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Statement of Expenditure. £ s. d. Amount at 31st March, 1908 25,526 19 0 Tree-growing ... .... ■•• ■■■'• ••• ••• 2,270 6 5 General maintenance and repairs ... ... ■•• ••• 518 8 9 Nursery-formation ... ... ••■ ••• •■ 40 4 7 Horse-feed ... 220 2 ° Manures ... ... ••■ ■•• •■• ••■ 89 15 ° Tree-seeds 209 J J Tools, implements, &c. ... ... ... ••• ••■ 22 " 410 Seed-frames ... ... ••• ••■ ••• ■•• 29 ' Water-supply ... ... ••■ ■•■ ••• •■• 293 6 5 Buildings ... ... ••■ •■• ■■• ■• 493 2 ° Fencing ... ... ... ••• •■• ■•• 8 12 j Miscellaneous works ... •'• -•• ••■ , i Proportion of Nurseryman's salary, Foreman's ... ... 399 17 2 wages, and clerical assistance Supervision ... ... •■■ ••• ■-■ •■• 24 b 8 £30,618 4 10 Value of Stock, &c. £ s. d. £ r. d. £ s. d. Amount at 31st March, 1908 ... ... 18,367 2 5 Less value of trees ... ...10,857 9 0 ~ horse-feed in stock 42 0 0 10,899 9 0 7,467 13 5 Trees, as per Schedule 1 ... ... ... ••• ■•• 4,269 0 0 2 ..... ... 6,288 15 0 " I 3 Y. ... ••• 855 0 0 Tools and implements ... ... ••••■ • ■ • • 22 0 410 Water-supply ... ... ... ••• •■• ••• 293 6 5 Seed-frames ... ... ... ••• ■•• ••• 29 ? 5 5 Nursery-formation ... ... ... ••• ■'•■ 40 4 7 Fencing ... ... ... ••• ••• -•• ■•• 8 12 1 Buildings ... ... ••• ••■ ••• ■•• 493 2 0 Improved value ... ... ... ■•■ • • ■•• 310 Horse-feed in stock ... ... ■ • ■ ■ ■ • • • 2 35 0 0 Value of young horses bred or increased value during year ... 10 0 0 £20,902 7 7 Summary. jg s. d. Value of present stock and general improvements ... ... 20,902 7 7 Value of trees sent out since initiation of nursery ... ... 46,460 5 9 67,362 13 4 Expenditure to date ... ... ••• ••• ...30,618 4 10 Credit balance ... ... ... ...£36,744 8 6

Stock in Hand. Schedule 1.—Details of One-year-old Trees, grown at Rotorua Nursery, 1908-9. (Tenth Crop.)

Name of Tree. Number in Height in Value Seed-beds. Inches. °^ d Tno p u e a r and . Total Value. Remarks. iarix Europsea •inus Laricio „ ponderosa .. „ „ var. Benthamiana 'seudo-tsuga taxifolia 'inus Murrayana „ radiata lequoia sempervirens 2,500,000 1,000,000 360,000 100,000 30,000 2,500 6,000 2,000 1-6 2 2 2 3 3 4 4 Lb. 672 224 68 20 10 1 2 20 £ s. d. 10 0 10 0 10 0 15 0 15 0 10 0 10 0 4 0 0 £ s. d. 2,500 0 0 1,000 0 0 360 0 0 125 0 0 37 10 0 2 10 0 6 0 0 8 0 0 Thin crop, good growth. Very good. I Satisfactory. Good. | Thick crop, good growth. Almost a failure, poor seed. [Thick crops, good [ growth. ?huja gigantea .. Uucalyptus Stuartiana Loacia decurrens Jnus glutinosa 25,000 350,000 10,000 10,000 1 4 4 3 I 15 2 5 1 10 0 0 10 0 10 0 0 15 0 37 10 0 175 0 0 10 0 0 7 10 0 Totals 4,395,500 4,269 0 0

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