Ruakura as a Business Proposition.

I can only, of course, give approximate figures to show the general financial position of Ruakura as a business proposition. But if the Departmental accounts were published I feel confident that the general result would not be very far away from my estimate. Many of us know, as a matter of fact, that the land—an area of 914 acres—cost originally £6300 some twelve years ago. Salaries, purchase of stock, machinery, and upkeep I will put down at an average of £2500 a year during that period, or £30,000. From my personal knowledge and observation I should put down the outlay for permanent improvements at an average of £1000 a year since 1901, or £12,000. This brings the total cost of Ruakura State Farm to the Government, without allowance for interest on capital expended, to £48,300. Against this amount, which for the sake of round figures we may make £49,000, we must set the present selling value of the property, to which should be added the returns from sales of stock and produce from the farm, and the value of the live and dead stock on the property to-day.