In making a valuation of the works of the Kaitangata Railway and Coal Company, I have taken them at what I consider a fair price as they stand, independent of any commercial or speculative value that may be attached to them, which also excludes any benefit derivable from the lease of the land. The following is the valuation under the various heads:—

Works on Main Line of Railway and at Mine	£16,560	0	0
Station works, including Staging at Mine	910	0	0
Plant and Rolling Stock	3975	0	0
Land, Preliminary and Parliamentary expenses	1920	0	0
Engineering and Contingencies	2635	0	0
Total	£26,000	0	0