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Statement of Receipts and Expenditure for the Year ending 31st March, 1904.

W. C. Cuff, Accountant.

GENERAL MANAGER'S ANNUAL REPORT FOR YEAR ENDING 31st MARCH, 1904. (No. 10/4.) Wellington, 6th July, 1904. [Meeting held 7th July, 1904.] I have the honour to report upon the business of the Board for the year ending 31st March, 1904. The improved demand for land throughout the colony has resulted in a considerable increase in sales over previous year. The markets, both colonial and Home, for our products have been good and prices satisfactory, and this, with favourable seasons, has again enabled a substantial profit on the working of the country properties still in our hands. Taking into account the statutory £50,000 received from the Bank, the surplus for the year, after providing debenture interest, amounts to £27,293.

Rece; ipta. Expeni liture. Capital. Properties sold and purchased Live-stock and implements sold and purchased Redemption of debentures Permanent improvements £ s. a. 83,801 4 2 106,382 4 10 £ s. a. & s. 150 0 28,539 1 d. 0 2 & s. d. 1,587 2 1 231,500 0 3,366 3 0 2 263,555 4 4 191,770 11 1 General. Interest account Interest on debentures ... Exchange Bent Payment by Bank of New Zealand Maintenance of properties Realisation expenses and members' travelling-expenses Charges Petty cash Manure and seed bought aud sold Fencing erected for purchasers ... Sundry receipts 12,631 11 11 9 2 11 679 15 0 166,782 8 4 30 13 6 6 3 3 68,626 12 0 19 9 3 1,378 14 7 4,394 14 11 3,581 6 11 15,790" 7 3 12,323 4 10 130 0 0 10,484 5 0 681 17 0 61 11 3 98,045 0 10 199,566 17 1 Stations. Wool and other produce Rent... 54,109 2 9 445 10 1 9,075 15 4 1,063 19 5 15,208 11 11 1,727 17 1 2,422 19 6 5,253 1 11 9,595 5 5. 211 12 5 10,487 6 10 Wages Repairs Rates and taxes Cost of growing turnips (stock-feed) Renewing pastures for grassing ... Rabbiting Manure Creameries Sundry receipts and disbursements 1,251 14 10 347 7 1 ,153 14 9 6,761 15 0 59,256 16 0 Expenditure on permanent improvements charged to capital on account of stations 61,808 4 10 2,551 8 10 Balance 26,634 1 9 £ 447,491 2 11 & 447,491 2 11