E.—l

96

" At least two calendar months before the expiry of the term all substantial buildings erected upon the land by the lessee, with the written approval of the School Commissioners, shall be valued by arbitration, the arbitrators for this purpose to be appointed in manner provided by sections 62 and 63 of 'The Land Act, 1885;' and the lands demised shall only be offered for lease subject to the payment by the incoming tenant to the outgoing tenant of the value of the buildings so ascertained; and. in the event of the outgoing tenant obtaining a renewal of lease at an arbitration rental, the assessment for rental shall be made by the arbitrators, exclusive of the value of the buildings which may have been erected upon the land by the lessee." I have, &c, The Hon. the Minister of Education. H. R. Webb, Chairman,

General Statement of Receipts and Expenditure for the Year ending 31st December, 1885.

'eceipts. Primary Education Estate. Total. 'o Balance brought down from 31st December, 1884 Arrears due 1st May, 1884, from last account Arrears due 1st November, 1884, from last account ... £ s. 7 12 552 6 a. 3 8 £ s. a. 150 18 6 559 18 11 Half-year's rent payable in advance on the 1st May, 1885 Half-year's rent payable in advance on the 1st November, 1885 ... 6,475 8 5,982 12 3 1 12,458 0 4 Other receipts— Bank of New Zealand—Interest on £100 placed on deposit for one year (see statement of 31st December, 1884) 5 0 0 * The Official Assignee—Dividend in James Moore's estate, in payment of claim put in for £100 for rent of Eeserve No. 1,327, due 1st November, 1883 (see report accompanying this statement) 40 3 8 Total receipts 13,214 1 0 Expenditure. ly Office expenses and management— Salary of steward Stationery and postage £ s. a. £ s. a. 540 6 0 0 5 4 546 5 4 Expenses of leasing— Advertising and printing Law costs 10 4 10 13 18 0 24 2 10 Special expenditureDistrict Land Eegistrar—Fees on forty-three Crown grants Ashley Eiver Protective Works Committee—Contribution by School Commissioners to fund raised for protective works for preservation of Eeserve No. 119 and other valuable land 73 6 8 103 6 8 30 0 0 Payments to Education Boards— North Canterbury South Canterbury 9,995 6 2,404 13 7 5 12,400 0 0 Balance in Bank of New Zealand, 31st December, 1885— At credit of current account On fixed deposit... 40 100 6 0 2 0 13,073 14 10 140 6 2 Total expenditure ... 13/214 1 0