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Summarised, the position is as follows : — £ s. d. £ s d. Balance of profit from stations ... ... 38,524 2 0 From sundry properties ... ... ... 15,182 5 6 From payments by Bank of New Zealand ... 151,135 0 0 Exchange ... ... ... ... 1 5 10 Balance, 1902 ... ... ... ... 13,592 7 7 218,435 0 11 Less debenture interest ... ... ... 76,887 6 3 „ land and income tax ... ... ... 6,364 9 7 „ charges, &c. ... ... ... 8,423 4 2 91,675 0 0 Land-tax paid 1901-2 on account of debentureholders refunded by Bank ... ... 7,627 11 8 84,047 8 4 Balance ... ... ... ... £134,387 12 7 The following statement will show the comparative returns each year since realisation commenced :— 1896. 1897. 1898. 1899. 1900. 1901. 1902. 1903. ££££££££ Station properties... 58,493 56,336 43,296 42,841 87,455 63,019 21,927 38,524 Sundry properties... 6,295 6,897 6,659 7,031 6,822 10,907 10,962 10,799 showing approximately an average earning for the period 1895 to 1903 as follows : — For Year to 31st March, On On 1903, on latest Book Cost. my Valuation. Government Valuation {plus Stock). Station properties ... 3-29 per cent. 486 per cent. 5-36 per cent. Sundry properties ... L 59 „ 2 p 42 „ 5-36 „ (2.) Statutory Payments by Bank of New Zealand. The statutory payments of £50,000 have been duly received, the amount accrued due at 31st March, 1902, having been paid on sth August, 1902, together with a further £101,135, as anticipated. The £50,000 due at 31st March last was paid on the Ist April, and it is expected that an amount at least equal to the special payment of last year will be available. The total payments by the Bank to date are £501,135. (3.) Debenture Interest. Debenture interest, amounting to £76,887, has been paid, and provided for from revenue as under: — £ From surplus 1901-2 ... ... ... ... ... ... 63,592 From surplus 1902-3 ... ... ... ... ... ... 46,547 Add additional payment by Bank of New Zealand ... ... 101,135 211,274 leaving a surplus of ... ... ... ... ... 134,387 which is to be carried to Realisation Adjustment Account to provide for deficiencies on realisations. Add bank payment for 1903 of ... ... ... ... ... 50,000 to carry forward. (4.) Realisations. Sales to the extent of £138,498 have been made during the year, as compared with £139,898 the previous year, viz. : — 1901-2. 1902-3. £ £ Country lands ... ... ... ... 117,116 119,740 Town lands ... ... ... ... ... 22,782 9,333 139,898 129,073 Stock, implements, &c., sold on properties finally realised ... ... ... ... ... ... 9,425 £139,898 £138,498

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