ASSETS REALISATION BOARD: BALANCE-SHEET FOR THE YEAR ENDED 31st MARCH, 1905, STATEMENTS OF REALISATIONS, RECEIPTS AND EXPENDITURE, AND GENERAL MANAGER'S REPORT ON OPERATIONS FOR THE YEAR.

Appendix to the Journals of the House of Representatives, 1905 Session I, B-15a

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1905. NEW ZEALAND.

ASSETS REALISATION BOARD: BALANCE-SHEET FOR THE YEAR ENDED 31st MARCH, 1905, 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 Neiu Zealand and Banking Act, 1895," and its amendments.

I, William Callbndeb, the Auditor appointed under " The Bank of New Zealand and Banking Act, 1895," to audit the accounts of the Assets Eealisation Board, do hereby certify :— (1.) That I have carefully examined the attached balance-sheet marked " A " and initialled by me, and the attached statement marked "B " and initialled by me, and the accounts and other material whereon the same are based. (2.) That the said balance-sheet and statement are correct in every particular, and truly and fully set forth the position of the Board at the date thereof, subject to the following observations: (a) All assets in the shape of landed property are taken at book value ; (b) live and dead stock on the General Manager's valuation ; (c) the amount shown to credit of Profit and Loss Account is not a cash balance, but is to a certain extent an adjustment of stock and produce values to correspond with market prices of the day. It also includes statutory payments received from the Bank of New Zealand, and is held as a set-off against deficiencies on realisations as explained by footnote on statement marked "B." W. Callendeb, Wellington, Ist July, 1905. Chief Auditor.

A.—Balance-sheet at 31st March, 1905. Liabilities. Assets. New debentures issued £ s. d. £ s. d. £ s. d. £ a. d. in terms of " The Stations .. 807,558 19 3 Bank of New Zealand Other freeholds .. 170,954 11 6 Aot, 1903" .. 1,800,000 0 0 Other properties .. 162,637 15 10 Since redeemed .. 417,500 0 0 Amount paid in ex1,382,500 0 0 oess of Mr. Hean's Produce Advance Account,— valuation .. 54,507 0 0 Drafts drawn against shipments .. 26,005 0 0 1,195,658 6 7 Bank of New Zealand, — Balances due by purchasers.. .. 333,789 11 1 Including station overdrafts and Realisation Adjustment Account .. 44,017 17 6 credits .. .. .. 47,026 9 6 Accrued Revenue Account .. .. 4,070 4 7 Sundry liabilities .. .. .. 1,590 3 3 Cash Acoount .. .. .. 49 6 0 Profit and Loss Aooount .. .. 147,08116 7 Sundry Assets .. .. .. 613 3 7 Produce Consignment Account .. 26,005 0 0 £1,604,203 9 4 £1,604,203 9 4 We hereby certify that we have carefully examined the foregoing balanoe-sheet and statement, and also the accounts and other material whereon they arebased, and that such balance-sheet and statement are correct in every particular, and truly and fully set forth the position of the Board at the date thereof. W. C. Cuff, Accountant, Geo. Todd, Chairman. Wellington, 30th June, 1905. W. C. Walteb G. Postee, General Manager.

I—B. 15a.

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B.—Peopit and Loss Account foe Twelve Months ending 31st Maech, 1905. £ s. d. ] £ s. d. Transfer to Realisation Adjustment Ac- Balance, 31st Maroh, 1904 .. .. 144,076 2 3 count .. .. .. .. 144,076 2 3 Net profit on stations .. .. 21,060 11 1 Land and income tax .. £7,812 16 3 Revenue from freeholds and other proGeneral oharges .. 4,542 0 2 perties,— Rent .. .. £978 17 4 12,354 16 5 Interest .. .. 17,768 5 4 Less land and income tax paid 1904 and 1905 on 18,747 2 8 account of debenture- Deduct expenditure on holders refunded by aocount of properties.. 1,427 0 2 the bank .. .. 3,400 18 2 17,320 2 6 8,953 18 3 Revenue accrued .. .. .. 4,070 4 7 Intereet on debentures .. .. 57,377 18 8 Bank of New Zealand, — Revenue accrued —Reversal entry, 31st Payment in terms of Act £50,000 0 0 March, 1904 .. .. .. 4,569 6 4 Additional payment .. 125,532 1 8 Balance .. .. .. .. 147,081 16 7 175,532 1 8 £362,059 2 1 £362,059 2 1 Contingent Asset. Amount outstanding at 31st March, 1905, £ b. d. and due by Bank of New Zealand .. 50,000 0 0 Amounts previously received under this The balance of £147,081 16s. 7d. here shown represents head .. .. .. .. 450,000 0 0 the balance of the statutory payments by the bank after Additional payment for 1902 .. .. 101,135 0 0 providing for debenture interest, and is a contra to the „ 1903 .. .. 116,782 8 4 deficiency on realisations as shown in the balance-sheet as „ 1904 .. .. 125,532 1 8 " Realisation Adjustment Aocount," and to be transferred to that aocounfc as at Ist April. The relative cash has £843,449 10 0 been applied to the redemption of debentures. W. 0. Cuff, Aooountant. G. T. W. G. P. W. C.

Realisations for Twelve Months ending 31st March, 1905.

Property. Area. Sale Price. Surplus. Deficiency. Book Cost. Land-tax, plus 10 per Cent. Properties finally realised. Auckland— Lot 88, Whangamarino Lots 25-28, &c, Glenside A. B. P. 50 0 0 1 0 33-6 £ s. d. 75 0 0 650 0 0 £ s. d. 55 0 0 514 1 3 £ s. d. £ s. d. 20 0 0 135 18 9 £ s. d. 28 0 0 Tauranga— Kaiinai No. 1, Blook 4985 Iα .. Kaimai No. 1, Blook 4985 (half interest) Purakautahi, Blook 4345a (half interest) Kumi Kumi, Blook 4985D (half interest) Onga Onga No. 2, Blook 4985c (half interest) 1,033 0 0 2,853 0 0 463 0 0 2,617 0 0 3,057 0 0 [4,837 0 0 j 2,072 0 0 6,909 0 0 3,393 0 0 WellingtonLots 18-20, 47-49, Dreyerton 12 0 15 0 0 15 0 0 Properties partially realised. Auckland— Lot 22, Seotion 41, Surrey Hills Lots 17 and 18, Section 17, Surrey Hills .. Lot 13, Section 16, Surrey Hills Lot 10, Section 16, Surrey Hills Lot 6, Section 22, Surrey Hills Lot 9, Section 14, Surrey Hills Lot 14, Seotion 74, Surrey Hills Lot 17, Section 20, Surrey Hills Lots 7 and 8, Pah Estate Lots 5 and 6, Henderson Lot 10, Henderson Lots 100 and 107, Parish of Karangahape Part south-west portion Section 9, Karangahape 40' x 132' 92' x 115-6' 52' x 115-6' 38-6'x 132' 52' x 115-6' 40' x 115-6' 40' x 132' 40' x 115-6' 8 0 0 134 0 ]0 28 3 33 429 0 0 33 0 0 90 0 0 253 0 0 169 0 0 105 17 6 156 0 0 120 0 0 110 0 0 120 0 0 880 0 0 167 11 6 43 8 6 214 10 0 33 0 0 Carried forward 8,039 7 6 584 1 3 2,072 0 0 7,064 18 9

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Realisations for Twelve Months ending 31st March, 1905— continued.

Property. Area. Sale Price. Surplus. Deficiency. Book Cost. Jand-tax, plui 10 per Cent. Brought forward A. B. P. £ S. d. 8,039 7 6 £ s. d. 584 1 3 £ s. d. 2,072 0 0 £ s. d. 7,064 18 9 £ s. d. Properties partially realised —continued. Auckland— continued. Sections 13 and 191, Waihou Township .. Lots 1 and 2, Three Kings Estate Lots 3, 4, 30, 31, 45, 46, 52, 53, 61, 96-98, 107-109, and 120, Three Kings Estate Lot 5, Three Kings Estate Lot 6, Three Kings Estate Lots 7-9, 17-26, and 104, Three Kings Estate Lot 63, Three Kings Estate Lot 62, Three Kings Estate Lot 14, Three Kings Estate Lots 15 and 16, Three Kings Estate Lots 27 and 28, Three Kings Estate Lot 29, Three Kings Estate Lots 32 and 33, Three Kings Estate Lots 38-41 and 54, Three Kings Estate .. Lots 42 and 43, Three Kings Estate Lot 44, Three Kings Estate Lots 47-49, Three Kings Estate Lots 50 and 51, Three Kings Estate Lot 55, Three Kings Estate Lots 64 and 65, Three Kings Estate Lots 66-69, 112-115, and 117-119, Three Kings Estate Lots 70-73, Three Kings Estate Lots 99 and 100, Three Kings Estate Lot 101, Three Kings Estate Lots 102 and 103, Three Kings Estate .. Lots 105 and 106, Three Kings Estate .. Lots 110 and 111, Three Kings Estate .. Lot 116, Three Kings Estate Lot 56, Three Kings Estate Lots 10-12, Three Kings Estate Lot 13, Three Kings Estate Section 12, Taukoro Section 13, Taukoro Seotion 14, Taukoro Part Section 19, Motumaoho No. 2 Part Section 6, Kuranui Section 9, Kuranui Seotion 10, Kuranui Section 11, Kuranui Section 13, Kuranui Sections 28 and 29, Morrinsville Section 137, Morrinsville Sections 171-173, Morrinsville Section 19, Tirau Section 34, Tirau, and Suburban Sections 5-8, 16-24, 26-28, and 31-42 Section 16, Waitoa Section 49, Waitoa Part Section 14 and Old Road, Waitoa .. Hinuera Bush Clearing Part Sections 33, 33a, and 34a, Victoria Estate Sections 20 and 21, Richmond Downs .. 0 0 24 3 1 14 23 3 11 13 8 13 3 12 2 04 1 2 38 4 0 0 0 2 23 10 0 10 0 0 2 0 10 0 1 2 24 0 2 0 0 10 0 3 0 0 2 2 0 2 0 4 1 11 22 1 8 12 0 6 5 0 34 2 0 24 4 3 38 4 18 3 1 29 1 1 24 0 2 0 2 1 28-9 0 2 37 333 2 0 399 2 0 234 1 24 10 0 0 1,455 3 11 144 2 0 236 0 0 910 1 14 405 1 10 10 0 0 2 30 3 2 16 106 1 8 844 3 33 20 0 0 467 5 0 3,186 4 7 226 16 0 196 6 8 1,329 8 7 290 3 3 660 0 0 93 0 0 108 0 0 142 0 0 61 0 0 110 0 0 441 0 0 92 0 0 58 0 0 174 0 0 116 0 0 74 0 0 669 8 2 2,821 7 2 1,685 5 0 630 14 3 266 12 0 581 14 0 473 0 0 377 8 9 183 8 0 100 0 0 243 2 6 54 0 0 1,667 10 0 1,997 10 0 1,172 0 0 100 0 0 4,731 8 0 722 10 0 1,180 0 0 3,186 3 6 1,418 12 0 60 0 0 200 0 0 170 0 0 637 16 0 2,957 7 0 190 1 30 263 3 14 3 3 1-8 250 0 0 17 0 0 1,428 6 0 1,154 5 6 24 9 0 825 0 0 97 15 0 158 0 8 838 13 9 Dunedin— Reserve, St. Clair Park Section 25, St. Clair Park Sections 26, 28, and 30, St. Clair Park .. l"8 3-1 6 2 31-95 2 10 0 88 9 0 365 9 6 Wellington— Mangatoro No. 2a Blook 397 2 36 1,193 3 6 Marlborough— Section 3, Awatere Estate Seotion 8, Awatere Estate Sections 4 and 5, Awatere Estate 796 0 0 1,629 0 0 10,855 0 0 5,492 8 0 8,389 7 0 21,930 5 0 Sundry— Meadowbank cottage, destroyed by fire .. Beerescourt dwelling, destroyed by fire ... Waimana adjustment, Phillips purchasemoney Three Kings Estate, surplus to date 50 0 0 200 0 0 0 11 0 6,918 0 6 Carried forward 86,252 0 2 7,502 1 9 2,072 0 0 7,064 18 9

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Realisations for Twelve Months ending 31st March, 1905— continued.

Statement of Receipts and Expenditure for the Year ending 31st March, 1905.

Property. Area. Sale Price. Surplus. Deficiency. Book Cost. jand-tftx, plus 10 per Cent. A. E. P. £ s. a. 86,252 0 2 £ s. a. 7,502 1 9 £ s. a. 2,072 0 0 £ s. d. 7,064 18 9 £ s. d. Brought forward Properties partially realised —oontinuea. Sundry— continued. Deficiency, being second mortgage for £1,000 over part Section 738, Hereford Street, Christohurch, against which there is now no asset, the first mortgage having realised no surplus, being available to provide for any portion of the second mortgage Land Purohase Board, Seotions 5-7, 12-14, Block 16, Waharoa Township, 2 aores 1 rood, included in award, previously sold to Mrs. Piokup J. H. Johnstone, adjustment of purohasemoney, part Section 8, Waharoa Commissioner Crown Lands, purchase of 27 acres 1 rood 30 perches, part Albury, to complete sale to Anderson Matamata, loss on realisation of live and dead stock in consequence of sale of property Matamata, Improvement Suspense Acoount transferred Lockerbie, Improvement Suspense Aocount transferred Fencourt Estates, Improvement Suspense Account transferred Awatere, Improvement Suspense Account transferred Realisation Expenses Account transferred — Agents' commission, surveying, advertising, law-costs, travelling-expenses, &c. Members' Travelling - expenses Aocount transferred Realised Estates Account transferred .. 1,000 0 0 29 6 8 0 11 3 83 6 3 5,410 15 0 43 19 9 2,440 0 0 587 0 0 396 0 0 1,881 19 9 58 1 0 75 6 1 Totals .. 86,252 0 2 7,577 7 10 14,002 19 8 7,064 18 9 Summary— Properties finally realised Properties partially realised 5,557 0 0 80,675 0 2 Total .. 86,252 0 2 W. C. Cuff, Accc .ntant.

Recei ipts. Expem liture. Capital. Properties sold and purchased Live-stock and implements sold and purchased Eedemption of debentures Permanent improvements £ 67,918 126,196 s. d. 9 3 3 9 £ s. d. £ 8. d. 1,659 18 6 51,188 18 10 £ s. d. 290,000 0 0 8,340 5 5 351,189 2 9 13 0 General. Interest account Interest on debentures ... Exchange Eent Payment by Bank of New Zealand Maintenance of properties Eealisation expenses and members' travelling-expenses Charges ... Petty cash Sundry disbursements ... 17,751 5 6 15 0 761 16 11 175,532 1 8 1 11 57,377 18 1 1 1,427' 0 3,580 11 8 8 6 2 9 581 7 0 3,463 5 1 12,508 13 90 0 16 12 7 0 3 198,091 1 2 75,003 9 7 Carried forward 392,205 14 2 426,192 12 4

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Statement of Receipts and Expenditure for the Year ending 31st March, 1905—continued.

GENERAL MANAGER'S ANNUAL REPORT FOR YEAR ENDING 31st MARCH, 1905. (No. 11/5.) Wellington, 6th July, 1905. I have the honour to report upon the business of the Board for the year ending 31st March 1905. The demand for land during the past twelve months throughout the colony has been very steadily increasing, and attention has been much more directed to the northern districts with satisfactory results to our realisation. Markets for all descriptions of stock and produce have been especially good, and our earnings for the period have been correspondingly satisfactory. Taking into account the statutory £50,000 received from the Bank, the surplus for the year, after providing debenture interest, amounts to £21,550, to which must be added the bank's surplus profits paid over £125,532. Summarised, the position is as follows : — £ s. d. £ s. d. Balance of profit on stations ... ... 21,060 11 1 From sundry properties ... ... ... 21,390 7 1 From payments by Bank of New Zealand ... 175,532 1 8 Balance, 1904 ... ... ... ... 144,076 2 3 362,059 2 1 Less balance 1904, transferred to Realisation Adjustment Account ... ... 144,076 2 3 „ debenture interest ... ... ... 57,377 18 8 „ land and income tax ... ... 7,812 16 3 „ charges, Ac. ... ... ... 9,111 6 6 218,378 3 8 Land and income tax paid 1904-5 on account of debenture-holders refunded by Bank ... 3,400 18 2 214,977 5 6 Balance ... ... ... ... £147,081 16 7

leoe: ». Ixpeni iure. Brought forward £ s. d. £ s. d. 392,205 14 2 £ s. d. £ a. d. 426,192 12 4 Stations. Vool and other produce lent... 31,648 17 310 13 0 1 5,654 5 2 1,281 1 1 11,519 2 11 1,858 1 0 2,131 12 2 2,906 15 2 7,027 18 9 57 0 10 6,232 3 5 1,319 11 7 4,343 6 0 104 11 3 Vages lepairs Jates and taxes Jost of growing turnips (stock-feed) lenewing pastures for grassing ... labbiting lanure Jreamery and cheese-factories Sundry disbursements ... rrazing lefund by Government for regrassing Matamata 1,687 18 0 203 4 1,906 13 0 3 35,757 5 4 Expenditure on permanent improvements charged to capital on account of stations 44,435 5,498 9 4 1 2 38,937 8 2 Balance 37,167 1 0 465,130 0 6 465,130 0 W. C. Cuff, Accountant.

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The following statement will show the comparative returns each year since realisation commenced:— 1896. 1897. 1898. 1899. 1900. 1901. 1902. 1903. 1904. 1905. Station pro- £ £ £ £ £ £ £ £ £ £ perties ... 58,493 56,336 43,296 42,841 87,455 63,019 21,927 38,524 41,296 21,060 Sundry properties ... 6,295 6,897 6,659 7,031 6,822 10,907 10,962 10,799 13,510 16,821 showing approximately an average earning for the period 1895 to 1905 as follows : — For Year to 31st March, On On 1905, on latest Book Cost. my Valuation. Government Valuation (plus Stock). Station properties ... 3-37 per cent. 533 per cent. 5-68 per cent. Sundry properties ... 2-16 „ 3-25 „ 3-25 Statutory Payments by Bank op New Zealand. The statutory payments of £50,000 have been duly received, the amount accrued due at 31st March, 1904, having been paid on the 9th April, 1904, together with a further £125,532, as anticipated on 24th June, 1904. The £50,000 due 31st March last was paid on the Ist April, and a further sum of £152,910 has since been received. The total payments by the Bank to date are £843,449. Dbbentuee Inteeest. Debenture interest, amounting to £57,378, has been paid, and is provided for from revenue as under:— £ From surplus 1904-5 ... ... ... ~. ■•• ••• 28,928 Statutory payment by Bank of New Zealand, 1904 ... ... 50,000 Add additional payment by Bank of New Zealand ... ... 125,532 204,460 leaving a surplus of ... ... ... ... •• • •• • 147,082 which is to be carried to Realisation Adjustment Account to provide for deficiencies on realisations. Add bank payment for 1905 of ... ... ... ... ••• 50,000 to carry forward. Realisations. Sales to the extent of £113,787 have been made during the year, as compared with £286,350 the previous year, viz.: — 1903-4. 1904-5. £ £ Country lands ... ... ... ... 252,962 83,557 Town lands 8,863 2,695 261,825 86,252 Stock, implements, &c, sold on properties finally realised 24,525 27,535 £286,350 £113,787 The proportion of sales to book cost (£2,731,706) is 49-92 per cent., and to land-tax valuation, plus 10 per cent, for sundry properties and my valuation for station properties, which together total £1,895,179, it is 71-96 per cent. The sales for the period 1895-1905 (including stock) total £1,363,815, as follows :— Deficiency on Book Cost (including Book Cost. Realisation Expenses, &o.). Sales of properties finally realised £ £ £ 1895-1905 (including stock) ... 734,087 322,482 1,056,569 Properties partially realised, 1895--1905 ... ... ... 629,728 £1,363,815 The localities of the sales made are as follows :— _ . „ Town Suburban Estates. Farms. Seotions . Properties. £ Auckland ... ... 8 296 743 388 ... 566,910 Canterbury ... ... 3 98 22 63 ... 286,455 Hawke'sßay ... 2 ... 10 104,250 Otago ... ... 2 10 640 182 ... 75,658 Marlborough ... 1 8 65 6 ... 56,226 Wellington 1 18 37 1 ... 157,839 1,247,338 Proceeds realisation of sundry assets ... ... ... ... 8,670 Stock sales on properties finally closed ... ... ... ... 107,807 £1,363,815

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Station Peopebties. Comparison of Actual Profits for Ten Years, Stations sold during that Period being omitted. Year ending Aotual Profit. Percentage Percentage 31st March £ on Book Cost. on my Valuation. 1896 ... 16,195 ... 1-51 ... 429 1897 ... ... ... 30,852 ... 2-90 ... 8-17 1898 ... ... ... 22,423 ... 2-10 ... 5-94 1899 ... ... .. 36,031 ... 3-40 ... 9-54 1900 ... ... ... 32,956 ... 3-25 ... 8-73 1901 44,390 ... 433 ... 11-76 1902 ... ... ... 17,053 ... 1-86 ... 4-51 1903 ... ... ... 33,891 ... 3-82 ... 8-97 1904 ... ... ... 20,741 ... 2-54 ... 5-49 1905 ... ... ... 17,598 ... 2-30 ... 4-66 Average £27,213 2-80 7-20 The estates sold during the year comprise:— Part of Fencourt Estates ... ... ... ... ... 1,659 acres. „ Lockerbie Estate ... ... ... • ■ ■ ... 4,134 „ „ Mangatoro Estate... ... ... ... ... 397 „ „ Richmond Downs Estate ... ... ... ... 158 „ Awatere Estate ... ... ... ... ... 13,280 „ 19,628 acres.

Comparison of Operations, 1904 with 1905.

Grassing. Oats. Maize. Year. Equal per Acres. Acre. Rape. Turnips. With Plough. Surfacegown. Acres. Yield. Yield. Equal per Acre. 1st Time. I *£" 904 905 Acres. 2,385 3,825 Acres. 6,572 6,174 Acres. 689 1,381 Acres. 5,036 4,334 Acres. 2,227 1,362 2,095 ; 791 Bushel s. 27,540 9,060 Bushels. 20 Hi 20 30 Bushels. 500 1,050 Bushels. 25 35 Increase ... Decrease ... 1,440 692 132 571 "8* 10 550 10 398 70! 18,480 Year. w> a '3 g Q BO J a> 1 p m a 3 a '5 § p=1 904 ... 905 ... Chains. 401 265 Acres. 54 199 Acres. 3,358 914 Chains. 1,743 887 Increase Decrease 145 136 2,444 856 WoEKING-EXPENSES. Renewing pastures Implements, depreciation Cost of turniping ... Bent Grazing ... Eabbiting General expenses, repairs, wages, rates and taxes, feed, rape, stores, fuel, &c. 1904. £ 8,233 499 15,751 397 480 1,328 26,350 1905. £ 7,585 1,555 10,978 492 379 1,123 19,920 Permanent improvements 53,038 3,155 42,032 8,340 £56,193 £50,372

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Stock Sales. Comparison of sales for two years ending 31st March, 1905:—

xep. Year. Number sold. Net Prooeeds. Average. Number Net frozen. Proceeds. Average. Total disposed of. Net Prooeeds. Average. .904... 36,737 £ 28,557 j°*j *■ (s. 566 0 15 6 11.13,645 0 14 2 1.12,944 £ 423 8,106 8,052 £ s. d. 0 15 0 0 11 10 I 50,948 J 76,101 £ 37,086 £ s. d. 0 14 6 .905... 63,157 44,935 0 12 5 52,987 0 13 11 Cattle. i .904... .905... 3,971 23,447 5 18 1 4,583 21,985 4 15 11 3,971 23,447 5 18 : 4,583 21,985 4 15 1 Value of frozen meat for 1905 is bimated. Itock on Hand and Valuation at st Mabch, 1905. Sheep. 1904. 1905. No. on Hand. Valuation. Average. No. on Hand. Valuation. Average. orth Island — Waikato Other estates ... 53,187 13,557 £ 34,244 8,195 £ s. d. 0 12 10 0 12 1 40,433 11,744 £ 30,022 8,990 £ b. d. 0 14 10 0 15 3 66,744 40,880 42,439 25,312 0 12 0 12 8 4 52,177 41,921 39,012 29,669 0 14 11 0 14 2 South Island 107,624 67,751 0 12 7 94,098 68,681 0 14 7 tattle. 1904. 1905. No. on Hand. Valuation, j Average. No. on Hand. Valuation. Average. Jorth Island — Waikato Other estates 6,761 1,370 30,111 5,556 4 4 9 1 0 1 6,733 1,243 27,151 4,533 4 0 7 3 12 11 louth Island 8,131 28 35,667 89 4 3 n I 3 8 6 7,976 34 31,684 106 3 19 3 2 4 4 8,159 35,756 4 7 7 8,010 31,790 3 19 4 i-CLIP. 1904. 1905. Number. Average per Pleeoe. Number. Average per Fleece. Sheep shorn 91,116 lb. oz. 8 3 Sheep shorn 81,567 lb. oz. 8 1

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Net Return for Two Years.

The various properties still unsold, which we are working, are maintained in such thorough order and condition as to be attractive and immediately profitable to the purchaser; and, notwithstanding that our object is less to extract the last penny of profit than to hold in best condition for sale, our profit for the year from stations, &c, has been very substantial, especially when it is remembered that the cutting-up and subsequent selection of farms disjoints the best earning arrangements. The feature of the year's realisations has been the Selwyn Estate of 159,328 acres, belonging to the New Zealand Thames Valley Land Company (Limited), (In Liquidation), ff||| of whose shares this Board holds. This property was sold by the liquidator, who came specially to the colony in this connection, to the Government at Bs. per acre all over, a price which is an iindoubtedly good bargain for the State. Purchasers' obligations in respect of instalments of purchase-money and interest are, almost without exception, being met; and the general indications of the prospects for the farming community are most encouraging. Wool Clip. —There will be a considerable surplus over valuation of wool, the May sales having for only a portion of our Waikato clip averaged Is. 3d. per pound, or £22 per bale : this being a record price for the last twenty years for this description of wool. We have by far the greater portion of our wool unsold, and cables for present series indicate further substantial advance. Walter G. Foster, General Manager.

Approximate Cont of Paper.— Preparation, not given; printing (1,425 copies), £9 Ba.

Authority : John Mackay, Government Printer, Wellington.—l9os.

Price 6d.]

2—B. 15a.

Net Weight. Net Return, at Port of Shipment. Average per lb. Aver ff Net Weight, per )b. ° Estimated Averaee Net Return at Port,, *„ lb of Shipment. " l-easy coured, lb. 663,692 60,279 £ 22,263 2,702 d. lb. 8-05 573,614 10-75 43,736 £ d. 24,725 10-34 1,846 10-12 IBING. 1904. Ewes to Earn. 1905. Lambs bred. Percentage Ewes to Ram. Lambs bred. Percentage. 63,932 51,221 80 40,349 34,250 85 Mok , : ALITY. Sheep. Cattle. II 1904. 1905. 1904. 1905. Dead or Missing. Per Cent. Dead or Missing. Per Cent. Dead or Missing. t 343 Per Dead or Cent. Missing. ■ 2-54 442 Pe Cent. 3-97 12,165 7-49 11,928 7-96 343 2-54