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Summary. g s d Value of present stock and general improvements ... ... 12,163 3 4 Value of trees sent out since initiation of nursery ... ... 8,713 8 1 20,876 11 5 Expenditure to date ... ... ... ... ... 6,837 7 9 Credit balance ... ... ... ...£14,039 3 8

Stock in Hand. Schedule 1.—Details of One-year-old Trees, grown 1909-10. (Eighth Crop.)

Schedule 2.—Two-year-old Trees, grown 1908-9. (Seventh Crop.)

Schedule 3.—Three-year-old Trees, grown 1907-8. (Sixth Crop.)

Schedule 4.—Four-year-old Trees, grown 1906-7. (Fifth Crop.)

Name of Tree. Number j Height Value in in Seed Sown. per Seed-beds. Inches. Thousand. Total Value. Kemarks. jarix ouropaoi.. 'inus Larioio .. „ ponderoFa „ muricata .lnus glutinosa Totals Lb. .. 1,200,000 4 150 .. 1,500,000 2 100 220,000 1J 20 12,000 I ' 1 3,000 3 i .. 2,935,000 £ s. d. 1 0 0 1 0 0 10 0 10 0 0 15 0 £ 8. d., 1,200 0 0, 1,500 0 0 220 0 0 12 0 0 2 5 0 Thin crop. Germinated well. Well-grown plants. 2,934 5 0

Name of Tree. Number Number in Height iD Nursery in Seed-beds. Lines. Inches. Value per Total Value. Thousand. Kemarks. Larix europsea Pinus Laricio „ ponderosa Benthamiana .. muricata Pseudo-tsuga taxifolia Chamaecyparis Lawsoniana Thuja gigantea 390,000 935,000 18 505,000 ! 8 275,600 I 2J 58,5iil 2 4,600 I 10 9,000 10 780 8 1,200 ! 5 390,000 1,789,080 £ s. d. £ s. d. | 2 5 o) 2 ' 591 6 ° 2 5 0 1,136 5 0 2 5 0 : 620 2 0 2 10 0 146 5 0 2 5 0 10 7 0 2 10 0 22 10 0 3 15 0 2 18 6 3 0 0 3 12 0 Strong plants. Good growth. Satisfactory. Totals 1,533 4 6 2,179,630

Name of Tree. Number in Height Value Nursery in per Total Value. Lines. j Inches. Thousand. : Kemarks. 'inus Laricio „ ponderosa tibiuia pseudo-acacia lotoneaster Simmondsii .. 345,800 i 31,900 5,500 ! 800 384,000 10 10 20 24 £ s. d. 3 0 0 3 0 "0 2 10 0 2 0 0 8 a. J. 1,037 8 0 These plants are all wellgrown. 95 14 0 Ditto. 13 15 0 1 12 0 „ Totals 1,148 9 0

Name of Tree. Number in Height Value Nursery ( in per , Total Value. Lines. Inches. Thousand. i I |__ Kemarks. 4-' Q rl 4-' u rl 'inus austriaca .. » Laricio £ s. d. £ s. d. 81,000 20 3 10 0 283 10 0 23,000 20 3 10 0 80 10 0 £ s. d. 3 10 0 3 10 0 £ s. d. 283 10 0 Left from last year. 80 10 0 Totals 104,000 .. .. 364 0 0 364 0 0 364 0 0