3

8,—15b,

(7.) Station Properties. Notwithstanding the low prices ruling for our produce, I have pleasure in reporting a good year's results, the actual net surplus being £51,028 4s. 7d., equal to £3-25 per cent, on book cost and £4-67 per cent, on my valuation. The following statement gives comparison of the period during which the Board has controlled, viz. :— Comparison of Surpluses for Four Years, omitting Stations Sold since the Board assumed Control. Actual Profit. . P «?«i'' on Book Cost. on my Valuation. £ 1896 ... ... ... 36,408 ... 2-29 ... 2-79 1897 ... ... ... 53,187 ... 3-30 ... 4-49 1898 ... ... ... 33,322 ... 2-08 ... 2-89 1899 ... ... ... 51,029 ... 3-25 ... 4-67 Average return for four years 43,489 ... 2-73 ... 3-71 Showing average net return for the period of 2-73 per cent, on book cost, and 371 per cent, on my valuation. That the year past has been so favourable is largely due to the more generous treatment and lighter stocking of our country, which has been attended by better lambing, less mortality, and a speedier maturity and marketing of our surplus stock, &c. Since the 31st March, 1898, we have sold and given possession of 23,243 acres—viz., Bangiatea, Karapiro, Okauia, Betreat, and parts of Eskbank, Glentui, and Bangiuru—by which area our carrying capacity has been reduced; but, notwithstanding this loss of area, the better condition and vigour of our pastures has kept our returns above the average of previous years. (8.) Working Expenses. A comparison of working expenses for the two years ending 31st March, 1899, omitting stations sold, is as follows :— Benewing pastures (20 per cent, of which is charged to Profit and 1899 ' Loss each year) ... ... ... ... ... £9,633 £9,401 Depreciation—implements, saddlery, and furniture ... ... 1,043 1,260 Cost of turniping ... ... ... ... ... ... 15,473 17,708 General expenses, wages, repairs, rates and taxes, including feed 37,654 38,612 Bent and interest ... ... ... ... ... ... 3,059 3,967 Babbiting ... ... ... ... ... ... 1,199 1,490 Grain-growing for sale ... ... ... ... ... 567 857 Actual working expenses ... ... ... ... £68,628 £73,295 The statement as above shows an increase of expenditure over preceding year of £4,667. The largest item in this increase is turniping, and is attributable for the most part to the enhanced cost of manures and to the resowing of areas which missed. Other items are necessarily of a more or less variable nature, and do not call for comment. Expense of every description has been kept at the lowest economical point, but the condition of our properties warrants me in stating that nothing has been spared to put and maintain them in the best possible order for returns and sale.

(9.) Sales of Stock. The following is a comparison of sales for the two years ending 31st March, 1899: —

(10.) Sheep. Sales of sheep have aggregated 93,699, considerably more than preceding year, and at an average advance of 2d. per head, or £780. Those frozen are somewhat less than last year, but the average is Is. 2d. per head better, or £1,331. A proportion (3,929) of the sheep sales was the result of the sales of the properties on which they were grazing.

Year. Number Net , sold. Proceeds. Avera S e - Number Net frozen. Proceeds. Average. Total disposed of. Net Proceeds. Average. -eep. 1898 ... 67,104 24,037 0 7 1899*... 93,699 34,511 0 7 d. 2 4 23,200 22,828 £ 10,341 11,548 £ s. a. 0 8 11 0 10 1 90,304 116,527 £ 34,378 46,059 0 0 s. d. 7 7 7 10 ■tie. .898 ... .899 ... 3,814 21,002 5 10 4,206 24,624 5 17 1 1 22 154 7 0 0 3,836 4,206 21,156 24,624 5 10 5 17 4 1 * Note.—1899. Value of frozen meat is estimated.