a.— B

2

Sales of wool, live-stock, and frozen meat amount to £4,417 10s. l()d. The purchases were —sheep, £6,214 Is. 6d. ; cattle, £1,044 17s. ; and horses, £75 :in all, £7,333 18s. 6d. The farms are now stocked with ewe flocks of good quality, and sufficient cattle to keep the country clean iind in good condition. The stock depastured at the 31st March, 1910, was 11,131 sheep, 575 head of cattle, and 52 horses. of a total value of £8,733 2s. 9d. Appended is a statement showing the distribution of the stock among the several farms. The whole of the stock have done well with the exception of the lambs on the Paremata farm, which were very backward. In normal conditions nearly all of these lambs would have been got off fat at satisfactory prices, but because of the unusually wet season and the failure of the rape crops very few of them came into freezing-condition, and therefore at the annual balance date they had to be taken into account at very low values. By removing them to other blocks I have been able to carry them safely through the winter, and their realization promises to be a satisfactory item in the next accounts. Lands jor Sale or Lease. — I have contracted for the subdivisional survey of the Mangatu Nos. 5 and 6 Blocks, comprising 40,000 acres of bush land. The survey will be sufficiently advanced to admit of the sections being offered early next year. Other sections in the Mangapoike and Tahora Blocks, aggregating 16,000 acres, will be offered for lease by the beginning of next year. It will be necessary to sell two other blocks, Mangawaru Nos. 2 and 3, comprising 33,500 acre*, for the purpose of adjusting outstanding claims as between the several blocks in the Trust. Access to these bocks will, however, probably be found to be through Mangatu Nos. 5 and 6, and until the scheme of roading for the Mangatu Blocks is settled it does not seem feasible to arrange for access to Mangawaru. Freehold Lands stand at £280,400, as against £278,310 last year. The increase in value of £2,090 represents the value of the permanent improvements effected on the farms during the year.

Statements of Receipts and Payments for the Year ending 31st March, 1910. Receipts. £ s. d. Payments, t -. d. Balance, cash in Bank, 31st .March, 1909.. 740 911 Surveys, roadiiig. and valuation expenses.. 457 !l II Rents, — Permanent improvements on farms, — Whaitiri No. 2 .. .. .. 45 0 0 Clearing bush .. .. .. 361 lit 1 Mangaheia No. 2d .. .. .. 2,(i26 2 8 Fencing .. .. .. .. 971 3 1 Mangapoike .. .. .. 1,238 2 5 Sowing . . . . .. . . 738 14 4 Paremata .. .. .. .. 570 0 0 Buildings ami yards. .. .. 180 4 0 Tahora No. 2 .. .. .. 378 17 8 Draining ..' .. .. .. IN 4 0 Tawapata South No. 1 .. .. 600 0 0 Compensation for improvements AlangaWhangawehi lα, Iβ, lo . . . . 120 2 0 poike 2b .. . . .. . . 165 0 0 Royalty on timber .. .. .. 014 0 Kents paid to Native owners .. .. 2,0(i4 II 6 Sales of farm-produce and advances against Commission on paying rents (two yean) .. r>o o 0 consignments,— Purchase-in -v paid to Native owners on Wool .. .. .. .. 1,830 17 7 account of land sold .. .. :{I2 16 0 Sheep .. .. .. .. 1,350 10 () Rates and taxee .. .. .. 297 910 Cattle .. .. .. .. 51 10 0 Interest .. .. .. .. 1,644 4 S h'ln/.rn meat .. .. .. 1,078 IS 3 Law ooste and mortgage expenses .. r>l2 ii 4 Grazing .. .. .. .. 10 0 Salaries, — Exchange .. .. .. .. 0 0 0 Commissioner .. .. .. 4(1(1 II 0 Cook County Council —Compensation for Secretary . . . . . . . 200 (I (I land in l'aremata No. 4 taken for road.. 120 0 0 Supervision of farms . 233 Ii 8 Mortgage advances .. .. .. 10,000 o 0 Travelling-expenses .. .. .. 46 17 0 Mercantile advances .. .. .. 1,000 0 0 Audit and office expenses and advertising.. 180 6 7 Refund Fenoing-olaim .. .. 23 6 6 Farm-working expenditure,— ' Purchases of sheep . . .. . . 0,214 1 (i 27.5K1 II II „ cattle . . . . . 1,044 17 0 Balance- Bank overdraft 81st March. 1910 8,787 o o „ horses.. .. .. 75 «i o Reclamation on frozen mutton . . 58 9 4 Wages and droving .. .. .. 018 12 (i Shearing, dipping, crutching, and wool charges .. .. .. .. 234 14 6 IV esing-oharges .. .. . . 08 10 4 Crops .. . . .. 66 6 3 Tracks . . . . . . . . 14 l> (I Carting and packing . . . . 20li 10 1(1 Provisions and stores . . . 331 hi o Farm plant .. .. .. :>4 15 0 Wages claim paid Eor ECopua Trustees .. 30 0 0 Mortgage advanoes paid off .. .. 14.000 0 0 Mercantile advances paid off .. .. 2,!). Vi in it N'uUutnimia and Moutere No. 1: payn made under an order of the Supreme Court. I laitns, oharging orders, and costs against the Native owners .. .. li:)() 12 0 Balance paid to the solicitors for the Native owners . . . . . . S4!l !i I £36,668 11 Of £36,868 11 0 T. A. Coleman, Commissioner. Examined and found correct. — J. Sandtmann, K.I.A.N.Z. Napier, 22nd September, 1910.