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from North to South Canterbury. Most satisfactory reports have been received from all the growers, indicating that even in the extremely dry season a fairly satisfactory crop will be obtained. The demand for the seed of this variety has fully justified the expenditure on the work by the College and the continuance of the experiments so far as funds and College-work will permit. The College and farm buildings have been kept in good repair and condition. Over £500 has been spent out of revenue in renovating and improving the buildings. The College farm has been maintained in its high state of fertility, although the results of the year's work do not indicate this satisfactory condition. This, however, is the result of the disastrous drought through which Canterbury has just passed. The College was unfortunately in one of the worst areas, as the rainfall recorded by our Meteorologist for 191.5 (1327 in.) would indicate. In the early spring it was found necessary to turn the stock on to most of our cereals; even these were not sufficient to tide us over the difficulty, and it was found expedient to rent grazing outside, and in December a large proportion of the stock were removed from the farm. By making these arrangements we were able to carry all our stock through without loss. The stud stock has been kept up to its former standard. This is best demonstrated by referring to prizes won at the three principle shows in Canterbury—at Christchurch, Ashburton, and Timaru. They were as follows: Champions, 10; res. champions, 10; firsts, 48; seconds, 41; thirds, 7; commended cards, 26. For a number of years the Board has invited about two hundred farmers to visit and inspect the College farm on breaking-up day in December. This year the Board decided that, owing to the abnormal conditions prevailing, due to the war and the drought, it would be better to abandon the gathering for one year at any rate. I have, Ac, R. E. Alexander, Director. The Hon. the Minister of Education, Wellington.

ACCOUNTS AND BALANCE-SHEET. Statements of Receipts and Expenditure for the Year ended 31st December, 1915 General Account. Receipts. £ s. d. Expenditure. £ s. d. Balanoe, Ist January, 1915 .. .. 112 18 8 Salary of staff .. .. .. 1,982 17 9 Students'books —Sales .. .. 40 411 Maintenance of students and staff .. 2,022 5 2 Contingencies, farm, (including Show prizes) 116 19 4 Earm wages (including part of Director's Dairy-produce—Sales .. .. .. 15 15 9 salary) .. .. .. .. 1,546 19 3 Wool and Skins Account —Sales.. .. 1,245 19 0 Livestock (including refund of prize-money) 744 6 8 Students'fees .. .. •• 1,558 1.9 5 Students'books, purchase of .. .. 43 210 Grain Account —Sales .. .. .. 1,785 1.7 2 Contingencies (college) — Travelling - exInsurance (farm) —Rebate .. .. 2 17 2 penses (staff), motor-car, and half farmers' Insurance (college) - -Rebate .. .. 2 6 6 luncheon, £5, Mortgage Account .. 293 10 5 Live-stock —Sales .. .. .. 3,475 6 7 Buildings—Repairs, &c. .. .. 621 17 ID Rent of reserves .. .. .. 2,848 17 10 Contingencies (farm) Expenses of shows, Stationery—iales and exchange .. 2 15 5 &c. .. .. .. .. 554 9 7 Students' maintenance — Board of farm Churches and sports .. .. .. 710 0 hands .. .. •• •• 68 15 0 Insurance (college) Buildings and AcLaboratories -Refunds and veterinary fees 5 18 3 countant's guarantee .. .. 67 5 5 Prizes and certificates .. .. . . 3 3 0 Insurance (farm)— Implements, &c. . . 38 0 7 Trade Accounts .. .. •• 82 10 10 Library -Books and periodicals .. 48 18 0 Library—Refund . . .. . . 0 8 0 Manure Account .. . . .. 341 16 9 Petty cash—Refund .. . . . . 20 0 0 Orchard and grounds . . . . . . 318 7 I Interest on mortgages .. .. . . 742 10 0 Permanent improvements . . .. 482 15 5 Manures—Refund .. .. . . 9 0 0 Seeds . . . . .. 191 15 9 Law costs .. .. .. •■ 2170 Stationery, stamps, telephones, telegrams 85 211 Refund —Expenses and cab-lure . . 10 0 Trade Account (including sacks) . . 468 10 6 Saddlery —Wages and material . . . . 68 1 7 Travelling-expenses-Students . . .. 44 12 0 Travelling-expenses —Board . . . . 34 0 0 Workshops—Wages and material . . 174 18 2 Laboratories—lnstruments, &c. .. 32 3 10 Implements Account . . . . . . 224 0 11 Prizes and certificates . . .. .. 62 10 (i Printing and advertising .. . . 68 18 9 Rates—Local and water . . . . 146 8 6 Earm fuel . . .. .. .. 82 6 3 Petty expenses .. .. .. 37 16 I Balance, 31st December, 191.5 .. .. 1,309 11 4 £12,144 19 10 £ 12,144 19 10 Investment Accounts. £ s. (1. £ s. d. Balance, Ist January, 1915 .. .. 69 15 7 Invested on mi rtgnge .. ~ .. 13,500 0 0 Invested on mortgage .. .. .. 13,500 0 0 Balance 31st December, 1915 .. .. 69 15 7 £13,569 15 7 £13,569 15 7 Statement op Balances. Accounts. £ s. d. Bank. £ s. d' General, credit.. .. .. .. 1,309 11 4 Bank, credit :. .. 614 9 1 Investment Account, credit .. .. 69 15 7 Cash in hand .. .. 11 10 2 Post Office Savings-bank deposit 1,000 0 0 1,625 19 3 Unpresented oheques .. .. .. 246 12 4 £1,379 6 11 £1,379 6 11 R. E. Alexander, Director. Examined and found correct. —R. J. Collins, Controller and Auditor-General.