8.—15 a.

(5.) Station Properties. The results of the year's working, whilst much short of those of the previous year, are still very good considering the low price of wool, and the much lower rates obtainable for stock sold locally and frozen, as well as the reduced values at which stock staud this year.

(6.) Comparison of Operations, 1901 with 1902.

(7.) Working-expenses.

(8.) Stock Sales. Comparison of sales for the two years ending 31st March, 1902: — Sheep.

•Value of frozen meat for 1902 ia estimated.

6

Comparison of Profits for Seven Years, Stations sold during that Period being omitted. Year ending Actual Profit. Percentage Percentage 31st March £ on Book Cost. on my Valuation. 1896 ... ... ... 32,719 ... 219 ... 2-51 1897 ... ... ... 46,400 ... 3-11 ... 392 1898 ... ... ... 25,857 ... 1-73 ... 2-24 1899 ... ... .. 54,812 ... 3-71 ... 5-02 1900 ... ... ... 49,598 ... " 3-49 ... 503 1901 81,710 ... 5-70 ... 8-47 1902 .. ... ... 30,336 ... 204 ... 3-20 Average ... ... 45,776 3-12 4-35 The estates sold during the year comprise : — Part of Lockerbie ... ... ... ... ... 614 acres. „ Matamata ... ... ... ... ••• 784 „ „ Fancourt ... ... ... ... ... 284 „ Mangatoro ... ... ... ... ... 19,581 „ „ Waihaorunga ... ... ... ... ... 2,286 „ 23,549 acres.

Year. Rape. Turnips. With Plough. Grassing. Bushels Tons Acres. per Acres. per Acre. Acre. Oats. Oaten Hay. bb a a '3 u a tab a <D Si to a « a 'u 3 Surface- , . m . I Renewlst Time. ing. sown. .901 ... .902 ... Acres. 2,941 3,019 Acres. Acres. | Acres. 8,308 1,697 | 8,901 8,894 | 1,889 J 5,866 Acres. 1,575 1,014 731 812 L9 27 1,301 1,330 1* If Chains. 1,137 1,079 Acres. 214 Acres. 4,430 4,437 increase 78 586 192 3,035 81 8 29 l I "58 214 7 Decrease 561

Renewing pastures Implements, depreciation Cost of turniping General expenses, wages, repairs, rates, feed, &c. Rent Rabbiting 10,183 864 16,739 34,220 1,742 1,334 1WZ. 6,725 1,345 16,740 28,290 1,538 1,717 Permanent improvements ... 65,082 6,442 56,355 8,403 71,524 64,758

Year. Number Net Averace sold. Proceeds. Avera 8 e - Number frozen. •Net Proceeds. Average. Total disposed of. Net Proceeds. Average. 1901... £ 32,174 21,032 55,305 28,547 £ s. d. 0 13 9 js.10,632 |1. 9,778 js. 8,995 |l. 14,822 £ 6,607 5,337 4,896 6,507 £ s. d. 0 12 5 0 10 11 0 10 11 0 8 9 | 52,584 j 79,122 £ 32,976 £ s. d. 0 12 6 1902... 0 10 4 39,950 0 10 1 Me. 1901... 1902... | 3,916 24,215 3,386 21,773 6 6 3 8 8 7 464 430 3,163 3,130 6 16 7 5 4 7 4,380 3,816 27,378 6 5 24,903 6 10