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Value of Stock. £ s. d. £ s. d. d. Amount at 31st March, 1907 ... ... 6,712 9 2 Less value of trees ... ... 2,054 11 0 „ horse-feed in stock... 125 0 0 2,179 11 0 — 4,532 18 2 Trees, as per Schedule 1 ... ... ... ... ... 1,450 4 0 2 ... ... ... ... ... 184 12 0 3 ... ... ... ... ... 1,486 " 7 11 Tools, implements, &c. ... ... ... ... ... 25 13 3 Nursery-formation... ... ... ... ... ... 4 15 5 Fencing ... ... ... ... ... ... ... 10 11 0 Improved value ... ... ... ... ... ... 157 13 0 Horse-feed in stock ... ... ... ... ... 220 0 0 Value of young horses bred or increased in value during year ... 30 0 0 £8,102 14 9 Summary. £ s. d. Value of present stock and general improvements ... ... 8,102 14 9 Value of trees sent out since initiation of nursery ... ... 5,297 15 11 13,400 10 8 Expenditure to date ... ... ... ... .. 8,689 1 2 Credit balance ... ... ...£4,711 9 6

Stock in Hand. Schedule 1.—Details of Two-year-old Trees, grown 1906-7. (Sixth Crop.)

Schedule 2.—Three-year-old Trees, grown 1905-6. (Fifth Crop.)

Name of Tree. Number in Nursery Lines. Height Value in per Inches. Thousand. Total Value. Remarks. jarix Europrea 113,000 10-15 £ 8. d. 2 5 0 £ a. d. 254 5 0 Gord plants. About 25 per cent, of what was lined out killed by grub. Qmwth not so strong as in previous years. Excellent stuff. Very good. G< od plants, but a number were j killed by the grub. Lobinia pseudo-acacia 61,000 12-24 1 0 0 61 0 0 'inus Anstriaca .. , Laricio . ponderoaa.. , ponderosa, var. Bentbamiana 71,000 430,000 2,200 1,100 4-6 3-5 4-6 4-6 2 5 0 2 5 0 2 5 0 2 10 0 159 15 0 967 10 0 4 19 0 2 15 0 Totals 678,300 1,450 4 0

Name of Tree. Number in Nursery Lines. HeiRlit in Inches. Value per Tot Value. Thousand. Remarks. 'inuB Laricio .. . ponderoa • • , ponderosa, var. Bentbamiana ,arix Europsea .. ' 'icea eitchonsis 'geudo-tsuga taxifolia .. 43,000 1,500 2,500 14,000 200 1O0 8-12 4-6 4-6 12-18 6-8 6-8 £ 8. d. 3 0 0 3 0 0 3 5 0 3 0 0 3 5 0 3 5 0 £ s. a. 129 0 0 4 10 0 8 2 6 42 0 0 0 18 0 0 6 6 Good bard; plants. Poor. Very good. Medium growth. 61,300 184 12 0 • Totals