E.—ll.

Farm Account. Receipts. £ s. d. Expenditure. £ s. d. Sale of Grain, &c. — Purohase of Live-stock— Wheat .. .. .. .. 279 13 3 Sheep .. .. .. .. 650 13 8 Oats .. .. .. .. 58 711 Cattle .. .. .. .. 43 14 6 Potatoes .. .. .. .. 42 6 0 Horses (service of mares) .. .. 10 10 0 Barley .. .. .. .. 11 16 8 Pigs (Berkshire boars) ' .. .. 62 9 3 Peas .. .. .. .. 2 4 0 Farm wages (inoluding £250, share of Linseed .. .. .. .. 0 9 4 Director's salary) .. .. .. 858 13 10 Sacks .. .. .. .. 15 2 10 Purchase of seeds .. .. .. 47 11 10 Sale of Live-stock — Purchase of manures .. .. .. 45 2 6 Sheep .. .. .. .. 1,161 18 2 Trade accounts —Woolpacks, corn-sacks, Cattle .. .. .. .. 281 7 6 freights, saddlery, cheep-dip, veterinary Pigs .. .. .. .. 104 18 4 medicine, and sundries .. .. 250 17 7 Bale of wool .. .. .. .. 127 13 11 Farm fuel .. .. .. .. 19 4 6 Sale of dairy produce .. .. .. 161 211 Rates .. .. .. .. 34 10 0 Trade accounts—Sales of poultry and eggs, Insurance on farm buildings and contents 60 7 4 sale of old timber, rail freight refunded, Implements—Purchases and repairs .. 52 0 10 proceeds of dipping sheep .. .. 45 18 6 Permanent improvements—Draining, &c. 919 2 Sale of old implements .. .. .. 13 19 6 Repairs to gates and fences .. .. 54 18 11 Farm contingencies—Prizes gained at shows 6 10 0 Repainting and repairs—Farm buildings .. 106 10 5 Transfer from General Account .. .. 129 8 3 Farm contingencies—Entries and expenses in connection with shows, freights, incidental expenses .. .. .. 57 2 6 Students' wages .. .. .. 78 10 3 £2,442 17 1 £2,442 17 1 Capital Account. Receipts. £ a. d. Expenditure. £s. d. Balance, Ist January, 1901 .. .. 20,587 15 8 Balance, 31st Deoember, 1901 .. .. 20,587 15 8 Mortgage of Freehold Account. Receipts. £ s. d. Expenditure. £ s. d. Balanoe, 31st Deoember, 1901 .. .. 20,000 0 0 Loan on security of 6,001 acres .. .. 20,000 0 0 Statement of Balances. Accounts. £ s. d. Bank and Investment. £ s. d. Cr. Capital Account .. .. .. 20,587 15 8 Cr. Drawing Account ..£1,013 17 6 Dr. General Account ... .. .. 81 3 3 Less outstanding oheques 507 7 6 506 10 0 Cr. Cash in hand .. .. .. 0 2 5 Mortgage on freehold .. .. 20,000 0 0 £20,506 12 5 £20,506 12 5 M. Guekin, Accountant to the Board of Governors. W. Loweie, Director. Examined and found correct. — J. K. Wabburton, Controller and Auditor-General.

REPORTS OF EXTERNAL EXAMINERS. Chemistry. —Dr. W. G. Evans reports as follows: With few exceptions, the work has, on the whole, been fairly well done. After taking into account the fact that the papers set were somewhat easier than usual, I feel justified in saying that the standard attained is higher than in any other year in which I have had the honour to act as examiner. Natural Science. —Dr. Chas. Chilton reports thus : The first-year students were examined by means of written papers on botany, entomology, and meteorology, and were also subjected to a practical and oral examination in botany. The second-year students had written papers in botany and entomology, and a practical oral examination in botany. In the first-year botany four students did poorly, but the remaining nine all did well, five of them doing very good work. Similarly, both in entomology and meteorology four students showed up poor papers, but all the remaining nine were good. In the second year one student did very poorly in all subjects, and one moderately; the remaining four did well throughout. On the whole, the results give evidence of careful and efficient teaching on the one hand, and good application by the majority of the students on the other. Applied Mathematics. —Mr. A. D. Dobson, M.1.C.E., reports as follows: 1 beg to report on the subjects which I have examined as follows: —First-year students—mensuration, surveying, plotting, and book-keeping : The surveying, plotting, and book-keeping were very well done, many of the papers obtaining full marks. The mensuration papers were very well worked by five students. Second-year students —mechanics, surveying and levelling, plotting, book-keeping :In mechanics four out of six have done well; in surveying and levelling and plotting the work was weakly done. In the former of these two papers the students evidently require more practice in reducing the levels. In plotting three out of the six did the work well. Book-keeping was very neatly and well done, and the matter arranged in a businesslike manner. In field-work six second-year and thirteen first-year students were examined—in the use of the theodolite and level

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