E—2.

The action taken by the Commissioners in this case will be of great advantage to their trust. Already three portions of the section, comprising an area of 4,377 acres 1 rood 39 perches, have been leased at rentals aggregating £688 6s. lid. per annum, and negotiations are now in progress with applicants for the remaining portion (containing 2,596 acres), on which a reserve of Is. 9d. per acre has been fixed, representing a further sum of £227 3s. per annum. Should these be completed on the basis of the reserve, the section will thus be bringing in an annual rental of £915 9s. lid., in place of £29 Is. 3d., the rent paid per annum under the old lease. As showing the advantages to be reaped from a system of periodical revaluation, another case on the Commissioners' books may be cited : A section of 2,118 acres in theJParaekaretu Block, near Marton, has been leased continuously since the 16th November, 1877, to one tenant, who has paid rent for it during that period as follows : For the first fourteen years, £10 per annum ; for the next seven years, £40 per annum ; for the following nine years, £265 per annum ; and then for six months at the rate of £529 10s. per annum, bringing him up to the 16th May, 1908 ; from which date the section has been leased to him for a term of twenty-one years at a rental of £809 Is. Id. per annum. I have, &c, The Hon. the Minister of Education, Wellington. J. R. Blaie, Chairman.

General Statement of Receipts and Expenditure for the Year ending 31st December, 1908.

75

'rimary. leconi lary. Receipts. 3alance on 31st December, 1907 iient paid on account of previous years itent paid on account of year 1908 Hent paid on account of year 1909 Preparation and registration of leases interest and sinking fund on improvements Adjustment of stock Improvements... fencing Interest on fixed deposit (Land Purchase Account) ... Sundries £ s. d. 782 17 0 82 14 7 6,234 0 4 71 4 4 5 0 0 114 18 9 11 12 0 £ s. 182 5 0 0 1,878 8 259 6 7 10 d. 0 1 5 9 0 £ s. d. 965 2 0 82 14 8 8,112 8 9 330 11 1 12 10 0 114 18 9 11 12 0 272 0 0 1 15 3 20 0 0 0 10 1 15 3 20 0 0 0 10 272 0 0 Total receipts ... 7,324 3 3 2,599 10 3 9,923 13 6 Expenditm Payments to educational bodies— Wellington Education Board ... Wanganui Education Board Wellington College Wellington Girls' High School... Wanganui Girls' High School ... Palmerston North High School Secretary's salary Printing, stationery, and office-expenses ... Commissioners' travelling-expenses Commission on sales of leases Advertising Preparation and registration of leases Jaw-costs Secretary's travelling-expenses ... Arbitration £ s. d. 3,233 6 8 1,766 13 4 218 2 5 83 17 2 10 1 4 2 3 9 14 9 0 20 0 0 42 14 11 13 10 10 81 10 3 £ a. d. 121 2 0 63 12 9 58 15 0 . 56 10 3 81 17 7 31 9 7 I £ s. d. 5,000 0 0 300 0 0 300 0 0 115 6 9 10 1 4 42 12 9 21 15 0 20 0 0 54 16 5 13 10 10 114 2 9 392 1 3 48 11 8 435 0 0 40"9 0 7 6 0 12 1 6 Survey jrass-seed and sowing ... Payment (part) for improvements on Section 151,. Bangitumau fencing Interest and bank charge on loan liand Purchase Account .... 3alance on 31st December, 1908... 32 12 6 392 1 3 48 11 8 435 0 0 1 15 3 72 3 0 1 15 3 72 3 0 66 0 0 2,915 16 6 66"0 0 1,769 18 4 1,145 18 2 Total expenditure 7,324 3 8 2,599 10 3 9,923 13 6