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Special Reserve. —We would refer you to our comments in reports of the 2nd November, 1944, 16th October, 1945, 17th March, 1947, and 13th November, 1947. The position of this account at 30th June, 1948, is as follows : £ s. d. Amount transferred from Mangaotane Station, 30th June, 1944 .. .. .. .. .. 2,926 4 4 Amount transferred from Mangaotane Station, 30th June, 1945 .. .. .. .. .. 2,481 6 9 Amount transferred from Mangaotane Station, 30th June, 1947 .. .. .. .. .. 1,883 16 5 Adjustment as a result of Court order .. .. 60 11 0 7,351 18 6 Amount transferred to Mangaotane £ s. d. Station, 30th June, 1946 .. 2,420 7 3 Amount transferred to Mangaotane Station, 30th June, 1948 .. 2,470 14 1 4,891 1 4 As per Balance-sheet, 30th June, 1948 .. £2,460 17 2 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. General Reserve.—ln accordance with the provisions of section 50 (1) of the Maori Purposes Act, 1947, all the major adjustments have been made, but there are other items still to be dealt with which will be incorporated in the accounts for the year ended 30th June, 1949. The balance of £30,027 19s. sd. includes an amount of £3,303 3s. 4d. added to the reserve for the current year. Additional Accounts. —Attached to the accounts for the current year are the following additional stations : Marewa Station. Mapou Station. Tapere Station. Marewa Station : Compensation paid in connection with this property amounted to £15,554 os. 6d. In order to stock the station, large sums have been expended on sheep and cattle, and in view of the standard values obtaining in the Trust, the amount involved in writing down the live-stock to standard values is considerable. Ma-pou Station : Compensation paid amounted to £8,683 9s. 6d. The adjustment of live-stock to standard values is quite considerable. Tapere Station: This incorporates the accounts previously shown as Tahora Suspense, which included the amount of compensation paid to Hutchinson, referred to in our report of 13th November, 1947. Here also the adjustment of live-stock to standard values is quite considerable. Statement Showing the Position of the Various Blocks.—Muriwai Accounts: With the exception of the Muriwai Boat Account, all the other accounts mentioned in our report of the 13th November, 1947, have been transferred to Maraetaha 2, Sections 3 and 6, Kopua, and Pakowhai.

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