8.—15 a

8

Comparison of Operations 1903 with 1904— continued.

Working-expenses. 1903. 1904. £ & Eenewing pastures ... ... ... ... ... 7,127 6,593 Implements, depreciation ... ... ... ... ... 685 590 Cost of turniping ... ... ... ... ... ... 16,897 16,687 General expenses, wages, repairs, rates, feed, &c. ... ... 28,278 23,904 Eent ... ... ... ... ... ... ... 844 470 Babbiting ... ... ... ... ... ... 1,550 1,328 Grazing ... ... ... ... ... ... ... 490 482 55,871 50,054 Permanent improvements ... ... ... ... ... 6,817 3,150 £62,688 £53,204

Stock Sales. Comparison of sales for two years ending 31st March, 1904: — Sheep.

Stock on Hand and Valuation at 31st March, 1904. Sheep.

Year. cub a '3 I I •+-t 1 p tab a I 8 1 I 1903 ... 1904 ... Chains. 794 401£ Acres. 380 54 Acres. 4,043 3,357| Chains. 2,562 1,743£ Increase Decrease 392.$ 326 685J 8181

Year. Number sold. Net Proceeds. a voon Number "Net Average. f rozen . Proceeds. Average. Total disposed of. Net Prooeeds. Average. .903... 41,031 £ 22,824 £ s. d. , n eon 0 11 1 ' ' U 1X l jl.17,313 A IK K (8. 614 0155 jl. 15,173 £ 6,174 8,953 283 7,764 £ s. 0 16 0 10 0 9 0 10 d. 2 4 1 2 J 65,976 J 66,040 £ 37,951 £ a. d. 0 11 6 .904... 50,253 38,751 46,798 0 14 2 Me. 903... 904... 2,113 18,826 8 18 4,992 30,659 6 2 2 9 2,113 18,826 I 8 18 4,992 30,659 j 6 2 2 9 'Value of frozen meat for 1904 is estimated.

1903. 1904. No. on Hand. Valuation. Average. No. on Hand. Valuation. Average. £ iforth Island — Waikato Other estates 102,277 15,366 71,462 8,503 £ s. d. 0 13 11 0 11 0 95,310 13,557 £ 63,399 8,195 £ s. 0 13 0 12 d. 4 1 117,643 45,898 79,965 26,104 0 13 0 11 7 4 108,867 40,880 71,594 25,312 0 13 0 12 1 4 louth Island 163,541 106,070 0 12 11 149,747 96,907 0 12 11