B. 15a

7

The proportion of sales to book cost (£2,731,706) is 35-27 per cent., 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 50-85 per cent. The sales for the period 1895-1903 (including stock) total £963,678, as follows :— Deficiency on Book Cost (including Book Cost. Realisation Expenses, &c). Sales of properties finally realised £ £ £ 1895-1903 (including stock) ... 484,265 205,984 690,249 Properties partially realised, 18951903 ... ... ... 479,413 £963,678 The localities of the sales made are as follows :— • Estates. Farms. £iSL £ Auckland ... ... 5 206 684 270 ... 301,568 Canterbury ... ... 3 78 19 63 ... 246,059 Hawke'sBay ... 2 ... 10 104,250 Otago ... ... 2 10 565 182 ... 70,729 Marlborough ... 1 4 65 6 ... 20,414 Wellington ... ... 1 17 31 1 ... 156,631 899,651 Proceeds realisation of sundry assets ... ... ... ... 8,280 Stock sales on properties finally closed ... ... ... ... 55,747 £963,678 (5.) Station Properties. We have once again had a good year from our working stations, notwithstanding the continued depression in the wool-market. Prices for stock of all descriptions have been good. Comparison of Actual Profits for Eight Years, Stations sold during that Period being omitted. Year ending Actual Profit. Percentage Percentage 31st March, £ on Book Cost. on my Valuation. 1896 ... ... ... 32,719 ... 2-19 ... 2-51 1897 ... ... ... 46,400 ... 3-11 ... 3-92 1898 ... ... ... 25,857 ... 1-73 ... 2-24 1899 ... ... .. 54,812 ... 3-71 ... 5-02 1900 ... ... ... 49,598 ... 349 ... 5-03 1901 ... ... ... 81,710 ... 5-70 ... 8-47 1902 ... ... ... 30,336 ... 204 ... 320 1903 ... ... ... 37,782 ... 3-47 ... 5-17 Average ... ... 44,902 3-18 4-44 The estates sold during the year comprise : — Part of Lockerbie ... ... ... ... ... 1,479 acres. „ Matamata ... ... ... ... ... 1,791 „ Fencourt ... ... ... ... ... 3,834 „ Whole of Motoa ... ... ... ... ... 9,011 „ Part of Waihaorunga ... ... ... ... ... 2,266 „ 18,381 acres.

(6.) Comparison of Operations, 1902 with 1903.

Grassing. Oats. Maize. Year. Rape. Turnips. With Plough. a,, *„„„ Bushels Bushels sown Acres ' ' P er Acres - P er I Acre. ■ Acre. 1st Time. Renew " ing. ; i i J 902 ... 903 ... Increase Decrease Acres. ... 3,019 ... 3,802 783 Aores. 8,894 9,309 Acres. ' Aores. 1,889 : 5,866 1,368 13,324 Acres. 1,014 i 812 27 18 60 2,678 675 18 40 51 Acres. 1,014 2,678 415 7,458 521 i ... 1,664 137 9 22 9