99

E.—l

or value by undue competition. In nearly every instance the Commissioners have allowed the reduction for three years only, so that in the event of the value of land rising the old rate of rents may be claimed. Of the sum of £5,609 lis. Bd. shown in the balance-sheet and statement of receipts and expenditure for the year 1888 as rent, &c, in arrear on the 31st December, 1888, £1,217 7s. 3d. has been received during the first quarter of the present year. In fact, that the whole of the rents are debited half-yearly in advance (some of them as late in the year as the 30th December) accounts for the non-payment of a large portion of the income during the year. The Commissioners have appointed a competent inspector to make quarterly reports on the endowments, and also to make a personal application for payment of rents. By this means they hope to collect a number of arrears that would otherwise either remain unpaid or involve considerable legal cost in recovery. I may explain, in connection with the amount of £1,378 17s. lid. shown in the balance-sheet and statement of accounts as expenses of management, that £203 17s. Bd. was paid to the Survey Department for the subdivision of Blocks VII. and VIII., District of Wendonside; £198 12s. was paid to County Councils, boroughs, Boad and Biver Boards for rates; and £46 ss. 6d. was paid to the Eailway Department for Commissioners' travelling-expenses. It will thus be seen that £448 15s. 2d. went back to the public funds, and that the actual cost of managing the Trust for the year was £930 2s. 9d. The balance-sheet and statement of receipts and expenditure was checked by the Audit Inspector and forwarded to the Audit Office on the 13th ultimo. I enclose a copy herewith. I have, &c, The Hon. the Minister of Education, Wellington. J. B. Maitland, Chairman.

General Statement of Receipts and Expenditure for the Year ending 31st December, 1888.

'.ecevpts. Primary Education Reserves. Seconaary Eaucation Reserves. Total. £ s. a. £ s. a. s s. a. 'o Credit balances on 1st January, 1888 — Bank Eixed deposits Arrears of revenue for previous years — Bents, profits, issues, or receipts of reserves ... Receipts for current year— Bents, &c, of reserves Net proceeds of land-sales ... Repayment on account of loans Costs received for preparing leases Tenants' share of costs, valuation, &c. Repayment of insurance premium ... ... 14 0 0 3,243 14 8 2,125 4 5 8,829 1 10 322 8 9 1,379 13 0 16 4 0 4 18 0 2 6 10 316 4 5 524 5 11 14 0 0 3,243 14 8 2,441 8 10 9,353 7 9 322 8 9 1,379 13 0 16 4 0 4 18 0 2 6 10 Total receipts ... 15,937 11 6 840 10 4 i 16,778 1 10 Expenditun £ s. a. £ s. a. £ s. a. By Salaries and allowances to officers— Secretary, £300; Clerk, £90; commission to Southland agent, £95 0s. 5d. Commissioners' travelling expenses— W. H. Pearson, train-fare, £14 7s. 6d.; other expenses, £9 J. W. Bain, train-fare, £20 6s. ; other expenses, £10 6s. T. Denniston, train-fare, £11 12s. ; other expenses, £4 0s. 10d. J. Green, horse-hire, livery, &c. Office-rent, cleaning, &c. Printing and stationery Expenses of leasing— Auctioneer's commission and travelling-expenses Advertising Incidentals Legal expenses Expenditure on reserves — Eeporting Surveying County, road, borough, and river rates Valuation for fencing 1,305 18 4 72 19 7 485 0 5 23 7 6 30 12 0 15 12 ]0 19 19 0 88 6 0 20 16 3 35 1 11 98 11 3 53 13 5 16 8 4 97 19 4 203 17 8 189 12 0 40 9 6 40 9 6