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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