8.—15 c

2

(4.) Stations and theie Working. The actual profits earned for the three years ended the 31st March, 1897, after allowing for reclamations on previous years' shipments, are as follows :— 1895. ~ , _ „, Equal Per Cent. Equal Per Cent, on .Net Front. on oost _ Mr Foster > s Valuation. 11,442 ... 0-6 ... 087 1896. 54,312 ... ' 2-97 ... 4-44 1897. 60,110 ... 3-30 ... 5-15 Note.—Value of wool and frozen mutton at 31st March, 1897, is estimated. The cost of operations for the same period (omitting Carnarvon, which has been sold) is as under:—

It will be seen that the expenses of management are still kept well within the reduced amount of last year, and, notwithstanding the greater economy, the efficiency and value of the properties are well maintained. (5.) Sales op Stock. The following is a comparison of aggregate values obtained for the three years ending 31st March, 1897 :—

Sheep.

Cattle.

From the above it will be seen that, notwithstanding decline in general market rates, our sale prices for the past year show an improvement on the prices realised for the year ended the 31st March, 1896. This, with the exception of the Waikato properties, which in a measure have obtained the benefit of the mining boom, is due to the better class of stock we have to offer in consequence of reduction in number carried.

Particulars. 1895. 1896. 1897. Permanent improvements Grassing, &c. (20 per cent, of which is charged to Profit and Loss Account each year) Depreciation in implements Turniping General expenses, wages, &c. , including feed * Pent and interest Eabbiting •Grain-growing for sale ... £ 12,015 17,068 £ 3,802 11,826 £ 5,542 11,144 3,273 19,487 59,827 6,865 2,072 5,584 1,203 17,999 41,614 5,365 2,517 3,275 1,054 16,170 45,888 2,574 2,342 1,759 Total cost of working 126,191 87,601 86,473 * Note re Cost of Feed, Waikato Estates. —At March, 1896, oaten shea\ ton higher than the previous year, and in consequence the cost of feed for 3 less than if the 1895 values had been taken. Peed to the value of £1,550 wi 1895, and the profit for the following year benefited by that amount. ■es, chaff, and 1 'ear ending 31s is not shown ai :iay were valu< 3t March, 189i s a station ass ed at 10s. per 6, was £1,500 let at March,

Year. Number sold. Net Proceeds. Average. Number frozen. Net Proceeds. Average. Total disposed of. Net Proceeds. Average. 1895 1896 1897 91,021 98,281 114,822 £ 40,857 25,733 45,197 s. d. 8 11 5 2 7 10 26,869 37,402 19,584* £ 8,083 21,488 7,490 s. d. 6 0 11 5 7 7 117,890 135,683 134,406 £ 48,940 47,221 52,687 s. d. 8 3 6 11 7 10 * Valui of frozen mutton unsold at 31st Ma) rch, 1897, is estimated.

Year. Number sold. Net Proceeds. Average. 1895 1896 1897 4,503 3,953 3,678 £ 24,456 22,538 21,021 £ s. d. 5 8 7 5 14 0 5 14 3