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Schedule ll. — Statement of Expenditure. For Year. To Date. Planting operations and maintenance — £ s. d. £ s. d. Tree-planting.. .. .. .. 673 15 1 4,536 17 7 Pitting] .. .. .. .. 744 10 9 6,198 5 7 Clearing .. .. .. .. 17 19 6 666 3 2 Cartage of trees .. .. .. 49 5 0 321 15 5 General upkeep of plantation .. .. 1.273 18 8 4.651 6 0 General repairs .. .. .. 28 12 8 371 9 5 Horse-feed .. .. .. .. 18 18 3 97 10 8 Permanent worksFencing .. .. .. .. 58 11 9 1,164 10 9 Formation .. .. .. .. .. 259 11 10 Buildings .. .. .. .. 69 15 7 314 011 Stock, implements, &c. —Tools, implements .. 27 5 0 282 15 8 Supervision and clerical — Salaries— Supervision of free labour .. .. 180 0 0 1,380 0 0 Superintending Nurseryman's proportion and clerical assistance .. 75' 0 0 528 9 4 £3,217 12 3 £20,772 16 2 Schedule lll. — Trees Account. Number. Trees received during the year .. .. .. .. .. 1,467,975 Less, to replace blanks .. .. .. .. .. 357,500 Planted on new area .. .. .. .. .. 1,110,475 Previously planted .. .. .. .. .. .. 5,164,862 Total number planted on 2,305 acres (average age, 4| years) . . 6,275,337 Schedule IV. — Property Account. £ §. d. Land (3,672 acres) ; Crown land not charged to Forestry Account Buildings .. .. .. .. .. .. .. 314 011 Stock Improvements .. .. .. .. .. .. 259 11 10 Fencing .. .. .. .. .. .. .. 1,164 10 9 Stores in hand .. .. .. .. .. .. 131 7 0 £1,869 10 6 Balance-sheet. £ B . d. Total expenditure .. .. .. .. .. .. 20,772 16 2 Less Property Account .. .. .. .. .. 1,869 10 6 Cost of operations .. .. .. .. .. .. £18,903 5 8 2,305 acres planted (average age, 4| years) Estimated value of plantation per acre .. .. .. £9 15 0 H. Howe, Plantation Foreman. R. G. Robinson, Superintending Nurseryman.

Waitahtjna Plantation. (Dredged area, 11 acres ; altitude, 331 ft.) The educational benefit derived from such an experimental plantation becomes more pronounced each year, as the various trees demonstrate their relative suitability to the existing conditions. It may be confidently asserted that tree-growth generally is equal to that noticed throughout any of the most progressive South Island stations. To the casual observer the absence of uniformity is conspicuous, and discloses faulty methods ; but the utter impossibility of creating over a few acres an evenly grown forest wherein about fifteen varieties are used is patent to those experienced in treeculture. Although only four years have elapsed since planting was first carried on, the European larch have reached a height of about 15 ft., and no signs of any disease are visible. Equally satisfactory are the Pinus Laricio, P. ponderosa, which are both progressing at the rate of 18 in. annually. The merits of the Pinus radiata were well known ; but, in making about 3 ft. of heavy growth each year,