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APPENDIX. EXHIBIT 8. EXHIBIT No. 1. Statement of Accounts op Mr. H. M. Martin, of Ngongotaha. Statement of Receipts and Expenditure on Dairy-farm of 224 acres, situated in Rotorua County. (Land broken from fern and tutu eight years ago.) £ Unimproved value, £4 per acre .. .. .. .. .. 896 Improvements .. .. .. .. .. .. .. 3,584 £4,480 Capital value, £20 per acre. -> 100 cows produced 27,000 lb. butterfat during season 1927-28. £ s. d. Receipts for butterfat .. .. .. .. .. .. 1,936 14 8 Pigs sold .. .. .. .. .. .. .. 205 0 0 £2,141 14 8 £ £ s. d. Value per head, 100 cows at £12 .. 1,200 Interest on land at 5 per cent. .. 224 0 0 Three bulls at £20 . . . .. 60 Stock and implements . . .. 89 10 0 Four horses at £25 .. .. .. 100 Rates and insurance .. .. 30 16 0 Five sows and one boar at £5 . . .. 30 Manure .. .. .. 250 0 0 Implements and machinery .. . . 400 Seeds .. .. .. 30 0 0 Cartage .. .. .. 84 7 0 Replacement ten cows, plus eleven 120 0 0 heifers reared Incidental .. ~ .. 10 0 0 Depreciation .. .. .. 144 10 0 Power .. .. .. 30 0 0 Labour .. .. .. 400 0 0 Value in labour, hay and turnips 173 0 0 consumed £1,790 £1,586 3 0 £ s. d. Receipts .. .. .. .. .. .. .. 2,141 14 8 Expenditure .. .. .. . . .. .. 1,586 3 0 Net return .. .. .. .. .. .. £555 11 8 224 Acres—9s Cows.—Butterfat produced, 1927-28 Season. Poun ls Butterfat Advance Payments per Month. 1927—June .. .. 515 31 12 7 July .. .. ..201 12 4 7 August .. .. 925 63 6 0 September .. .. 2,172 152 15 5 October .. .. 3,0981 202 17 1 November .. .. 3,520J 204 11 6 December .. .. 3,905| 209 1 4 1928—January .. .. 3,527-1 204 1 2 February .. .. 2,700 177 13 0 March ' .. .. 2,450 164 2 9 April .. .. 2,636 182 10 11 May 1,455J 101 3 4 27,105f £1,705 19 8 Plus .. .. .. 51 27,156| Supplementary butter payments .. .. 230 15 0 1,9-36 14 8 Pigs fattened . . .. . . . . 205 3 5 £2,141 18 1 Eleven calves were reared.