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Macdonald Mine. With a view to improving the access to this colliery arrangements were made to construct a road, two miles in length, from Rotowaro Station to Waikokowai. During the year a number of buildings to accommodate the workmen and machinery, including repairs to two cottages, were erected and carried out respectively. A further part of the property was also drilled for the purpose of proving the coal thereunder, and the results obtained are considered to be satisfactory. ITEMS FROM BALANCE-SHEET. The following items taken from the balance-sheet will prove of interest as indicating the more important items of expenditure, and for reference in respect to the position of Capital Account, reserve funds, and other accounts shown therein : — £ The amount written off lor depreciation for the year was .. .. 15,815 The payments for interest totalled .. .. .. .. .. 9,102 The payments for sea carriage of coal amounted to .. .. 68,891 The cost of railway haulage amounted to .. .. .. .. 22,117 The total wages paid for coal-winning was .. .. .. .. 84,382 The amount 2'a.id {<>, management and office salaries (Head Office and mines) totalled .. .. .. .. .. .. 4,531 The gross capital expenditure on the whole undertaking to 31st March last was .. .. .. .. .. .. .. 480,109 The total depreciation written off to date (equal to 5147 per cent, on the gross capital expenditure) amounts to .. .. .. ..217,156 The debenture and loan capital stands at . . . . . . 227,601 The net profits of the State Coal-mines Account from inception to 31st March, 1921 .. .. .. .. .. .. .. 71,995 The net profit for the year ended 31st March, 1921, was .. .. 13,962 The sinking fund is in credit .. .. .. .. .. 20,028 The depreciation fund stands at .. .. .. .. .. 5,884 The amount at credit of Profit and Loss is (last year £38,670) .. .. 45,582 The cash in hand and in the Public Account at 31st March last was (last year £18,000).. .. .. .. .. .. .. 18,293 The present net book value of permanent or fixed assets is .. .. 225,143 TABLES AND REPORTS. The usual statistical tables and departmental reports are appended.