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Special Reserve (£4,931 lis. 3d.). —We have commented on the Special Reserve Account in our reports of 2nd November, 1944, 16th October, 1945, and 17th March, 1947. The position of the account at the 30th June, 1947, is as follows : Mangaotane Station- — £ s. d. Amount transferred to Special Reserve, 30th June, 1944 .. 2,926 4 4 Amount transferred to Special Reserve, 30th June, 1945 .. 2,481 6 9 Adjustment on account of Court order transferred to Special Reserve .. .. .. .. .. 60 11 0 Amount transferred to Special Reserve, 30th June, 1947 .. 1,883 16 5 7,351 18 6 Amount transferred from Special Reserve, 30th June, 1946 2,420 7 3 As per Balance-sheet, 30th June, 1947 .. .. £4,931 11 3 We again express the opinion that, in view of the involved circumstances surrounding the reversion to the East Coast Commissioner of Mangatu Nos. 5 and 6, the appropriations referred to above should be considered by you so that if you see fit your approval, and any other consents which may be required by law, may be obtained. Additional Accounts.—Attached to the accounts for the current year are the following additional stations : Mangapoike A— Paparatu Station. Tukemokihi Station. Mangaheia 2d : Waipuna Station. Paparatu Station : On a perusal of this account it will be noticed that a considerable sum has been expended in the purchase of sheep and cattle to stock the property. In view of the standard values obtaining in the Trust, as compared with the market price, the amount involved in writing down the live-stock to standard values is considerable. Tukemokihi Station : The same remarks apply to this station as those for Paparatu, and the amount involved in writing down the live-stock to standard values is also considerable. Waipuna Station : The debit balance is mainly accounted for by the adjustment of the cost of sheep and cattle purchased to standard values. Statement showing the Position of the various Blocks. Tahora Suspense (£5,799 Bs. 4d.) : This represents the amount expended in connection with Hutchinson's lease, which reverted to the Trust just prior to the end of the financial year, and includes compensation paid of £4,849 6s. 4d. Marewa Station (£52 10s. 2d.) : This station also recently reverted to the Trust. Muriwai Accounts : The position of these accounts at the 30th June, 1947, is as follows : £ s. d. Muriwai Cemetery .. .. .. .. 320 2 1 Muriwai Boat Account .. .. .. .. 74 14 7 Muriwai Dining-hall .. .. .. .. 2,695 14 10 Muriwai Meeting-house .. .. .. .. 159 2 4 In our opinion, the amounts involved should be transferred to the Maraetaha and Pakowhai Blocks, on whose account the expenditure has been incurred.

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