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1.898. NEW ZEALAND.

BANK OF NEW ZEALAND ASSETS REALISATION BOARD (ANNUAL REPORT BY THE GENERAL MANAGER OF THE) FOR THE YEAR ENDING 31st MARCH, 1898.

Laid on the Table of the House of Bepresentatives by Leave.

THE ASSETS REALISATION BOARD.—GENERAL MANAGER'S REPORT FOR YEAR ENDING 31st MARCH, 1898. Wellington, Ist July, 1898.—Meeting held 6th July, 1898. I have again the pleasure to submit the balance-sheet, profit and loss statement, and report for the year ending 31st March, 1898. Although not up to our last year's figures, we have, I consider, taking into account the very severe climatic conditions of the past twelve months, done extremely well, as a comparison of this and the preceding year will show. * & 1897. 1898. Station properties ... ... ••• ... £56,336 £43,296 Sundry properties ... ... ••• ••• 6,897 6,659 £63,233 £49,955 I have had prepared, and attach, full explanatory statements of the various accounts. Statutoey Contbibution by the Bank op New Zealand. Under the statute the bank has to pay us out of its profits £50,000 per annum. There has accrued due to the 31st March, 1897, as under: To 31st March, 1896, £50,000; to 31st March, 1897 £50,000: total, £100,000—of which the bank has paid up £75,099 19s. lid., leaving a balance of £24,900 os. Id. This, together with the amount accruing due on 31st March, 1898, £50,000, I understand the bank will shortly pay over to the Board. The debenture interest to the 31st March, 1898, amounted to £92,992, provided for as under: From Board's profits, £36,362; from balance bank payments (received and accrued), £64,327: total, £100,689— showing a surplus over amount of debenture interest of £7,697, available towards probable deficiencies. Realisations. The realisations for the twelve months (including sale of the Rangiatea and Okauia Estates made to the Government, but not paid for until after the 31st March) are £79,943, which, together with 1895-96 sales, £63,219; and 1896-97 sales, £147,548; and sales of stock on properties sold, £19 197 amounts to £309,907, distributed as follows, viz.: Auckland District, £61,379; Hawke's Bay District, £1,650; Wellington District, £71,147; Canterbury District, £138,681; Otago District £34,025 ; Marlborough District, £3,025: total, £309,907—the book cost of which is approximately £450,563, leaving a deficiency of £140,656, including estimated deficiency on properties valued as a whole, only portions of which have been sold, suoh estimated deficiency not having been shown in report for 1897. . , ~ , ... , The land market during the year just past has been decidedly more brisk, with an upward tendency in prices. The improvement has, however, been more noticeable in wheat-growing lands than in such property as forms the bulk of our country assets. Town properties have been inquired for, especially in Auckland, where we have succeeded m placing a fairly good proportion at enhanced figures. During the year we have held auction sales at the following centres : Waikato, 26th November, 1897 realising £1,767 ; Auckland, 27th October, 1897, realising £7,504 ; Chnstchurch, 26th April, 1897' realising £4,654 ; Dunedin, 30th April, 1897, realising. £5,924 ; Dunedin, 18th March, 1898, realising £19,476 ; Timaru (Eskbank), 20th April, 1897, realising £7,852 : total, £47,177. There is still good demand for small suburban allotments at Auckland. Our Surrey Hills Estate Auckland, continues to move off satisfactorily. At Dunedin also there has been fair inauiry • but for sections in Musselburgh, where we have our largest and most valuable holding there is a lull, which is partially due to the recent breach in the sandhills, with slight inundation of the low-lying land in the neighbourhood. I anticipate, however, renewed demand at an early date.

I—B. 15d.