C—lb.

Statement of Expenditure. £ s. d. Amount at 31st March, 1909 ... ... ... .. 30,618 4 10 Tree-growing ... ... ... ... ... ... 2,198 2 2 General maintenance and repairs ... ... ... ... 429 17 0 Nursery-formation ... ... ... ... 400 Horse-feed purchased and grown ... ... ... ... 195 15 7 Manures ... ... ... ... ... ... 125 13 0 Tree-seeds ... ... ... ... ... ... 235 13 6 Tools, implements, &<-. ... ... ... ... ... 92 10 8 Water-supply ... ... ... ... ... ... 011 6 Buildings, improvements to ... ... ... 46 8 1 Fencing ... ... ... ... ... ... 3 15 0 Miscellaneous works ... . . ... ... 64 12 2 Clerical assistance ... ... ... ... ... 13 13 4 Proportion of Nurseryman's salary ... ... ... 162 10 0 Proportion clerk and accountant's salary ... ... ... 44 0 0 £34,235 6 10 Value of Stock, dx. £ a. d. £ a. d. £ s. d. Amount at 31st March, 1909 ... 20,902 7 7 Less value of trees ... ... 11,412 15 0 „ horse-feed in stock 235 0 0 „ tools written off during year ... 011 11 11,648 6 11 9,254 0 8 Trees, as per Schedule 1 ... ... ... ... ... 5,656 15 6 2 ... 6,931 5 0 3 ... ... ... ... ... 765 18 0 Tools and implements ... ... ... ... ... 92 10 8 Water-supply ... ... ... ... ... ... 0 11 6 Nursery-formation ... ... ... ... ... 400 Fencing ... ... ... ... ... ... ... 3 15 0 Buildings ... ... ... ... ... ... 46 8 1 Horse-feed in stock ... ... ... ... ... 125 0 0 £22,880 4 5 Summary. £ ad Value of present stock and general improvements ... ... 22,880 4 5 Value of trees sent out since initiation of nursery ... ... 55,237 14 7 78,117 19 0 Expenditure to date ... ... ... ... ...34,235 6 10 Credit balance ... ... ... ...£43,882 12 2

Stock in Hand. Schedule 1.—Details of One-year-old Trees, grown at Rotorua Nursery, 1909-10. (Eleventh Crop.)

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Name of Tree. Number in Seed-beds. Height iii Inches. Amount of Seed sown. - Value per Thousand. Kemarks. Total Value. Pinus Laricio ponderosa (var. scopulorum) teocote .. „ „ resinosa Jeffreyii radiata strobus .. Sequoia sempervirens Liqu danibar styraciflua .. rax dium distichum rnuja occidentalis Supressus thurifera Praxmus americaua Isuga canadensis Larix europeea „ occidentalis Eucalyptus Stuartiana 3,000,000 400,000 800 6,000 1,500 3,000 200,000 15,000 22,000 2,000 35 1,800 800 100 8,000 1,750,000 500 350,000 2 2 2 2 2 3 6 1 4 6 6 1 3 4 1 1-6 2 4 Lb. 300 50 i 1 1 8 20 23 38 1 i 1 1 1 i 392 £ s. d. 10 0 10 0 15 0 15 0 15 0 15 0 10 0 1 0 0 4 0 0 15 0 15 0 1 10 0 1 0 0 1 0 0 1 0 0 1 0 0 1 0 0 0 10 0 £ s. d. 3,000 0 0 400 0 0 10 0 7 10 0 1 17 6 3 15 0 200 0 0 15 0 0 88 0 0 2 10 0 0 10 2 14 0. 0 16 0 0 2 0 8 0 0 1,750 0 0 0 10 0 175 0 0 Exceptionally good. Good. Experimental; good. Good growth. Very good. Sparse germination. Good. Very thin crop. Good. Experimental; good. fair. good. Very good. Slow growth. Very good. Totals ! 5,761,535 5,656 15 6