a.—lo.

To-day the property presents a very different aspect to what it was when it was first taken in hand, and there are approximately fifty miles of new fences, good permanent pastures, good buildings, and the place is fully stocked up with good young sheep and cattle. The erection of additional internal fencing, which is being proceeded with, will enable the better handling of the stock. In a report of a recent inspection by the Chief Supervisor and the District Valuer it was stated that a fair and reasonable valuation of the station to-day is £108,100, and of the stock and plant £42,500, which gives a total value of £150,600 to cover the present liability to the Native Trustee of £80,231. Motuweka Station. This station comprises a group of blocks in close proximity to one another, situated near Porangahau, as follows :— Aercs. (a) Porangahau 1b 40, Section 4 .. .. .. .. 1 302 1b 40, Section 1b .. .. .. 051 (b) Porangahau 1b 40, Section 1a .. .. .. 551 (c) Porangahau 1b 4a 1b "] 1B 4A 1A 2 .. .. .. 631 1b 4a 1a 1b J (d) Porangahau 1b 40, Section 3 \ Mangamaire 813 B f " • • • • 931 (e) Mangamaire B3 B4 .. . . . . .. . _ 023 Total .. .. .. .. 4,789 A grazing lease of Whawhakanga F4, containing 832 acres, for five years has also been taken, but this property is not subject to any liability to the Native Trustee. All the above properties are mortgaged to the Native Trustee, and various arrangements have been made with the owners of each block as to the working of them, with the result that a considerable area which was going back to second growth has been cleared up. The places are being improved to the extent that in course of time each property will clear itself of its liabilities and be returned to the owners in a condition which will enable farming to be carried on successfully.

Carrying-capacity is being increased, and the difference between the stock held during the winter of the first year of running the property, and the number being carried this winter, is as follows :—

In a report of a recent inspection by the Chief Supervisor and the District Valuer it was stated that the farming policy which had been adopted in the past was satisfactory, and warranted a continuance. The valuation of the various properties was on the recent inspection assessed at £38,040, and the value of the stock was placed at £17,200. The total liability to the Native Trustee to date is £35,433, so that there is a substantial margin over and above the indebtedness. Tiratu Station. Situated about four miles from Dannevirke, this station comprises Manawatu No. 4d Block, and contains 734 acres. The property was mortgaged to the Native Trustee, but as the condition of the security was rapidly deteriorating, the control and management of same was vested in the Native Trustee in terms of section 25 of the Native Trustee Act, 1925. When taken over, the land had deteriorated, the pastures had run out, no ploughing had been done, nor had the land been topdressed, and in the first year of working practically no lambs could be fattened off the mothers. The station is being used for the raising of fat lambs, and is being worked with that object. Its increasing carrying-capacity is evidenced by the following comparison of the sheep carried during

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Sheep. Run Cattle. Wool. Br ewt g - 0thers - Br :„t g " <**«». Bales. Proceeds. £ First year .. .. .. 2,242 2,061 168 129 98 463 Present season .. .. 3,350 10,321 200 294 249 2,994