5

8.—15 a

Statement of Receipts and Expenditure for the Year ending 31st March, 1905—continued.

GENERAL MANAGER'S ANNUAL REPORT FOR YEAR ENDING 31st MARCH, 1905. (No. 11/5.) Wellington, 6th July, 1905. I have the honour to report upon the business of the Board for the year ending 31st March 1905. The demand for land during the past twelve months throughout the colony has been very steadily increasing, and attention has been much more directed to the northern districts with satisfactory results to our realisation. Markets for all descriptions of stock and produce have been especially good, and our earnings for the period have been correspondingly satisfactory. Taking into account the statutory £50,000 received from the Bank, the surplus for the year, after providing debenture interest, amounts to £21,550, to which must be added the bank's surplus profits paid over £125,532. Summarised, the position is as follows : — £ s. d. £ s. d. Balance of profit on stations ... ... 21,060 11 1 From sundry properties ... ... ... 21,390 7 1 From payments by Bank of New Zealand ... 175,532 1 8 Balance, 1904 ... ... ... ... 144,076 2 3 362,059 2 1 Less balance 1904, transferred to Realisation Adjustment Account ... ... 144,076 2 3 „ debenture interest ... ... ... 57,377 18 8 „ land and income tax ... ... 7,812 16 3 „ charges, Ac. ... ... ... 9,111 6 6 218,378 3 8 Land and income tax paid 1904-5 on account of debenture-holders refunded by Bank ... 3,400 18 2 214,977 5 6 Balance ... ... ... ... £147,081 16 7

leoe: ». Ixpeni iure. Brought forward £ s. d. £ s. d. 392,205 14 2 £ s. d. £ a. d. 426,192 12 4 Stations. Vool and other produce lent... 31,648 17 310 13 0 1 5,654 5 2 1,281 1 1 11,519 2 11 1,858 1 0 2,131 12 2 2,906 15 2 7,027 18 9 57 0 10 6,232 3 5 1,319 11 7 4,343 6 0 104 11 3 Vages lepairs Jates and taxes Jost of growing turnips (stock-feed) lenewing pastures for grassing ... labbiting lanure Jreamery and cheese-factories Sundry disbursements ... rrazing lefund by Government for regrassing Matamata 1,687 18 0 203 4 1,906 13 0 3 35,757 5 4 Expenditure on permanent improvements charged to capital on account of stations 44,435 5,498 9 4 1 2 38,937 8 2 Balance 37,167 1 0 465,130 0 6 465,130 0 W. C. Cuff, Accountant.