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The estates sold during the year comprise :— Part of Fencourt Estates .-.. ... ... ... ... 15,817 acres. „ Lockerbie Estate ... ... ... ... ... 6,599 „ „ Mangatoro Estate... ... ... ... ... 5,142 „ „ Paparamu Estate ... ... ... ... ... 3,128 „ „ Richmond Downs Estate ... ... ... ... 595 „ „ Waimana Estate ... . . ... ... ... 56 „ „ Awatere Estate ... ... ... ... ... 238 „ 31,575 acres.

Comparison of Operations, 1905 with 1906.

Value of frozen meat for 1906 is estimated.

3

Grassing. Oats. J Maize. Year. Rape. I With Plough. _ a , \ Equal - Surface - Acres. Yield. per . ,.„,. ! Renew- sown " Acre. 1st Time. . ! Turnips. Acres. Yield. Equal per Acre. 1905 1906 Acres. 3,825 757 Acres. 6,174 3,544 Aores. 1,381 468 Acres. 4,334 4,465 Acres. 2,095 1,038 791 316 Bushels. 9,060 7,895 Bushels. Hi 25 30 25 Bushels. 1,050 Bushels. 35 Increase ... Decrease ... 3,068 2,630 913 131 1,057 ! 475. 1,165 18£ "5 1,050 35 Ye .r. Draining. B ishfelling. Clearing. Pern Fencing. 1905 ... 1906 ... Cnains. 265 311 Acres. 199 73 Acres. 914 710 Chains. 887 1,890 Increase Decrease 46 204 1,003 126 WOEKING-EXPBNSBS. Renewing pastures Implements, depreciation Cost of turniping ... Rent and grazing ... Rabbiting General expenses, repairs, wages, rates and taxes, feed, rape, and stores 1905. £ 7,541 1,304 10,944 967 1,101 17,143 1906. £ 6,161 358 7,561 605 620 16,174 Permanent improvements ... 39,000 8,340 31,479 2,072 £47,340 £33,551 Stock Sales. Comparison of sales for two years ending 31st March, 1906 :— Sheep. Year. Number sold. Net Proceeds. Average. Number Net Average Total frozen. Proceeds. 8 ' disposed of. Net Proceeds. Average. 1905... 1906... 21,731 28,118 £ 17,444 22,865 £ s. d. 0 16 0 L. 11,504 0 16 3 L. 8,242 £ £ s. 8,201 0 14 4,688 0 11 d. 3 4 33,235 36,360 £ 25,645 27,553 £ s. d. 0 15 5 0 15 1 Cattle. 1905... 1906... 2,208 11,384 5 3 2,872 13,042 4 10 1 9 I I 2,208 11,384 5 3 2,872 13,042 4 10 1 9