CAB129-37 — Page 281

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Works unden constractifq071,061 7s. 11d-represent actual expenditure9 to date on buildings in the course of erection and works under construction. When completed final costs will be transferred to the relative asset accounts.

The amount of £232,500 owing to the Co-ordinator-General of Public Works represents the purchase price of Peak Downs, Cullin-la-Ringo and Inderi. These properties were resumed for the Corporation, but execution of the Instruments of Lease to the Corporation could not be finalised before the end of the year.

Grazing activities

As the properties so far acquired and to be acquired for the Corporation's purposes have all a proportion of non-arable land it follows that the Corporation must undertake grazing activities in order that the whole of its properties will be fully utilised.

In addition there will be considerable value in the stubbles remaining after harvesting.

As a matter of policy therefore, the Corporation has decided to undertake grazing to an extent economically justifiable by feed available.

Up to March 31, 1949, some 1,605 cattle had been purchased mostly on the open market. The prices were reasonable having regard to the demand which exists for store cattle following the widespread rains.

It is confidently expected that the Corporation will produce a greater number of stock from the properties acquired than were produced previously. This will be in addition to its production of grain sorghums.

Appointment of auditors and solicitors

Messrs. Cooper Brothers, Savage & Co., Brisbane, Chartered Accountants, were appointed Auditors to the Corporation for the year 1948-49.

Messsrs. Thynne & Macartney of Brisbane have been appointed as the Corporation's Solicitors.

Acknowledgment

It is desired here to acknowledge the very great help given to the Corporation by the Hon. the Premier of Queensland (Hon. Mr. E. M. Hanlon, M.L.A.). His enthusiasm for the project and his personal interest in activities have been a stimulation to all concerned,

State Government Departments, including the Department of the Co-ordinator-. General of Public Works, the Main Roads Commission, the Railways Depart- ment, the Lands Department, the Irrigation Commission, the Valuer-General's Department, the Bureau of Investigation of Land and Water Resources, the Bureau of Industry, and the State Wheat Board have been most co-operative, and the results of this year as herein recorded could not have been achieved without their help.

The Press have been fair and helpful in their comments on the progress of the scheme which has attracted a good deal of public interest.

Local Councils and Harbour Boards have also been most helpful. The work of the staff and workmen has already been acknowledged.

On behalf of the Corporation—

(Sgd.) J. R. KEMP, M.E., M.INST.C.E., M.I.E.(AUST.),

Deputy-Chairman.

Member.

(Sgd.) R. L. MURRAY, A.A.U.Q.,

(Sgd.) W. A. ROGERS, B.COM., A.A.U.Q., A.F.I.A.,

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June 3, 1949.

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