8.—15b

3

Working-expenses are still kept as low as is consistent with the proper management and maintenance in profitable order of the properties. It has been said that our estates are being allowed to run back. This is not the case, as our operations are planned to turn over every inch of our cultivated ground in from five to seven years, besides which we are manuring heavily and taking nothing but wool and mutton off the country. In addition to this, we are, as may be found desirable, bringing in further areas of land hitherto unremunerative.

Sales of Stock. The following is a comparison of realisations for the two years ending 31st March, 1898:— Sheep.

Note, —1898 : The value of frozen meat is estimated.

Cattle.

Note.—1897 : Estates since sold are omitted.

Our sales have, owing partly to the disposal of the Arowhenua and Albury Estates and part of Eskbank Estate, been less by 43,827 sheep, but comparing the sales on the stations we are at present working there is an increase of 9,929. Cattle show a decline on last year's rates of ss. per head, thus affecting profits as compared with last year to the extent of £959.

Stock on Hand and Valuations at 31st March, 1898.

The valuations of sheep stand practically as at March last year. In the North, market-values have held somewhat better than elsewhere. In the South, under forced sale, prices were depressed, but for good stock with holding capabilities values kept firm. Cattle values have not been so fortunate, an estimated decline over all of 2s. lid. per head having been provided for, or £3,224, which added to the reduced amount on sales, &c, £959, would, had prices remained at last year, have enhanced this twelve months' profits by a total of £4,183.

Year. Number sold. Net Proceeds. Average. Number frozen. Net Proceeds. Average. Total disposed of. Net Proceeds. Average. 1897 62,216 23,247 s. d. 7 6 18,434 8,029 s. d. 8 8 9 7 80,650 90,579 31,276 s. d. 7 9 1898 67,379 24,129 7 2 23,200 11,105 35,234 7 9

Year. Number sold. Net Proceeds. Average. 1897 ... 1898 ... 3,606 3,836 20,761 21,078 £ s. 5 15 5 10 d. 0 0

1897. 1898. No. on Hand. Valuation. Average. No. on Hand. Valuation. Average. Sheep. North Island South Island 203,183 149,071 87,794 48,797 £ 0 0 s. 8 6 d. 7 7 192,454 141,543 83,075 45,556 £ 0 0 s. d. 8 7 6 5 Totals 352,254 136,591 0 7 9 333,997 128,631 0 7 9 'attle. 21,351 71,039 3 6 6 22,111 70,284 3 3 7