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Value of Stock. £ 8. d. £ 8. d. £ b. d. Amount at 31st March, 1907 ... ... 15,727 19 6 Less value of trees ... ... 8,871 12 6 „ horse-feed in stock -46 0 0 8,917 12 6 6,810 7 0 Trees, as per Schedule 1 ... ... ... ... ... 4,537 10 0 2 4,357 14 0 3 1,962 5 0 Tools and implements ... ... ... ... ... 52 2 3 Water-supply ... ... ... ... ... ... 355 Seed-frames' ... ... ... ... ... ... 87 0 11 Nursery-formation ... ... ... ... ... 162 6 2 Fencing ... ... ... ... ... ... ... 56 3 9 Buildings ... ... ... ... ... ... 87 13 11 Improved value ... ... ... ... . . ... 198 14 0 Horse-feed in stock ... ... ... ... ... 42 0 0 Value of young horses bred or increased in value during year ... 1000 £18,367 2 5 Summary. £ g d Value of present stock and general improvements ... ... 18,367 2 5 Value of trees sent out sines initiation of nursery ... ... 37,009 4 6 55,376 6 11 Expenditure to date ... ... ... ... ...25,526 19 0 Credit balance ... ... ... ...£29,849 7 11 Stock in Hand.

Schedule 1.—Details of One-year-old Trees, grown 1907. (Ninth Crop.)

Schedule 2.—Two-year-old Trees, grown 1906-7. (Eighth Crop.)

Name of Tree. Number in Seed-beds. Height iu Inches. Amount of Seed sown. Value per Thousand. Total Value. Remarks. • jarix Europsea .. D inus Laricio ponderosa .. , , var. Benthamiana strobue J seudo-tsuga taxifolia Sequoia sempervirens Eucalyptus amygdalina .. , pauciflora , Stuartiana 3,000,000 500,000 45,000 80,000 15,000 50,000 110,000 180,000 140,000 430,000 4,550,000 1-6 3 3 3 1 4 5 4 4 4 Lb. 672 200 14 50 21 10 24 7 5 7 £ s. d. 10 0 10 0 10 0 15 0 10 0 1 5 0 4 0 0 0 10 0 0 10 0 0 10 0 £ a. d. 3,000 0 0 500 0 0 45 0 0 100 0 0 15 0 0 62 10 0 440 0 0 90 0 0 70 0 0 215 0 0 All splendid crops, except Pinus strobue, which germinated thinly. Totals 4,537 10 0

Name of Tree. Number Number in in Seed- Nursery beds. Lines. Height in Inches. Value per Total Value. Thousand. Remarks. 5,000 £ s. d. 2 5 0 15 0 2 5 0 15 0 2 5 0 2 5 0 2 10 0 15 0 6 0 0 £ a. d. 11 5 0 1,875 0 0 855 0 0 137 10 0 1,125 0 0 168 15 0 125 0 0 50 0 0 10 4 0 letula alba .. 8 I 12 I 18 4 3 4 4 3 6 ■All very good oropa. Poor, suffered by drought. Very fine. -arix Europsea 1,500,000 380,000 110,000 500,000 75,000 50,000 40,000 .. ■ 1,700 Austriaca Laricio ponderosa , var. Benthamiana , strobus equoia sempervirens Totals 4,357 14 0 1,650,000 1,011,700