8.—15 a

7

Station Peopebties. Comparison of Actual Profits for Ten Years, Stations sold during that Period being omitted. Year ending Aotual Profit. Percentage Percentage 31st March £ on Book Cost. on my Valuation. 1896 ... 16,195 ... 1-51 ... 429 1897 ... ... ... 30,852 ... 2-90 ... 8-17 1898 ... ... ... 22,423 ... 2-10 ... 5-94 1899 ... ... .. 36,031 ... 3-40 ... 9-54 1900 ... ... ... 32,956 ... 3-25 ... 8-73 1901 44,390 ... 433 ... 11-76 1902 ... ... ... 17,053 ... 1-86 ... 4-51 1903 ... ... ... 33,891 ... 3-82 ... 8-97 1904 ... ... ... 20,741 ... 2-54 ... 5-49 1905 ... ... ... 17,598 ... 2-30 ... 4-66 Average £27,213 2-80 7-20 The estates sold during the year comprise:— Part of Fencourt Estates ... ... ... ... ... 1,659 acres. „ Lockerbie Estate ... ... ... • ■ ■ ... 4,134 „ „ Mangatoro Estate... ... ... ... ... 397 „ „ Richmond Downs Estate ... ... ... ... 158 „ Awatere Estate ... ... ... ... ... 13,280 „ 19,628 acres.

Comparison of Operations, 1904 with 1905.

Grassing. Oats. Maize. Year. Equal per Acres. Acre. Rape. Turnips. With Plough. Surfacegown. Acres. Yield. Yield. Equal per Acre. 1st Time. I *£" 904 905 Acres. 2,385 3,825 Acres. 6,572 6,174 Acres. 689 1,381 Acres. 5,036 4,334 Acres. 2,227 1,362 2,095 ; 791 Bushel s. 27,540 9,060 Bushels. 20 Hi 20 30 Bushels. 500 1,050 Bushels. 25 35 Increase ... Decrease ... 1,440 692 132 571 "8* 10 550 10 398 70! 18,480 Year. w> a '3 g Q BO J a> 1 p m a 3 a '5 § p=1 904 ... 905 ... Chains. 401 265 Acres. 54 199 Acres. 3,358 914 Chains. 1,743 887 Increase Decrease 145 136 2,444 856 WoEKING-EXPENSES. Renewing pastures Implements, depreciation Cost of turniping ... Bent Grazing ... Eabbiting General expenses, repairs, wages, rates and taxes, feed, rape, stores, fuel, &c. 1904. £ 8,233 499 15,751 397 480 1,328 26,350 1905. £ 7,585 1,555 10,978 492 379 1,123 19,920 Permanent improvements 53,038 3,155 42,032 8,340 £56,193 £50,372