8.—15 a

6

Summarised, the position is as follows : — £ s. d. £ s. d. Balance of profit on stations ... ... 41,296 1 5 From sundry properties ... ... ... 16,580 8 0 From payments by Bank of New Zealand ... 166,782 8 4 Exchange ... ... ... ... 707 Balance, 1903 ... ... ... ... 134,387 12 7 359,053 10 11 Less balance 1903, transferred to Realisation Adjustment Account... ... ... 134,387 12 7 „ debenture interest ... ... ... 68,626 12 0 „ interest to Bank ... ... ... 633 „ land and income tax ... ... ... 7,985 10 3 „ charges, &c. ... ... ... 7,461 811 218,467 7 0 Land-tax paid 1903-4 on account of debentureholders refunded by Bank ... ... 3,489 18 4 214,977 8 8 Balance ... ... ... ... £144,076 2 3 The following statement will show the comparative returns each year since realisation commenced :— 1896. 1897. 1898. 1899. 1900. 1901. 1902. 1903. 1904. £ £ £ £ £ £ £ £ £ Station properties ... 58,493 56,336 43,296 42,841 87,455 63,019 21,927 38,524 41,296 Sundry properties ... 6,295 6,897 6,659 7,031 6,822 10,907 10,962 10,799 13,510 showing approximately an average earning for the period 1895 to 1904 as follows : — For Year to 31st March, On On 1904, on latest Book Cost. my Valuation. Government Valuation {plus Stock). Station properties ... 3-41 per cent. soB per cent. 6-83 per cent. Sundry properties ... 1-84 „ 2-77 „ 7-86 Statutoey Payments by Bank of New Zealand. The statutory payments of £50,000 have been duly received, the amount accrued due at 31st March, 1903, having been paid on Ist April, 1903, together with a further £116,782, as anticipated on 10th August, 1903. The £50,000 due at 31st March last was paid on the 9th April, and a further sum of £125,532 has since been received. The total payments by the Bank to date are £667,917. Debenture Interest. Debenture interest, amounting to £68,626, has been paid, and provided for from revenue as under: — £ From surplus 1903-4 ... ... ... ... ... ... 45,920 Statutory payment by Bank of New Zealand, 1903 ... ... 50,000 Add additional payment by Bank of New Zealand ... ... 116,782 212,702 leaving a surplus of ... ... ... ... ... 144,076 which is to be carried to Realisation Adjustment Account to provide for deficiencies on realisations. Add bank payment for 1904 of ... ... ... ... ... 50,000 to carry forward. Realisations. Sales to the extent of £286,350 have been made during the year, as compared with £138,498 the previous year, viz.: — 1902-3. 1903-4. £ £ Country lands ... ... ... ... 119,740 252,962 Town lands ... ... ... ... ... 9,333 8,863 129,073 261,825 Stock, implements, &c, sold on properties finally realised ... ... ... ... ... 9,425 24,525 £138,498 £286,350