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GENERAL MANAGER'S ANNUAL REPORT FOR YEAR ENDING 31st MARCH, 1901. (No 7/1 ) Wellington, 14th June, 1901. (Meeting held 15th June, 1901.) I have the honour to submit to the Board the balance-sheet and profit and loss account and supporting statements for the year ending 31st March, 1901. The result of the year's working again shows satisfactory figures, viz. :— £ s. d. £ s. d. Prom stations ... ■•• ••• ••■ From sundry properties ... . . • • • 13,750 1 8 From payment by Bank of New Zealand, 1900 50,000 0 0 j.__Dj /t>y / Less debenture interest ... ... ••• 84,095 17 8 „ Land-and Income-tax ... ••• 7,991 12 6 „ Charges, &c. ... ••• ••■ 6.866 17 7 „ Dr. balance, 1900 ... ... £25,878 7 3 showing a surplus over expenditure of £25,878 7s. 3d. towards realisation deficiency, to which must be added £50,000 payable by bank to 31st March last. The following statement will show the comparative returns each year since realisation commenced, viz. :- igg6 ig97 iBgB 1899 igoo _ Station properties ... 43*296 42,841 87,455 63,019 Sundry properties ... 6,295 6,897 6,659 7,031 6,822 10,907 showing approximately an average earning for the period 1895 to 1901 as follows :— For Year to 31st March, O n On 1901, on latest Book-cost my Valuation. Government Valuation (plus Stock). Station properties ... 3-70 per cent. 5-26 per cent. 7-37 per cent. Sundry properties ... 1-31 „ 1"97 „ 572 „ (2.) Statutory Payments by Bank of New Zealand Have been made, and I am advised that the £50,000 accrued due at 31st March last will be handed in shortly. (3.) Debenture Interest. To 31st March last debentures amounting in all to £305,285 have been redeemed, and I anticipate, as the various unpaid balances of purchase-money and mortgages are now rapidly maturing that heavy redemptions will be made during present year. This account would have been reduced to a much greater extent but for the obvious necessity of according easy terms of payment for the properties sold. Debenture interest has been paid, and has been provided for from revenue as under :— £ s. d. From surplus from 1899-1900 ■■■ 48,063 10 5 From surplus from 1900-1901 operations ... ... ... 61,910 14 b 109,974 4 11 Statutory payment by bank for 1901 to come ... ■•• 50,000 0 0 £159,974 4 11 leaving a surplus of £25,878, phis contribution by bank £50,000, to carry forward. (4.) Bealisations. Sales have been in smaller volume and value than previous year, especially in regard to country properties, the demand for which, except in dairying districts, has eased off very considerably in consequence, no doubt, of the shortening of resources of would-be purchasers, due to shrinkage in value of produce, and the local advance in prices for stock. Sales respectively have been made : County lands, 34,911 acres, realising £78,794; and town and suburban lands and sundries to the value of £13,657. The sales for the year : — loJ ... ... 92,451 Lana ... ••• ••• ••• ~ _ a o«n Stock and implements on properties finally realised ... ... y.^ou £101,711 The proportion of sales to book-cost (£2,731,706) is 250, 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 36-10.