ASSETS REALISATION BOARD: BALANCE-SHEET FOR THE YEAR ENDED 31st MARCH, 1903, 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, 1903 Session I, B-15a

8.—15 a

1903. NEW ZEALAND.

ASSETS REALISATION BOARD: BALANCE-SHEET FOR THE YEAR ENDED 31st MARCH, 1903, 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 S3 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 Realisation 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, but is to a certain extent an adjustment of stock and produce values to correspond with market prices of the day. It also includes statutory payments received from the Bank of New Zealand, and is held as a set-off against deficiencies on realisations as explained by footnote on statement marked " B." A. Macintosh, Wellington, 24th June, 1903. Chief Auditor.

A.—Balance-sheet at 31st March, 1903. Liabilities. Assets. 31-per-cent. debentures £ s. d. £ s. d. £ s. d. £ p. d. issued .. .. 2,680,285 6 9 Stations .. 1,252,297 15 7 Since redeemed .. 610,285 6 9 Other freeholds .. 246,746 19 1 Other properties .. 165,153 17 1 Balance outstanding .. .. 2,070,000 0 0 j Amount paid in exProduce Advance Account,-— oess of Mr. Hean's Drafts drawn against shipments .. 46,854 0 0 valuation .. 54,507 0 0 Bank of New Zealand,— 1,718,705 11 9 Including station overdrafts and Balances due by purchasers .. 261,958 1 3 credits .. .. ■■ 18,998 9 6 Realisation Adjustment Account .. 205,984 4 9 Profit and Loss Account .. .. 134,387 12 7 i Government Debenture Account .. 38,500 0 0 Accrued Revenue Account .. .. 3,069 10 7 Cash Account .. .. .. 64 1 0 Suspense Acoounts .. .. .. 2,216 5 2 Produce Consignment Account . . 39,618 0 0 Accident Insurance Account .. 124 7 7 £2,270,240 2 1 £2,270,240 2 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-sheet 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, Geo. Todd, Chairman. Wellington, 24th June, 1903. A. M. Walter G. Poster, General Manager.

B. Profit and Loss Account for Twelve Months ending 31st March, 1903. £ s. d. £ s . d. Land-tax .. •• £6,364 9 7 Balance, 31st March, 1902 .. .. 13,592 7 7 General oharges .. 4,039 17 11 Net profit on stations .. .. 38,524 2 0 , Revenue from freeholds and other pro--10,404 7 6 perties,— Less land-tax paid 1901 Rent .. .. 1,462 5 8 and 1902 on account of Interest .. .. 11,488 17 4 debentureholders, refunded by the bank .. 7,627 11 8 12,946 3 0 2,776 15 10 Deduct expenditure on Interest on debentures .. •• 76,887 6 3 account of properties.. 833 8 1 Revenue accrued—Reversal entry, 31st 12,112 14 11 March 1902 .. •• •• 4,383 6 3 Revenue aocrued ~ .. .. 3,069 10 7 Balance' .. •• •• .. 134,387 12 7 Exchange Account .. .. .. 1 510 Bank of New Zealand, — Payment in terms of Act £50,000 0 0 Additional payment .. 101,135 0 0 151,135 0 0 £218,435 0 11 £218,435 0 11 The balance of £134,387 12s. 7d. here shown represents Contingent Asset. the balance of the statutory payments by the bank after Amount outstanding at 31st March, 1903, £ s. d. providing for debenture interest, and is a contra to the an d due by Bank of New Zealand .. 50,000 0 0 deficiency on realisations as shown m balance-sheet as Amounts previously received under this •' Realisation Adjustment Account," and to be transferred head __ 350,000 0 0 to that aocount as at Ist April. The relative cash has Additional payment .. .. .. 101,135 0 0 been applied to the redemption of debentures. £501,135 0 0 W. C. Ccfp, Aooountant. G. T. W. G. P. A. M.

1-B. 15a,

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Realisations for Twelve Months ending 31st March, 1903.

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Property. Area. Sale Price. Surplus. Deficiency. Book Cost. Land-tax, plus 10 per Cent. Properties finally realised. Auckland— Section 80, Hamilton East Part 25, Section 3, Otahuhu (Chase Farm) Lots 175-177, Te Puna Lot 29, Okura Kiwitahi No. 3c a. e. p. £ s. d. 10 0 40 0 0 95 0 28 1,142 5 0 113 0 0 300 0 0 479 0 0 239 10 0 500 0 0 350 0 0 £ B. a. 10 0 0 1,142 5 0 10616 7 70 0 0 £ s. d. 210 17 3 £ s. d. 30 0 0 510 17 3 132 13 5 280 0 0 £ s. d. 33 0 0 300 0 0 132 0 0 385 0 0 Gisborne— Part Section 51, Ormond 0 2 6 110 0 0 9,011 0 9 67,000 8 5 95 0 0 205 0 0 168 0 0 Wellington— Motoa Estate .. 2,623 14 10 69,624 3 3 46,089 0 0 Dunedin— Sections 105-139, 143, 144, 160, 161, and 219, Ravensbourne Extension 2 1 19-571 64 0 0 638 10 0 702 10 0 Invercargill— Half interest Sections 7, 8, 9, Block II., Campbelltown Hundred 265 3 30 66 9 8 67 14 1 134 3 9 158 0 0 Properties partially realised. Auckland— Lot 19, Section 18, Surrey Hills Lot 7, Section 74, Surrey Hills Lot 20, Section 19, Surrey Hills Lot 17, Section 60, Surrey Hills Lot 2, Section 84, Surrey Hills Lot 5, Section 82, Surrey Hills Lot 8, Section 32, Surrey Hills Lots 24 and 25, Section 4, Surrey Hills .. Lot 20, Section 9, Surrey Hills Lot 20, Section 5, Surrey Hills Lot 25, Section 3, Surrey Hills Lot 34, Section 74, Surrey Hills Lot 17, Section 32, Surrey Hills Lot 1, Section 41, Surrey Hills Lot 2, Section 41, Surrey Hills Lot 23, Section 41, Surrey Hills Lot 20, Section 26, Surrey Hills Lot 3, Section 11, Surrey Hills .. Lots 4 and 5, Seotion 75, Surrey Hills .. Lots 17 and 18, Section 82, Surrey Hiils.. Lot 33, Section 74, Surrey Hills Lot 18, Section 60, Surrey Hills Lot 20, Section 38, Surrey Hills Lots 23 and 24, Seotion 6, Surrey Hills .. Lot 19, Section 60, Surrey Hills Lot 22, Section 6, Surrey Hills Lots 14-17, Section 16, Surrey Hills Lots 13-17, Section 33, Surrey Hills Lot 10, Section 53, Surrey Hills Lots 2 and 3, Section 14, Surrey Hills .. Lot 19, Section 19, Surrey Hills Lot 22, Section 74, Surrey Hills Lot 25, Section 5, Surrey Hills Lot 15, Section 31, Surrey Hills Lot 20, Section 73, Surrey Hills Lots 11 and 12, Section 16, Surrey Hills.. Lot 1, Section 75, Surrey Hills Lot 21, Section 38, Surrey Hills Lot 41, Section 75, Surrey Hills Lot 8, Section 31, Surrey Hills Lot 21, Section 73, Surrey Hills Section 10, Waitoa Section 27, Waitoa Section 56, Waitoa Section 57, Waitoa Section 9, Waitoa Section 4, Waitoa Section 5, Waitoa Section 3, Waitoa Section 26, Waitoa Section 59, Waitoa Seotion 60, Waitoa Seotion 21, Waitoa Section 54, Waitoa Section 11, Waitoa Section 55, Waitoa Section 13, Waitoa Section 12, Waitoa Section 62, Waitoa Paddock 32, Waitoa 38'6" x 132' I 67 7 6 53' 6" x 132' 120 7 6 38' 6" x 132' 77 0 0 40' x 115' 6" 60 0 0 40' x 115' 6" 70 0 0 40' x 115' 6" 120 0 0 38' 9" x 132' 77 10 0 80' x 132' 200 0 0 52' x 115' 6" 130 0 0 40' x 132' 90 0 0 40' x 132' 100 0 0 40' x 132' 90 0 0 77' 9" x 123' 7" 200 0 0 52' x 115' 6" 100 0 0 40' x 115' 6" 100 0 0 40' x 132' 100 0 0 38' 6" x 132' I 96 5 0 40' x 115' 6" 150 0 0 80' x 115' 6" 200 0 0 84' x 132' 210 0 0 40' x 132' 100 0 0 52' x 115' 6" ; 130 0 0 38' 6" x 132' i 96 5 0 80' x 115' 6" 180 0 0 38' 6" x 132' 77 0 0 40' x 115' 6" 90 0 0 160' x 115' 6" 400 0 0 22' 2" x 115' 6" 444 6 8 40' x 115' 6" 80 0 0 80' x 115' 6" 300 0 0 38' 6" x 132' 96 5 0 52' x 115' 6" 130 0 0 40' x 132' 100 0 0 44' 10" x 132' ] 89 13 4 40' x 115' 6" 90 0 0 77' x 132' 192 10 0 52' x 115' 6" ' 169 0 0 38' 6" x 132' 105 17 6 40' x 132' 100 0 0 30' 3" x 132' 83 3 9 40' x 115' 6" j 100 0 0 188 2 0 1,036 15 0 125 3 29 818 11 0 66 1 19 298 13 2 102 1 16 460 11 6 142 0 0 710 0 0 75 1 0 376 5 0 86 0 20 387 11 3 48 3 17 , 256 10 0 134 1 21 873 9 6 130 2 0 717 15 0 143 0 33 716 0 7 188 3 35 1,133 16 3 175 2 8 867 15 0 150 1 0 976 12 6 185 2 21 928 3 0 145 2 39 947 7 0 222 2 32 1,447 11 0 158 1 17 870 19 3 563 3 20 3,947 2 6 •• ' I Carried forward 92,596 12 10 1,329 1 7 3,635 16 2 171,619 7 8

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Realisations for Twelve Months ending 31st March, 1903— continued.

Property. Area. Sale Price. Surplus. Deficiency. Rook Cost. jand-tax,2>7uj 10 per Cent. Brought forward A. E. P. £ s. d. 92,596 12 10 £ 8. d. 1,329 1 7 £ s. d. 3,635 16 2 £ s. d. 3,635 16 2 £ p. d. 71,619 7 8 £ s. d. Properties partially realised— continued, uokland— continued. Seotion 50, Waitoa Sections 52 and 53, Waitoa Section 48, Waitoa Seotion 6, Waikato Coal Company's land Sections 4 and 5, Waikato Coal Company's land Section 22, Waikato Coal Company's land Seotion 25, Waikato Coal Company's land Seotion 7, Waikato Coal Company's land Section 197, Huntly Township Sections 155 and 156, Huntly Township .. Sections 165-9, 171-5, Huntly Township Section 196, Huntly Township Seotion 195, Huntly Township Section 18, Lockerbie Estate (Motumaoho No. 2) Seotion 16, Lockerbie Estate (Motumaoho No. 2) Seotion 29, Lockerbie Estate (Motumaoho No. 2) Section 5, Lockerbie Estate (Motumaoho No. 2) Section 27, Lockerbie Estate (Motumaoho No. 2) Section 11, Lockerbie Estate (Motumaoho No. 2) Section 7, Lockerbie Estate (Motumaoho No. 2) Seotion 6, Lockerbie Estate (Motumaoho No. 2) Lot 196, Morrinsviile .. Lot 126, Morrinsviile Lot 179, Morrinsviile Lot 3, Morrinsviile Lot 55, Morrinsviile Part Section 28, Matamata Section 7, Waharoa Seotion 21, Waharoa Part Section 8, Waharoa Sections 19 and 20, Waharoa Part Section 9a, Waharoa Section 4, Waharoa Part Section 18, Waharoa Part Seotion 9a, Waharoa Sections 22 and 22a, Waharoa Section 5, Waharoa Part Seotion 9a, Waharoa Part Section 9a, Waharoa Seotion 6, Waharoa Small section near Waharoa Station Sections 1-4 of 5a, Henderson Lot 33, Pah Kstate Lot 2, Pah Estate Lot 3, Pah Estate Lot 18, Pah Estate Lot 23, Pah Estate Lot 24, Pah Estate Part Lot 6, Three Kings Farm .. 215 3 24 417 2 12 180 1 17 353 0 0 1,738 0 0 520 0 0 393 0 0 750 0 0 1 2 37 4 1 28 5 3 33 1 1 8 0 2 0 198 2 24 213 2 10 99 0 32 357 3 10 35 0 32 97 0 2 162 3 18 307 0 10 1,025 10 6 1,670 6 0 978 7 6 132 7 6 745 17 6 390 0 0 393 0 0 750 0 0 91 0 0 12 0 0 6 0 0 10 0 0 2 10 6 1,042 18 0 1,067 16 3 446 8 0 1,789 1 3 281 12 0 , 583 1 0 855 0 0 1,305 0 0 7 1 37 0 3 0 1 0 28 0 2 0 0 1 1-4 650 0 0 153 2 0 SO 0 0 50 0 0 138 0 0 23 0 0 50 0 32 10 0 0 160 0 0 90 2 0 50 0 32 80 0 0 100 0 0 154 0 0 1 3 13-6 156 1 10 3 2 30 6 0 0 8 2 22 18 3 3 4 3 30 7 3 0 8 0 0 59 17 0 60 0 0 60 0 0 20 0 0 50 0 0 487 10 0 729 2 6 400 0 0 150 0 0 690 0 0 34 10 0 251 0 0 60 0 0 240 0 0 497 15 0 251 0 0 100 0 0 150 0 0 1,155 0 0 20 0 0 117 4 8 129 1 3 510 0 0 691 0 0 1,101 2 6 148 2 6 232 10 0 624 0 0 - - - L Vaimate — Section 31, Waihaorunga Section 35, Waihaorunga Section 6, Waihaorunga Section 29, Waihaorunga Sections 8 and 18, Waihaorunga 397 0 0 461 2 0 321 1 0 438 0 0 649 0 0 1,885 15 0 2,307 10 0 1,405 9 4 1,971 0 0 2,839 7 6 iunedin — Sections 3 and 8, Musselburgh (Quarry Paddooks) Seotion 9, Musselburgh (Quarry Paddocks) Section 7, Musselburgh (Quarry Paddocks Part Section 8, Musselburgii (Quarry Paddocks) Section 27, Blook XVTI., Musselburgh Township Section 34, St. Clair Park Section 32, St. Clair Park Sections 21 and 22, St. Clair Park Section 20, St. Clair Park 5 2 0 3 2 31 3 2 23 1 0 25 0 0 18-32 825 0 0 554 1 3 546 11 3 173 8 9 45 0 0 2 1 17 2 1 17 4 3 19 2 3 3 66 2 0 66 2 0 168 8 9 83 4 0 Carried forward 128,130 4 1 1,329 1 7 3,635 16 2 71,619 7 8 71,619 7 8

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4

Realisations for Twelve Months ending 31st March, 1903 — continued.

W. C. Cuff, Accountant.

Property. Area. Sale Price. Surplus. Deficiency. Book Cost. iaiid-tax, plus 10 per Cent. Brought forward A. B. P. A. B. P. £ s. d. 128,130 4 1 £ s. d. 1,329 1 7 £ s. d. 3,635 16 2 £ s. d. 71,619 7 8 £ s. d. Properties partially realised— continued. Dunedin— continued. Section 23, St. Clair Park Sections 38, 40, 42, 44, St. Clair Park .. Section 24, St. Olair Park Section 27, St. Clair Park 2 1 6 6 1 35 1 3 28 2 11 2 1 6 6 1 35 1 3 28 2 11 94 9 9 250 0 0 96 6 3 90 7 0 Sundry - Amount received from Loan Company on account Belfast lands Received from Insurance Company, house burnt at Matamata Sale of timber and iron at Onehunga Ironworks Mangatoro, payment in respect of survey lien No. 29912 Motoa, Stock Adjustment Account transferred Motoa, loss on forced sale of stock Motoa, Improvement Suspense Account transferred Motoa, Implement ftnd Saddlery Account transferred Realisation Expenses Account transferred — Agents' commission, surveying, advertising, law-costs, travelling-expenses, &c. Members' Travelling-expenses Account transferred 3 19 9 175 0 0 17G 7 9 56 6 4 2,014 9 6 830 19 4 285 0 0 235 13 7 1,417 8 10 27 5 2 Totals .. 129,073 0 11 1,329 1 7 8,446 12 7 71,019 7 8 Summary— Properties finally realised .. Properties partially realised • 69,312 13 1 59,760 7 10 Total 129,073 0 11

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Statement of Receipts and Expenditure for the Year ending 31st March, 1903.

W. C. Cuff, Accountant.

GENERAL MANAGER'S ANNUAL REPORT FOR YEAR ENDING 31st MARCH, 1903. (No. 9/3.) Wellington, 1st July, 1903. I have the honour to lay before the Board for adoption the eighth annual balance-sheet and supporting accounts for the year ending 31st March last. The business of the Board in all departments has been satisfactory. Seasons, pastures, and stock (and prices therefor) have been good, and consignments afloat and unrealised at last annual balance have panned out to advantage and with substantial surplus over drafts, notwithstanding that owing to heavy decline in series of London wool sales our anticipations were not realised. The results of the year's working, apart from the special £101,135 paid by the Bank in excess of the statutory £50,000, shows full provision for payment of debenture interest and a clear surplus of £19,660.

iece: i9. Ixpeni :ure. Capital. Properties sold and purchased Live-stock and implements sold and purchased Redemption of debentures Permanent improvements Call paid on New Zealand Thames Valley Land Company shares £ 8. a. 151,695 3 9 130,656 17 4 £ s. d. £ s. 56,751 6 280,000 0 6,845 17 12,564 0 d. 9 0 5 0 £ s. d ,352 1 1 356,161 4 General. Interest from purchasers Interest on debentures ... Exchange Eent Payment by Bank of New Zealand Maintenance of properties Realisation expenses and members' travelling-expenses Land and income tax Charges Land and income tax payment by Bank of New Zealand 11,483 17 4 1 5 10 1,462 5 8 151,135 0 0 76,887 6 3 833 8 1 1,444 14 0 6,364 9 7 4,039 17 11 7,627 11 8 Stations. Wool and other produce 171,710 0 6 19 15 l< Rent... Sundry receipts and disbursements Wages Repairs Rates and taxes Cost of growing turnips and rape (stock-feed) Renewing pastures for grassing ... Rabbiting 50,101 18 9 268 5 10 1,368 12 4 11,663 0 2 1,111 18 4 5,166 18 0 18,163 6 1 2,671 10 2 2,713 4 3 4,962 18 8 8,504 8 10 297 2 0 8,749 4 9 2,142 2 5 Manure Grazing 2,088 14 1 53,827 11 0 66,145 8 8 3,327 14 5 Expenditure on permanent improvements charged to capital on account of stations 659 1 8 62,817 14 3 Balance £ £ 508,548 14 3 508,548 14 3

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6

Summarised, the position is as follows : — £ s. d. £ s d. Balance of profit from stations ... ... 38,524 2 0 From sundry properties ... ... ... 15,182 5 6 From payments by Bank of New Zealand ... 151,135 0 0 Exchange ... ... ... ... 1 5 10 Balance, 1902 ... ... ... ... 13,592 7 7 218,435 0 11 Less debenture interest ... ... ... 76,887 6 3 „ land and income tax ... ... ... 6,364 9 7 „ charges, &c. ... ... ... 8,423 4 2 91,675 0 0 Land-tax paid 1901-2 on account of debentureholders refunded by Bank ... ... 7,627 11 8 84,047 8 4 Balance ... ... ... ... £134,387 12 7 The following statement will show the comparative returns each year since realisation commenced :— 1896. 1897. 1898. 1899. 1900. 1901. 1902. 1903. ££££££££ Station properties... 58,493 56,336 43,296 42,841 87,455 63,019 21,927 38,524 Sundry properties... 6,295 6,897 6,659 7,031 6,822 10,907 10,962 10,799 showing approximately an average earning for the period 1895 to 1903 as follows : — For Year to 31st March, On On 1903, on latest Book Cost. my Valuation. Government Valuation {plus Stock). Station properties ... 3-29 per cent. 486 per cent. 5-36 per cent. Sundry properties ... L 59 „ 2 p 42 „ 5-36 „ (2.) Statutory Payments by Bank of New Zealand. The statutory payments of £50,000 have been duly received, the amount accrued due at 31st March, 1902, having been paid on sth August, 1902, together with a further £101,135, as anticipated. The £50,000 due at 31st March last was paid on the Ist April, and it is expected that an amount at least equal to the special payment of last year will be available. The total payments by the Bank to date are £501,135. (3.) Debenture Interest. Debenture interest, amounting to £76,887, has been paid, and provided for from revenue as under: — £ From surplus 1901-2 ... ... ... ... ... ... 63,592 From surplus 1902-3 ... ... ... ... ... ... 46,547 Add additional payment by Bank of New Zealand ... ... 101,135 211,274 leaving a surplus of ... ... ... ... ... 134,387 which is to be carried to Realisation Adjustment Account to provide for deficiencies on realisations. Add bank payment for 1903 of ... ... ... ... ... 50,000 to carry forward. (4.) Realisations. Sales to the extent of £138,498 have been made during the year, as compared with £139,898 the previous year, viz. : — 1901-2. 1902-3. £ £ Country lands ... ... ... ... 117,116 119,740 Town lands ... ... ... ... ... 22,782 9,333 139,898 129,073 Stock, implements, &c., sold on properties finally realised ... ... ... ... ... ... 9,425 £139,898 £138,498

B. 15a

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The proportion of sales to book cost (£2,731,706) is 35-27 per cent., 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 50-85 per cent. The sales for the period 1895-1903 (including stock) total £963,678, as follows :— Deficiency on Book Cost (including Book Cost. Realisation Expenses, &c). Sales of properties finally realised £ £ £ 1895-1903 (including stock) ... 484,265 205,984 690,249 Properties partially realised, 18951903 ... ... ... 479,413 £963,678 The localities of the sales made are as follows :— • Estates. Farms. £iSL £ Auckland ... ... 5 206 684 270 ... 301,568 Canterbury ... ... 3 78 19 63 ... 246,059 Hawke'sBay ... 2 ... 10 104,250 Otago ... ... 2 10 565 182 ... 70,729 Marlborough ... 1 4 65 6 ... 20,414 Wellington ... ... 1 17 31 1 ... 156,631 899,651 Proceeds realisation of sundry assets ... ... ... ... 8,280 Stock sales on properties finally closed ... ... ... ... 55,747 £963,678 (5.) Station Properties. We have once again had a good year from our working stations, notwithstanding the continued depression in the wool-market. Prices for stock of all descriptions have been good. Comparison of Actual Profits for Eight 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 ... 2-19 ... 2-51 1897 ... ... ... 46,400 ... 3-11 ... 3-92 1898 ... ... ... 25,857 ... 1-73 ... 2-24 1899 ... ... .. 54,812 ... 3-71 ... 5-02 1900 ... ... ... 49,598 ... 349 ... 5-03 1901 ... ... ... 81,710 ... 5-70 ... 8-47 1902 ... ... ... 30,336 ... 204 ... 320 1903 ... ... ... 37,782 ... 3-47 ... 5-17 Average ... ... 44,902 3-18 4-44 The estates sold during the year comprise : — Part of Lockerbie ... ... ... ... ... 1,479 acres. „ Matamata ... ... ... ... ... 1,791 „ Fencourt ... ... ... ... ... 3,834 „ Whole of Motoa ... ... ... ... ... 9,011 „ Part of Waihaorunga ... ... ... ... ... 2,266 „ 18,381 acres.

(6.) Comparison of Operations, 1902 with 1903.

Grassing. Oats. Maize. Year. Rape. Turnips. With Plough. a,, *„„„ Bushels Bushels sown Acres ' ' P er Acres - P er I Acre. ■ Acre. 1st Time. Renew " ing. ; i i J 902 ... 903 ... Increase Decrease Acres. ... 3,019 ... 3,802 783 Aores. 8,894 9,309 Acres. ' Aores. 1,889 : 5,866 1,368 13,324 Acres. 1,014 i 812 27 18 60 2,678 675 18 40 51 Acres. 1,014 2,678 415 7,458 521 i ... 1,664 137 9 22 9

8.—15 a.

(6.) Comparison of Operations, 1902 with 1903— continued.

(7.) WoHKING-EXl'ENSES. 1902. 1903. Eenewing pastures ... ... ... .. ... 6,725 7,127 Implements, depreciation ... ... ... .. 1,345 685 Cost of turniping ... ... ... .16,740 16,897 General expenses, wages, repairs, rates, feed, &c. . 28,290 28,278 Rent ... ... ... ... ... ... ... 1,538 844 Eabbiting ... ... ... ... ... ... 1,717 1,550 Grazing ... ... ... ... ... 490 56,355 55,871 Permanent improvements ... ... ... ... ... 8,403 6,817 £64,758 £62,688

(8.) Stock Sales. Comparison of sales for two years ending 31st March, 1903: —

(9.) Stock on Hand and Valuation at 31st March, 1903.

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Oaten Hay. Grass Hay. Year. Acres. Per Acre. Acres - A P ore. o '3 1 Q bo 3 ja ab a •3 =8 O ab 'o I 902 ... 903 ... 1,330 1,545 T. c. T. o. 18 253 1 8 10 129 1 0 Gbains.j Acres. l,079 ! 214 729: 380 ... i 166 350 1 ... Acres. 4,437 4,043 Chains. 1,812 2,562 Increase Decrease 215 394 750 0"*8 124 o'"8

ieep. Year. Number j Net sold. i Proceeds. A -age. »££ L;^ a J Average. Total Net . disposed of. Proceeds. Avera g e - 902... £ 55,305 28,547 % "• & : (s. 8,995 010 4 !il.l4;822 0 n 0 J b. 11,282 U Xi U [1.18,756 S, £ s. d. 5,711 0 12 8 7,324 0 9 10 7,806 0 13 10 9,069 0 9 8 79,122 41,582 0 10 6 } 79,702 44,310 0 11 1 [' 903... 49,664 27,435 Cattle. 902... 903... 3,386 21,773 6 3,334 27,254 8 8 3 7 5 43o' 532 3,848 8 18 11 4,239 7 19 4 3,816 ; 25,621 I 6 14 3 3,866 31,493 8 2 11 'Value of frozen meat for 1903 is estimated.

xep. 1902. 1903. No. on Hand. Valuation. Average. No. on Hand. Valuation. Average. North Island— Waikato Other estates £ 74,472 18,194 £ s. 0 13 0 10 d. 1 8 £ £ s. d. 0 13 11 0 11 0 113,604 34,027 102,277 15,837 71,462 8,762 South Island 147,631 67,239 92,666 39,024 0 12 0 11 (i 7 118,114 59,736 80,224 35,107 0 13 0 11 7 9 214,870 131,690 0 12 3 177,850 115,331 0 12 11

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2—B. 15a.

(9.) Stock on Hand and Valuation at 31st March, 1903— continued. Cattle.

(10.) Wool-clip.

(11.) Net Returns for Two Years.

(12.) Lambing.

(13.) Mortality.

forth Island— Waikato Other estates 11,827 3,483 45,978 16,569 3 17 4 15 9 2 11,906 2,183 55,397 10,408 4 13 4 15 0 4 iouth Island 15,310 43 62,547 152 4 1 3 10 8 8 14,089 43 65,805 169 4 13 3 18 5 8 15,353 62,699 4 1 8 14,132 65,974 4 13 4

1902. 1903. Number. I Average per Fleece. Number. Average per Fleece. Sheep shorn 198,563 lb. oz. 7 8 Sheep shorn 183,227 lb. oz. 7 4

1902. 1903. Net Weight. Net Return at Port of Shipment. Average perlb. Net Weight. Estimated . Net Return at Port Ave ™g e of Shipment. P er lb ' ireasy icoured lb. 1,394,064 135,784 £ 31,709 4,828 d. 5-45 8-53 lb. 1,210,088 129,227 £ 28,975 3,485 d. 5-74 6-47

1902. 1903. Ewes to Ram. Lambs bred. Percentage. Ewes to Earn. Lambs bred. Percentage. 92,633 77,285 83 77,403 61-,738 79

Sh, ;ep. Ga\ ■tie. 1902. 1903. 1902. 1903. Dead or Missing. Per Cent. Dead or Missing. Per Cent. Dead or Missing. Per Cent. Dead or Missing. Per Cent. 20,425 8-59 17,808 8-28 493 2-97 490 3-19

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(14.) It is satisfactory to be able to report that at 31st March the total amount of overdue purchase-money and interest was £3,162 only, and of this the principal item, £2,600, was paid within a few days. At this time there are no arrears nor bad or doubtful debts, nor have we at any time had to take any stringent measures to compel payment, thus proving the general prosperity of our purchasers. We have not had a single case of failure to carry out purchases. (15.) The condition of the properties the Board is working and the stock thereon is being well maintained with view to sale, and demand is fast increasing for land in the districts where the main portion of our properties lie. Subdivisional surveys of further areas are in progress, and heavy clearances will be effected in the near future now that many properties privately owned, which lay between closer settlement and our lands, have been disposed of in smaller areas. Realisations have been and continue at values which are largely reducing the estimated deficiency. Walter G. Foster, General Manager.

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