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G.—s

The College. The portion of the estate used for College purposes is between 20 and 30 acres. Letting-value. For a seven years' lease—6,B79 acres, at 6s. per acre ; annual rental, £2,063 14s. For a twentyone years' lease—6,B79 acres, at 7s. per acre ; £2,407 13s. . Acres. Total area .. .. .. .. .. .... .. 6,909 Less used for College purposes .. .. .. .. .. 30 Available area .. .. .. .. .. .. .. 6,879 I consider the above to be a reasonable rental for the property as a whole ; it is a rental that should leave the tenant a fair margin of profit to cover his risk, and to allow for interest on capital invested in stock and in the erection of the necessary buildings. \ have taken into consideration when fixing a letting-value that the tenant should be in a position to do justice to the land—that is to say, that he should give it fair treatment. Certificate. I hereby certify that I have inspected the Te Aute College Estate, and that, to the best of my knowledge and belief, the above-given valuation is a correct and true appraisement of the letting-value of the property. Horace Baker, Waipawa, 15th June, 1900. Surveyor and Valuator.

[Copy.] Dear Sirs,— 7th July, 1900. Reply to yours of the 21st ultimo. I find there is an error in the area of the Te Aute College Estate'as given in my valuation, amounting to 914 acres. My figures were taken from a plan supplied to me with instructions to survey the proposed exchange of land, on which the area of the large block is stated to be 4,244 acres. In making out my estimate of the letting-value, I have worked out the figures from the stockcarrying capacity of the land, comparing the results with the rentals at which other estates in Hawke's Bay have recently been leased, and see no reason for altering my estimate of the annual letting-value of the estate. I have altered the figures in my report. Yours, &c, Messrs. Cotterill and Humphries, Solicitors, Napier. Horace Baker.

Value of Freehold, Te Aute College Estate. £ 1,745 acres, at £6 per acre .. .. .. .. .. .. 10,470 2,000 „ £8 „ '.. .. .. .. .. .. 16,000 3,164 „ £4 „ .. .. .. .. .. .. 12,656 6,909 .. .. .. ■-~ .. .. .. ..£39,126 Say, 6,909 acres, at £6 per acre, £41,454.

EXHIBIT No. 14. VALUATION OF ESTATES FOB COMPARISON WITH THAT OF TE AUTE. (Taken from Government valuation for Hawke's Bay County Council. Same supplied to latest dates and obtained for trustees, Te Aute Estate, from Council office, 20th March, 1903.) Acreage. Capital Value. Value per Acre. William Douglas. £s. d. £s. d. 13,601 .. .. .. .. .. 105,000 0 0 7 14 4 1,462 .. .. .. .. .. 9,500 0 0 6 911 934 .. .. .. .. 15,567 0 0 16 13 4 100 .. .. .. .. 1.940 0 0 19 8 0 100 .. .. .. .. 1,690 0 0 16 18 0 16,197 .. .. .. .. .. £133,697 0 0 £8 5 1* Hugh Campbell — 9,214 .. .. .. .. • .. 66,400 0 0 7 4 1 318 .. .. .. .. .. 4,964 0 0 15 12 2 150 .. .. .. .. .. 1,050 0 0 7 0 0 9,682 .. .. ... .. .. £72,414 0 0 £7 9 7

* Average.

•24— G. 5.