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8.—15 a

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