8.—15 d

4

Lambing.

Mortality.

Comparison of Operations for Year.

Geneeal. The past year has been one of anxiety from the continued want of rain and consequent scarcity of pasture. Prices for fat stock have also been very low, and our profits thereby affected. The wool-market has suffered very serious decline, especially in respect of coarse crossbreds, but lam in hopes that values will improve later on. Changes of fashion, affecting consumption of special products such as wool, are apt to have severer effect on such produce at the first than is warranted, and recovery to a greater or less degree usually ensues. During the year we have been successful in the part we have taken as to reducing charges of various descriptions, which are so seriously felt whilst prices for our products are so very low. The prospect of the land-market is none too encouraging. Whilst there is good demand in the South for wheat-growing land, we have but very little of this class of country. For the greater portion of our country assets, which consist of medium pastoral land, there is not great demand in large blocks. Small settlers are, however, taking advantage of the Land for Settlements Act, which offers advantages to farmers and men of limited capital which we as a realising company cannot emulate, Taxation. We have paid land- and income-tax for 1897-98, £9,925 17s. lid., assessed as follows: — £ s. d. Land-tax on debentures to the amount of improved value of land, £969,133, at id.... 4,038 1 1 Graduated tax on £606,067... .. ... ... ... ... ... 5,050 11 2 Joint interests, &c. ... ... ... ... ... ... ... 46 6 8 Income-tax on interest of debentures to the value of £451,986 = £15,819, at Id. ... 790 19 0 9,925 17 11 Amount paid 1896-97 through Estates Company ... ... ... ... 7,130 0 0 Excess for 1897-98 ... ... ... ... ... ... ... £2,795 17 11 The unimproved value of our land is £606,067, and we should only be called on to pay ordinary and graduated tax on this unimproved value of our land, plus mortgages, and not be charged at all on debentures. On this basis for the above period we should have been assessed as follows :—

1897. 1898. Ewes to Ram. Lambs out and tailed. Percentage. Ewes to Ram. Lambs cut and tailed. Percentage. . 111,441 86,496 79 113,712 94,239 83

Sheep. Cattle. 1897, 1898. 1897. 1891 Dead and Missing. Per- Dead Percentage, and Missing. centage. Dead and Missing. Per- Dead centage. and Missing. Percentage. 22,901 6-45 19,810 5-62 773 3-62 699 3-27

Tu; lips. Grai ising. Oai is. Oaten Hay. BD a 5 CD s 3 M Year. Rape. Without Grass. With Grass. With Plough. Surfaoe Acres, sown. to © m •3 S Tons. ■S ■*! Acres, per iS I Aoie - '60 a a '3 c O ob J c3 O ab .g o PI 1897 1898 Aores. 1,901 2,979 Acres. 10,467 10,487 Acres. 3,283 4,140 Acres. 13,465 11,178 Acres. 2,023 4,299 1,425 950 20 26 1,312 2,001 11 Of Chains, 262 814 Acres. 557 1,151 Acres. 1,347 3,876 Chains. 664 1,589 Inc. Dec. 1,078 20 857 2', 287 2,276 6 689 0i 552 594 2,529 925 "475