1,389,750 0 11 Other freeholds .. 260,998 12 6 Other properties .. 155,086 1 6 Amount paid in excess of Mr. Hean's valuation .. 54,507 0 0

1,860,341 14 11 Colonial Consignment Company .. 419 16 6 Balances due by purchasers.. .. 281,486 11 3 Realisation Adjustment Account .. 198,866 13 9 Government Debenture Account .. 38,500 0 0 Accrued Revenue Account .. .. 4,383 6 3 Cash Account .. .. .. 60 13 5 Suspense Accounts .. .. 2,307 12 6 Produce Consignment Account .. 41,946 0 0 Accident Insurance Acoount .. 124 7 7 £2,428,436 16 2

Wβ 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. W C. Cuff, Accountant. Gbo. Todd, Chairman. Wellington, 11th July, 1902. A. M. Waltee G. Fosibh, General Manager.

B.—Profit and Loss Account, Twelve Months ending 31st Makch, 1902.

£ s. d. Land-tax .. .. £7,735 6 2 General oharges .. 4,056 1 7 11,791 7 9 Interest, Bank of New Zealand .. 551 13 4 Interest on debentures .. .. 82,826 10 10 Revenue accrued —Reversal entry, 31st March, 1901 .. .. .. 2,838 11 1 Exchange Account .. .. .. 617 1 Balance .. .. .. t. 13,592 7 7 £111,607 7 8

£ s. d. Balance, 31et March, 1901 .. .. 25,878 7 3 Net profit on stations .. .. 21,927 11 2 Revenue from freeholds and other properties,— Rent .. .. £2,337 1 0 Interest .. .. 8,012 19 3 10,350 0 3 Deduct expenditure on account of properties .. 931 17 3 9,418 3 0 Revenue accrued .. .. .. 4,383 6 3 Bank of New Zealand, payment in terms of Act .. .. ... .. 50,000 0 0 £111,607 7 8 Contingent Asset. Amount outstanding at 31st March, 1902, £ s. d. and due by Bank of New Zealand .. 50,000 0 0 Amounts previously received under this head .. .. .. .. 300,000 0 0 £350,000 0 0

W, C. Cuff, Accountant,

G. T. W. G. P. A.M.

8.—15 a.

Realisations for Twelve Months ending 31st March, 1902.

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Property. Area. Sale Price. Surplus. Deficiency. Book Cost. *$**%£> Properties finally realised. uckland— Haymarket Ohaupo Saleyards Block 1106, Maunga-o-tapu jsb burton— Saunders' Buildings, Ashburton Jlenheim— Lot 67, part 68, and Lot 456 of Sections 1 and 3, Omaka jeeston (Christcburch) — Rural Section 33/200, Block VI., Leeston lasterton (Wellington) — Town Acre 91, Masterton 'imaru— Rural Section 3977, Timaru A. E. P. 0 1 20 20 0 3 886 0 0 0 10 0 3 0 £ s. d. 11,250 0 0 1,750 0 0 450 0 0 3,200 0 0 400 0 0 £ s. d. £ s. d. 1,600 0 0 300 0 0 166 5 0 2,800 0 0 596 0 0 £ s. d. 12,850 0 0 2,150 0 0 616 5 0 6,000 0 0 996 0 0 £ s. d. 12,650 0 0 512 0 0 2,812 0 0 935 0 0 143 0 1 286 0 0 1,144 0 0 1,430 0 0 314 0 0 10 0 650 0 0 100 0 0 750 0 0 715 0 0 ■27 0 0 378 0 0 222 0 0 600 0 0 550 0 0 Properties partially realised. Luckland— Section 6, Morrinsville.. .. ... Lot 12, Section 14, Surrey Hills Lot 9, Section 32, Surrey Hills Lot 19, Section 73, Surrey Hills Lot 27, Pah Estate Lots 2 and 20, Seotion 82, Surrey Hills j 0 2 0 57'9" x 132' 38' 9" x 153' 7" 40' x 115' 6" 5 0 30 40' x 115' 6" 42' x 132' 38' 6" x 132' 98' 2" x 115' 5 0 5 4 2 39 0 2 0 0 2 2 68 1 37 92 2 37 78' 6" x 115'6" 59 0 0 ! 38' 6" x 132' 40' x 132' 40' x 132' 4 3 30 10 0 37 40' x 115' 6" 40' x 115' 6" 158 3 37 40' x 115' 6" 236' 9" x 115' 6" 80' x 115' 6" 10 0 10 44 0 0 38' 6" x 132' 5 0 5 40' x 115' 6" 15 2 4 0 12 89 1 8 38' 6" x 132' 40' x 115' 6" 40' x 115' 6" 38' 6" x 132' 23 3 15 0 3 37 38' 6" x 132' 58 2 0 40' x 115' 6" 38' 6" x 132' 6 3 20 7 0 27 10 0 10 0 40' x 115' 6" 40' x 115'6" 42' x 132' 361 0 0 35 3 24 125 3 0 10 0 5 0 5 9 2 12 48 2 24 2 2 38 0 3 6 1 2 17 34 2 1 31 0 12 100 0 0 101 1 3 77 10 0 60 0 0 181 11 3 ( [ 164 0 0 Lot 21, Section 26, Surrey Hills Lot 9, Section 53, Surrey Hills Section 188, Morrinsville Seotion 193, Morrinsville Section 67, Morrinsville Section 116, Morrinsville Lot 25, Motumaoho Lot 3, Motumaoho Lots 8 and 10, Section 53, Surrey Hills .. Lot 28, Motumaoho Lot 20, Section 17, Surrey Hills Lot 16, Section 4, Surrey Hills Lot 29, Section 9, Surrey Hills Lot 26, Pah Estate Lot 100a, Morrinsville Township Lot 3, Section 82, Surrey Hills Lot 2, Section 11, Surrey Hills.. Lot 17, Motumaoho Lot 21, Section 5, Surrey Hills Lots .1-5, Section 53, Surrey Hills Lots 14 and 15, Section 33, Surrey Hills.. Lots 191 and 192, Morrinsville Lot 7, Waharoa, Matamata Lot 20, Section 25, Surrey Hills Lot 190, Morrinsville Lot 15, Section 60, Surrey Hills Lot 12 of 6a, Waipareira Lot 35, Ngaroto Lot 4, Motumaoho Lot 21, Section 18, Surrey Hills Lot 24, Section 74, Surrey Hills Lot 16, Section 60, Surrey Hills Lot 22, Section 18, Surrey Hills Lots 40-46 and 194-5, Morrinsville Lots 156 and 167, Morrinsville Lot 20, Section 18, Surrey Hills Lot 24, Motumaoho Lot 16, Section 10, Surrey Hills Lot 19, Section 17, Surrey Hills Lot 197, Morrinsville Lot 198, Morrinsville Lots 17 and 18, Morrinsville Lots 17-20, Section 52, Surrey Hills Lots 2 and 3, Section 75, Surrey Hills Lot 16, Section 19, Surrey Hills Lot 19, Section 82, Surrey Hills Lot 18, Waikato Lands Lot 23, Motumaoho Part of Okoroire Estate Lots 74 and 75, Morrinsville Lot 189, Morrinsville Lots 183-7, Morrinsville Lot 11, Pah Estate Part of Tamaki Farm Lot 176, Morrinsville Lots 174-5, Morrinsville Lot 1, Pakuranga Lot 2, Pakuranga 96 5 0 171 16 0 40 5 0 33 4 0 25 5 0 115 0 0 417 14 9 463 13 0 117 15 0 354 0 0 67 7 6 70 0 0 80 0 0 172 16 3 51 3 2 100 0 0 130 0 0 755 3 0 100 0 0 414 6 3 180 0 0 70 8 9 220 0 0 77 0 0 35 4 4 80 0 0 11 13 0 100 0 0 468 16 6 67 7 6 70 0 0 80 0 0 67 7 6 191 8 9 20 0 0 77 0 0 351 0 0 80 0 0 72 3 9 44 13 9 46 12 0 30 0 0 335 0 0 150 0 0 80 0 0 105 0 0 180 10 0 287 4 0 62 17 6 50 0 0 35 4 4 279 16 9 3,000 0 0 54 15 0 25 0 0 50 0 0 724 12 9 590 9 6 Carried forward 36,275 2 1 6,928 5 0 25,392 5 0

k—l6a.

Realisations for Twelve Months ending 31st March, 1902 — continued.

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Property. Area. Sale Price. Surplus. Deficiency. I Book Cost. jand-tax, plus 10 per Cent. Brought forward A E. P. £ b. d. 36,275 i 1 £ s. d. & s. d. 6,928 5 0 £ s. d. 25,392 5 0 & s. d. Properties partially realised —continued. Luokl and — continued. Lot 3, Pakuranga Lot 4, Pakuranga Part Block 81, Waitoa.. Lot 16, Section 33, Surrey Hills Section 10, Lockerbie Part No. 27, Matamata Lots 17 and 18, Section 28, Surrey Hills.. Lot 10, Section 74, Surrey Hills Lot 16, Pah Kstate Part Wanaroa, Matamata Lot 6, Section 41, Surrey Hills Lot 23, Section 74, Surrey Hills Lot 17, Waikato Coal Company lands .. )unedin — Sections land 2, Block XIII., Musselburgh Section 9, Block XV., Musselburgh Section 35, St. Clair Park Sections 15-17, Blook XV., Musselburgh.. Sections 10-14, Block XV., Musselburgh.. Vaimate — Section 3, Waihaorunga Section 5, Waihaorunga Sections 19 and 20, Waihaorunga Section 32, Waihaorunga Section 37, Waihaorunga Vellington— Mangatoro Estate 34 1 10 59 1 12 159 0 0 40' x 115' 6" 60 3 29 600 0 0 92' x 115' 6" 40' x 132' 19 1 33 140 0 0 52' x 115' 6" 40' x 1]5' 6" 502 0 0 1,029 7 6 1,067 17 0 636 0 0 90 0 0 365 11 9 450 0 0 150 0 0 80 0 0 875 10 7 105 0 0 84 10 0 70 0 0 188 5 0 0 11 0 0 32 2 1 18 0 3 0 1 0 32 50 0 0 40 0 0 47 5 0 90 0 0 150 0 0 452 0 0 8 0 0 876 0 0 440 1 0 510 0 0 1,582 0 0 49 11 6 3,942 0 0 1,981 2 6 2,167 10 0 19,581 3 12 88,118 4 3 Sy sundry adjustments of areas on account various estates 'o Fencourt Improvement Suspense Account transferred Rangiuru Improvement Suspense Account transferred Waihaorunga Improvement Suspense Acoount transferred Mangatoro, loss on forced sale of stock .. Realisation Expenses Account transferred— Agents' commission, surveying, advertising, law-oosts, travelling-expenses, &c. Members' Travelling-expenses Account transferred Sy Surplus on sale of Bleak House Surplus on sale of realised estates 139,684 17 2 213 14 1 2,925 0 0 844 0 0 1,462 0 0 5,744 0 0 1,194 15 1 22 0 6 615 11 6 139 18 7 Totals 139,898 11 3 755 10 1 19,120 0 7 25,392 5 0 iummary— Properties finally realised Properties partially realised 18,364 0 0 121,534 0 0 Total .. 139,898 0 0 W. C. Cuff, Acco intant.

8.—15 a.

Statement of Receipts and Expenditure for the Year ending 31st March, 1902.

GENERAL MANAGER'S ANNUAL REPORT FOR YEAR ENDING 31st MARCH, 1902. (No. 8/5.) Wellington, 2nd July, 1902. (Meeting held 2nd July, 1902.) I have the honour to lay before the Board the accounts and balance-sheet for the year ending 31st March last, but regret to say that, owing to the low prices ruling for wool, &c, our estimates of values of produce afloat and unrealised at 31st March, 1901, were not sustained, and, in addition to this, the values of the standing flocks and stock have receded considerably ; and for these two items provision has, of course, been made from the past year's earnings, &c, and by this amount (approximately) we have come short of making, with the £50,000 the bank contributes, the debenture interest for the year. The position, therefore, for the year is as follows : — £ s. d. £ s. d. Balance of profit from stations ... ... 21,927 11 2 From sundry properties ... ... ... 13,801 9 3 Prom payment by Bank of New Zealand, 1901 50,000 0 0 Balance/1901 25,878 7 3 111,607 7 8 Less debenture interest ... ... ... 82,826 10 10 „ land and income tax ... ... 7,735 6 2 „ charges, &c. ... ... ... 7,453 3 1 . 98,015 0 1 £13,592 7 7

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Receipts. Ixpeni :ure. Capital. Properties sold and purchased Live-stock and implements sold and purchased Redemption of debentures Permanent improvements £ s. d. £ s. d. 54,839 13 4 84,277 14 4 £ s. d. 42,287 19 11 £ s. d. General. 139,117 7 8 25,000 0 0 8,486 7 6 75,774 7 5 Interest, &c. ... Interest on debentures Exchange Rent Payment by Bank of New Zealand Maintenance of properties Realisation expenses and members' travelling-expenses Land-tax Charges 7,461 5 11 82,826 10 10 6 17 1 2,337 1 0 50,000 0 0 931 17 3 1,216 15 7 96,773 8 6 7,735 6 2 4,056 1 7 Stations. Wool and other produce 59,798 6 11 Rent... Sundry receipts and disbursements Wages Repairs Rates and taxes Cost growing turnips (stock-feed) Renewing pastures for grassing ... Rabbiting TV 1C 59,187 18 10 812 4 6 1,158 14 6 26,313 8 6 2,417 6 3 7,514 16 6 18,676 5 3 2,965 10 2 3,372 1 8 5,994 1 4 8,144 15 3 107 0 4 11,226 14 4 Manure 61,158 17 10 86,731 19 7 4,460 10 11 82,271 8 8 Expenditure on permanent improvements charged to capital on account of stations Balance 5,255 7 10 £ 260,074 12 5 £260,074 12 5 A. M. W. C. Cuff, Accountant.

8.—15 a.

The following statement will show the comparative returns each year since realisation commenced :— 1896. 1897. 1898. 1899. 1900. 1901. 1902. jg jg £ £ jg jg jg Station properties... 58,493 56,336 43,296 42,841 87,455 63,019 21,927 Sundry properties... 6,295 6,897 6,659 7,031 6,822 10,907 10,962 showing approximately an average earning for the period 1895 to 1902 as follows : — For Year to 31st March, On On 1902, on latest Book Cost my Valuation. Government Valuation {plus Stock). Station properties ... 332 per cent. 4-80 per cent. 305 per cent. Sundry properties ... 145 „ 2-17 „ 667 „ (2.) Statutoby Payments by Bank of New Zealand have been regularly made, the amount accrued due at 31st March, 1901, having been paid on 13th July, 1901, making a total statutory payment of £300,000. lam informed that the £50,000 due at 31st March last will be paid shortly, together with a probable additional £100,000. (3.) Debenture Intebest. Debenture interest has been paid, and provided for from revenue as under:— £ Prom surplus 1900-1 ... ... ... ... ... 75,878 From surplus 1901-2 operations ... ... ... 20,540 96,418 Statutory payment by bank for 1902 to come ... ... 50,000 146,418 leaving a surplus of ... ... ... ... ... 13,592 and bank payment of ... ... ... ... ... 50,000 Total ... ... ... ... £63,592 to carry forward. (4.) Ebalisations. Sales to the extent of £139,898 have been made during the year, and show an excess of £38,187 over those of previous year, viz.: — 1900-1. 1901-2. £ a Country lands ... ... ... ... 78,794 117,116 Town lands ... ... ... ... ... 13,657 22,782 92,451 139,898 Stock, implements, &c, sold on properties finally realised ... ... ... ... ... 9,260 £101,711 £139,898 The proportion of sales to book cost (£2,731,706) is 30-2, 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 43-53 per cent. The sales for the period 1895-1902 (including stock) total £825,180, as follows :— Deficiency on Book Cost (including Book Cost. Realisation Expenses, &c). Sales of properties finally realised £ £ £ 1895-1902 (including stock) ... 405,527 198,866 604,393 Properties partially realised, 1895--1902 ... ... ... 419,653 £825,180 The localities of the sales made are as follows:—■ -n . . tp Town Suburban Estates. Farms. Sections . Properties. £ Auckland ... ... 5 149 608 263 ... 253,615 Canterbury ... ... 3 73 19 63 ... 235,650 Hawke'sßay ... 2 ... 9 104,140 Otago .".. ... 2 9 565 124 ... 67,540 Marlborough ... 1 4 65 6 ... 20,414 Wellington ... 17 31 1 ... 89,631 770,990 Proceeds realisation of sundry assets ... ... ... ... 7,868 Stock-sales on properties finally closed ... ... ... ... 46,322 £825,180

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8.—15 a.

(5.) Station Properties. The results of the year's working, whilst much short of those of the previous year, are still very good considering the low price of wool, and the much lower rates obtainable for stock sold locally and frozen, as well as the reduced values at which stock staud this year.

(6.) Comparison of Operations, 1901 with 1902.

(7.) Working-expenses.

(8.) Stock Sales. Comparison of sales for the two years ending 31st March, 1902: — Sheep.

•Value of frozen meat for 1902 ia estimated.

6

Comparison of Profits for Seven Years, Stations sold during that Period being omitted. Year ending Actual Profit. Percentage Percentage 31st March £ on Book Cost. on my Valuation. 1896 ... ... ... 32,719 ... 219 ... 2-51 1897 ... ... ... 46,400 ... 3-11 ... 392 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 1902 .. ... ... 30,336 ... 204 ... 3-20 Average ... ... 45,776 3-12 4-35 The estates sold during the year comprise : — Part of Lockerbie ... ... ... ... ... 614 acres. „ Matamata ... ... ... ... ••• 784 „ „ Fancourt ... ... ... ... ... 284 „ Mangatoro ... ... ... ... ... 19,581 „ „ Waihaorunga ... ... ... ... ... 2,286 „ 23,549 acres.

Year. Rape. Turnips. With Plough. Grassing. Bushels Tons Acres. per Acres. per Acre. Acre. Oats. Oaten Hay. bb a a '3 u a tab a <D Si to a « a 'u 3 Surface- , . m . I Renewlst Time. ing. sown. .901 ... .902 ... Acres. 2,941 3,019 Acres. Acres. | Acres. 8,308 1,697 | 8,901 8,894 | 1,889 J 5,866 Acres. 1,575 1,014 731 812 L9 27 1,301 1,330 1* If Chains. 1,137 1,079 Acres. 214 Acres. 4,430 4,437 increase 78 586 192 3,035 81 8 29 l I "58 214 7 Decrease 561

Renewing pastures Implements, depreciation Cost of turniping General expenses, wages, repairs, rates, feed, &c. Rent Rabbiting 10,183 864 16,739 34,220 1,742 1,334 1WZ. 6,725 1,345 16,740 28,290 1,538 1,717 Permanent improvements ... 65,082 6,442 56,355 8,403 71,524 64,758

Year. Number Net Averace sold. Proceeds. Avera 8 e - Number frozen. •Net Proceeds. Average. Total disposed of. Net Proceeds. Average. 1901... £ 32,174 21,032 55,305 28,547 £ s. d. 0 13 9 js.10,632 |1. 9,778 js. 8,995 |l. 14,822 £ 6,607 5,337 4,896 6,507 £ s. d. 0 12 5 0 10 11 0 10 11 0 8 9 | 52,584 j 79,122 £ 32,976 £ s. d. 0 12 6 1902... 0 10 4 39,950 0 10 1 Me. 1901... 1902... | 3,916 24,215 3,386 21,773 6 6 3 8 8 7 464 430 3,163 3,130 6 16 7 5 4 7 4,380 3,816 27,378 6 5 24,903 6 10

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8.—15 a.

(9.) Stock on Hand and "Valuation at 31st March, 1902.

Sheep.

Cattle.

(10.) Wool-clip.

(11.) Net Returns for Two Years.

(12.) Lambing.

1901. 1902. No. on Hand. Valuation. Average. No. on Hand. Valuation. Average. Storth Island — Waikato Other estates £ 75,655 32,101 £ s. 0 13 0 11 d. 0 9 113,604 34,027 £ 74,472 18,194 £ s. 0 13 0 10 a. 1 8 116,418 54,379 south Island 170,797 66,819 107,756 41,216 0 12 0 12 7 4 147,631 67,239 92,666 39,024 0 12 0 11 6 7 237,616 148,972 0 12 6 214,870 131,690 0 12 3

lorth Island — Waikato Other estates 11,289 5,260 43,595 23,383 3 17 4 9 3 0 , 11,827 3,483 45,978 16,569 3 17 4 15 9 2 iouth Island 16,549 30 66,978 99 4 3 1 0 5 10 15,310 43 62,547 152 4 1 3 10 8 8 16,579 67,077 4 1 0 15,353 62,699 4 1 8

1901. 1902. Number. Average per Fleece. Number. Average per Fleece. Sheep shorn Lambs shorn 197,621 51,395 lb. oz. 7 13 2 14 Sheep shorn 198,563 lb. oz. 8 3

1901. 1902. Net Weight. Net Return at Port of Shipment (excluding Insurance). Average per lb. Net Weight. Estimated Net Return at Port of Shipment (excluding Insurance). Average per lb. Greasy Scoured lb. 1,497,638 121,652 £ 27,332 3,126 d. 4-38 6-17 lb. 1,399,307 140,079 £ 33,723 4,335 d. 5-78 7-44

At 31st March, 1901. At 31st March, 1902. Ewes to Bam. Lambs bred. Percentage. Ewes to Ram. Lambs bred. Percentage. 88,987 73,783 83 92,633 77,285 83

8.—15 a.

(13.) Mortality.

(14.) The properties which the Board is working are being brought up and kept up not only to the best " earning " condition, but are being held in the best and most profitable condition for the probable purchaser. The land is not only not being impoverished, but is being enriched by the operations carried on, which are purely the production of wool and mutton, no grain-cropping being undertaken beyond what is necessary for stock-feeding. The stock throughout of all descriptions are of the best, and are without exception in good order and condition. Inquiry is improving for farms in Waikato for dairying purposes, and the properties already cut up are moving off at fair values. Considerable areas have been, and are still being, put upon the market by other sellers, and are readily taken up, but in most cases these have advantages of locality or quality that make them more popular than those we are offering. I have little doubt that with these out of the way we shall clear large areas during the ensuing twelve months.

Walter G. Foster, General Manager.

Approximate Cost of Paper. —Preparation, not given; printing (1,410 copies). £6 16s.

Authority : John Mackay, Government Printer, Wellington.—l9o2.

Price 6d.]

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<.ep. 'e. 1901. 1902. 1901. 1902. Dead or Missing. Per Gent. Dead or Missing. Per Gent. Dead or Missing. Per Cent. Dead or Missing. Per Gent. 13,735 5-95 20,425 8-59 302 1-74 493 2-97