7

8.—15 a

The proportion of sales to book cost (£2,731,706) is 45-76 per cent., 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 65-96 per cent. The sales for the period 1895-1904 (including stock) total £1,250,028, as follows : — Deficiency on Book Cost (including Book Cost. Realisation Expenses, &o.). Sales of properties finally realised £ £ £ 1895-1904 (includingstock) ... 700,975 316,056 1,017,031 Properties partially realised, 1895--1904 ... ... ... 549,053 £1,250,028 The localities of the sales made are as follows:— xn , t tt, Town Suburban Estates. Farms. Seotions> p ropertieSi £ Auckland ... ... 7 270 722 270 ... 518,385 Canterbury... ... 3 98 22 63 ... 286,455 Hawke's Bay ... 2 ... 10 104,250 Otago ~. ... 2 10 636 182 ... 75,202 Marlborough ... 1 4 65 6 ... 20,414 Wellington ... ... 1 17 31 1 ... 156,631 1,161,337 Proceeds realisation of sundry assets ... ... ... ... 8,419 Stock sales on properties finally closed ... ... ... ... 80,272 £1,250,028 Station Peopeeties. Comparison of Actual Profits for Nine Years, Stations sold during that Period being omitted. Year ending Actual Profit. Percentage Percentage 31st March, £ on Book Cost. on my Valuation. 1896 ... ... ... 16,195 ... 1-64 ... 355 1897 ... ... ... 30,852 ... 290 ... - 6-76 1898 ... ... ... 22,423 ... 2-10 ... 4-91 1899 ... ... .. 36,031 ... 3-40 ... 7-90 1900 ... ... ... 32,956 ... 3-25 ... 7-22 1901 ... ... ... 44,390 ... 4-33 ... 9-73 1902 .. ... ... 17,053 ... 1-86 ... 3-74 1903 ... ... ... 33,891 ... 3-82 ... 7-43 1904 ... ... ... 17,279 ... 2-12 ... 3-78 Average ... ... £27,897 2-82 6-11 The estates sold during the year comprise : — Part of Fencourt Estates ... ... ... ... ... 6,498 acres. „ Lockerbie Estate ... ... ... ... ... 6,530 „ „ Paparamu Estate ... ... ... ... ... 3 „ „ Waimana Estate ... ... ... ... ... 62 „ Whole of Matamata Estate ... ... ... ... 43,102 Balance of Waihaorunga Estate ... . 9,388 „ Rangiuru Estate, 939 acres) . .„„ Whole of Ohauiti Estate 6,547 „ J '" - " — /,4bb " 73,069 acres.

Comparison of Operations, 1903 with 1904.

Grassing. Oats. Turnips. | With Plough. _ Surface- Acres Yje , d _ list Time. Ben."- «"• Oats. Maize. Year. Rape. Plqual per Acres. Acre. Yield. Equal per Acre. 1st Time. 903 .904 Acres. Acres. Acres. ... 3,253 8,537 : 1,368 ... 2,385J-j 6,572*j 689 Acres. Acres, j 7,944 2,678 ; 675 5,036 2,227*1,362 Bushel 8. 11,800 27,540 Bushels. 18 20 40 20 Bushels. 2,050 500 Bushels, 51 25 Increase ... Decrease ... 867* 1,964* 679 2,908 ... . 687 450* ... 15,740 2 20 1,550 26