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.