8.—15 a.

(6.) Comparison of Operations, 1902 with 1903— continued.

(7.) WoHKING-EXl'ENSES. 1902. 1903. Eenewing pastures ... ... ... .. ... 6,725 7,127 Implements, depreciation ... ... ... .. 1,345 685 Cost of turniping ... ... ... .16,740 16,897 General expenses, wages, repairs, rates, feed, &c. . 28,290 28,278 Rent ... ... ... ... ... ... ... 1,538 844 Eabbiting ... ... ... ... ... ... 1,717 1,550 Grazing ... ... ... ... ... 490 56,355 55,871 Permanent improvements ... ... ... ... ... 8,403 6,817 £64,758 £62,688

(8.) Stock Sales. Comparison of sales for two years ending 31st March, 1903: —

(9.) Stock on Hand and Valuation at 31st March, 1903.

8

Oaten Hay. Grass Hay. Year. Acres. Per Acre. Acres - A P ore. o '3 1 Q bo 3 ja ab a •3 =8 O ab 'o I 902 ... 903 ... 1,330 1,545 T. c. T. o. 18 253 1 8 10 129 1 0 Gbains.j Acres. l,079 ! 214 729: 380 ... i 166 350 1 ... Acres. 4,437 4,043 Chains. 1,812 2,562 Increase Decrease 215 394 750 0"*8 124 o'"8

ieep. Year. Number j Net sold. i Proceeds. A -age. »££ L;^ a J Average. Total Net . disposed of. Proceeds. Avera g e - 902... £ 55,305 28,547 % "• & : (s. 8,995 010 4 !il.l4;822 0 n 0 J b. 11,282 U Xi U [1.18,756 S, £ s. d. 5,711 0 12 8 7,324 0 9 10 7,806 0 13 10 9,069 0 9 8 79,122 41,582 0 10 6 } 79,702 44,310 0 11 1 [' 903... 49,664 27,435 Cattle. 902... 903... 3,386 21,773 6 3,334 27,254 8 8 3 7 5 43o' 532 3,848 8 18 11 4,239 7 19 4 3,816 ; 25,621 I 6 14 3 3,866 31,493 8 2 11 'Value of frozen meat for 1903 is estimated.

xep. 1902. 1903. No. on Hand. Valuation. Average. No. on Hand. Valuation. Average. North Island— Waikato Other estates £ 74,472 18,194 £ s. 0 13 0 10 d. 1 8 £ £ s. d. 0 13 11 0 11 0 113,604 34,027 102,277 15,837 71,462 8,762 South Island 147,631 67,239 92,666 39,024 0 12 0 11 (i 7 118,114 59,736 80,224 35,107 0 13 0 11 7 9 214,870 131,690 0 12 3 177,850 115,331 0 12 11