This Report is the fifth in an annual series of economic surveys of New Zealand town milk supply farms. These surveys have been undertaken by the Agricultural Economics Research Unit at Lincoln College on behalf of the New Zealand Milk Board and the Town Milk Producers Federation of New Zealand (Inc.). As in the past the major objective of this survey has been to estimate the average net farm income received by town milk producers in New Zealand. In addition, however, the opportunity provided by the surveys has been used to collect additional data so that a more comprehensive profile of the industry emerges. The field work for this survey was carried out by Russell Moffitt with assistance from Marvin Pangborn and Patrick McCartin. Russell Moffitt completed the analysis and compiled the Report