8.—15 a.

Session 11. 1906. NEW ZEALAND.

ASSETS REALISATION BOARD: BALANCE-SHEET FOR THE YEAR ENDED 31st MARCH, 1906, STATEMENTS OF REALISATIONS, RECEIPTS AND EXPENDITURE, AND GENERAL MANAGER'S REPORT ON OPERATIONS FOR THE YEAR.

Laid before both Houses of the General Assembly, in -pursuance of " The Bank of New Zealand and Banking Act, 1896," and its amendments.

GENBEAL MANAGER'S ANNUAL EEPOET FOE YEAE ENDING 31st MARCH, 1906. (No. 12/4.) Wellington, 15th August, 1906. I have the honour to report upon the business of the Board for the twelve months ending the 31st March, 1906. B The aggregate sales for the year show improvement on those of 1905 by over £69,998, and this notwithstanding that naturally our remaining country lands do not offer as good a selection as hitherto. Markets for stock and produce of all descriptions have ruled steadily high, to the very considerable enhancement of our earnings. Taking into account the statutory £50,000 received from the bank, the surplus for the year, after providing debenture interest, amounts to £32,053, to which must be added the bank's surplus profits paid over £152,910. Summarised, the position is as follows :— £ s. d. £ a. <i. Balance of profit on stations ... ... 18,672 9 5 Prom sundry properties ... ... ... 17,871 6 3 From payments by Bank of New Zealand ... 202,910 1110 Balance, 1905 ... ... ... ... 147,081 16 7 386,536 4 1 Less balance 1905, transferred to Realisation Adjustment Account ... ... 147,081 16 7 „ debenture interest ... ... ... 42,176 10 10 „ land and income tax ... ... 8,127 8 9 „ charges, &c. ... ... ... 7,669 6 8 205,055 2 10 Land and income tax paid 1905-6 on account of debenture-holders refunded by Bank ... 3,482 1 5 201,573 1 5 Balance ... ... ... ... £184,963 2 8 The following statement will show the comparative returns each year since realisation commenced:— 1896. 1897. 1898. 1899. 1900. 1901. 1902. 1903. 1904. 1905 1906 £ £ £ ££££££££ Station properties 58,493 56,336 48,296 42,841 87,455 63,019 21,927 38,524 41,296 21 060 18 672 Sundry properties 6,295 6,897 6,659 . 7,031 6,822 10,907 10,962 10,799 13,510 16,821 13^801 showing approximately an average earning for the period 1895 to 1906 as follows: — For Year to 31st March, On On 1906, on latest Boob Cost. my Valuation. Government Valuation (plus Stock). Station properties ... 333 per cent. 5-53 per cent. 4-88 per cent. Sundry properties ... 2-45 „ 3-77 „ 297 „