8.—15 a.

The sales for the period 1895-1900, including stock, total £583,571, as follows :— Deficiency on Book Cost (including Book Cost. Realisation Expenses, &c). Sales of properties finally closed £ £ £ 1895-1900 (including stock) 360,534 157,972 518,506 Properties partially sold, 1895--1900 ... 223,037 £583,571 The localities in which sales have been made are as follows:— Estates. Farms. »£*» £ Auckland ... ... 4 93 538 151 ... 158,819 Canterbury ... ... 3 59 18 63 ... 206,056 Hawke's Bay ... 9 2,304 Otago .".. ... 2 5 564 95 ... 65,817 Marlborough ... 1 4 63 6 ... 19,414 Wellington ... 17 29 1 ... 86,289 £538,699 Sundry proceeds : Sale of iron and furniture, tire insurance received, &c. 7,810 Stock sales on properties finally olosed ... ... ... ... 37,062 £583,571 (5.) Station Pkopeeties. It is satisfactory to record considerable advance in values of most of our staple products. This is especially the case in respect of merino and fine crossbred wools, and in consequence our Marlborough country is returning handsomely. As previously referred to, our returns from working are much ahead of last year, and compare very favourably with any similar period for many years, notwithstanding that we have sold so many of the best revenue-earning estates. Comparison of Actual Profits for Five Years, Stations sold during that Period being omitted. Year ending . . , „ „, Per Gent. Per Cent. 31st March, Actual rront. on Book Cost on my y aluation £ 1896 ... ... ... 36,408 ... 2-29 ... 2-79 1897 53,187 ... 330 ... 4-49 1898 32,578 ... 2-05 ... 2-82 1899 ... ... .. 61,606 ... 3-97 ... 5-64 1900 ... ... ... *75,371 ... 5-13 ... 7-66 Average return for five years 51,830 ... 3 - 34 ... 4-68 The estates sold during the year comprise : — Whole. Acres. Fencourt, Whitehall, Victoria, balance of Karapiro... .... ... 16,964 Blairich ... ... ... ... ... ... ... 8,489 Rangitata ... ... ... ... ... ... ... 5,593 Balance. Glentui ... ... ... ... .-.. ... ... 5,649 Parts of Kakare ..'. ... ... ... ... ... ... 711 Lockerbie ... ... ... ... ... ... ... 18 Matamata ... ... ... ... ... ... ... 203 Manawaru ... ... ... ... ... ... ... 550 Eangiuru ... ... ... ... ... ... ... 396 Eskbank ... ... ... ... ... ... ... 709 Waihaorunga ... ... ... ... ... ... ... 2,767 42,049

* For comparison the balanoe of profit and loss account (£229 3s. 5d.), Bangiatea and Rangitata, is deducted. In the former the profit was the surplus on the previous year's wool, and the latter was only worked for the first three months of the year.

8