SHEEP-FARMING.

Colonist, Volume VIII, Issue 800, 27 June 1865, Page 4

SHEEP-FARMING.

(From the Canterbury Press.)

Theee need be no delicacy in stating publicly what is a matter of common conversation in all private circles, that the stockowning interest in the Middle Island is in a very precarious state. Many failures have taken place, and we have no doubt many more will take place before there is another turn in the wheel of fortune. It may be worth while to consider for a moment what has been the cause of so much disaster amongst so wealthy a class of the community. "We hear ifc often said, " How can it be otherwise; sheep were worth 30s. a head, now they are worth 15s. or 20s. I had 20,000 sheep and was worth £30,000; now I am only worth £15,000 or £20,000." This is a very insufficient explanation, It might be quite possible for the price of sheep to fall, and yet for the sheep-farmer to lose little, and for this reason: the price of sheep depends entirely on the local market, but the price of the produce depends on the market at the other side of the world. Sheep might fall considerably, and yet the income of the aheep-farmer might be but little affected. He will suffer, no doubt, in that part of his profits which arises from the sale of wethers, but a rise in the price of wool might cover even the whole of his loss on that head. To know how the sheepfarmer is really affected by a great depreciation in the price of stock we must know what his real position is. Are the sheep his own? or have they been bought with borrowed money ? or have they been mortgaged to buy land ? or are they only hired upon terms ? All these are the real elements in the question. Now, there can be no doubt that the stock-owning interest in the Middle Island owes an enormous sum of money. The price of runs and of stock went up, two or three years ago, to a figure which was regarded by many of those who had most experience in the fluctuation of prices in colonial markets, as prophetic of disaster. It is more than probable that of the enormous prices given for stock and stations, two and three years ago, a considerable proportion was borrowed money paying a very high interest; and this money was not always borrowed in reference to the present income of the sheep-farmer, but in reference to the nominal price of sheep and the prospective increase. It is readily seen that when the price of sheep suddenly fails, the mortgage may exceed the whole value of the property, and the farmer, if forced to a sale, be left penniless. But it is also well known that the squatters, as a class, have been entering into heavy engagements to enable them to purchase land with the object of securing their runs from purchase by small farmers. Every run has on it certain choice and tempting spots,—a few acres of bush, a beautiful stream, a track of rich swampy land, promising when drained a rich return to the labor of the ploughman. The station holder says, "if I can secure these few hundred acres of my run there is nothing else specially tempting, and the tide of purchasers will flow in another direction for some years, but if these bits are purchased, the fashion will be set, and as land purchasers seem to follow each other like sheep, half my run may be bought up." He therefore strives every nerve to buy these bits, and hypothecates his wool for one, two, or even three years, and gives a bill of sale over the stock to raise money to secure the

integrity of his run. "We can read the history of such transactions as these in the Land Fund of the last two or three years. But there is another cause of distress which has been in all probability more common than all. "We still talk in New Zealand of taking and letting sheep " on thirds" though the transaction is one of past times. In former times the common mode of letting a station in Australia was by an agreement that the tenant should pay the whole of the expenses, and should take' for his share onethird of the wool and one-third of the increase. It was thought in New Zealand that one-third was not enough for the farmer. He claimed a larger share. The owner naturally said, I am willing to take a smaller share, but I must have it guaranteed, and so the whole transaction took a new form. "Whether this change has taken place in Australia as well we are unable to say, but the common plan in New Zealand is, for the tenant to guarantee to the owner a fixed increase, say 40 per cent.; on the stock, taking the chance of what the whole may be. The general impression as to the great profits of sheep-farming was gathered from Australian traditions, and many a man of little experience has rushed into an agreement of this kind, expecting that a cold mountainous country, subject to severe snowstorms in winter, would prove as genial to sheep, and as favorable for their increase, as the semi-tropical climate of the Australians sheep-runs. It is quite true that as larg©f[|fpfits have been made in some parts of the |||d.dle Island as in any part of Australia; wit it is also true that on a good deal of the back country the losses have been excessive. It will indeed, we believe, be found that part of the roughest country can only be profitably occupied by a far more costly system of management than has yet been attempted. It is then quite clear that where bargains have been made, such as we have described, based upon expectations which, though perfectly rational as regards some runs, were wholly unwarrantable as regards others, the ruin of the unfortunate tenant was inevitable. But it would not have been so had our sheep-farmers adhered to the old Australian system of thirds. If a tenant under one of our agreements has contracted to pay his landlord forty per cent, of the increase and gets only twenty himself, he las to make up the deficiency by buy ing sheep. Instead of profit he has incurred a dead loss of twenty per cent, on the whole flock. But had he bargained to take onethird of the produce, he would have received his share of nearly seven per cent., whilst the owner would have had nearly fourteen per cent. It seems, then, that the tenant has been trying to get too much. Being, generally speaking, a man of little or no capital, he has been undertaking the most critical and perilous business of any in the world—a business which can never succeed unless undertaken by very large capital and on a large seale —namely, the business of an insurance office. There is probably no such anomaly to be found in any trade in the world as the man of no capital insuring the profits of the man. of large capital. We

have no doubt that recent experience will make men very much more cautious in entering into engagements of this nature, and on a scale in which one or two bad seasons are sufficient to accomplish ruin. "Whatever may be the misfortunes entailed by the present state of affairs, it is well to know that they will not extend to the. class generally, or to the country at large. The industry of sheep-farming will progress with as great or greater rapidity than ever. Some runs may change hands, but the loss to the country is measured by the lambs which have died> and nothing else; As an economical question the country is as rich as it was before, less the dead lambs. The individual is ruined because he has made a bet that only so many lami>s would die out of the flock, whereas two or three times as many have died. That is really the meaning of the bargain which our sheep-farmers make when they take sheep " on terms." As a means of producing wealth to the country the sheep are as good a property on one man's hands as in another's. The sheep farming interest as a whole is as flourishing as ever, and will continue to be so as long as the wool fetches a good price in the English and French markets. It is no doubt being sifted in a seaching fashion, and the " process of natural selection" is doing its work on individuals; but, according to Darwin, that improves the species.

The price of golden-colored hair in Paris is 125 franca an ounce, so much is that hair esteemed and coveted by ladies. It is growing dearer and rarer every day, and ifc is 3aid will soon be sold at 125 francs the carrot, or, more correctlj, the carat. — Court Journal.

AtrsTBAMAK Natives and Chinamen.—" During the -week." says the Pastoral Times, " there have been several Chinamen paying a passing visit to the town. They consist of a party of well-sinkera _or dam makers, that have juat completed a job. Going about in their usual clustering way, they attracted the attention of the natives, who were apparently much amused at' other fellows' yabber yabber."

Effects of Iron ok Veoetation. —It is stated as a new discovery, that wonderful effects may he obtained by watering fruit trees and vegetables with a solution of sulphate of iron. Under this system beans will grow to nearly double the size, and will acquire a much more savory taste. The pear seems to be particularly well adapted for this treatment. Old nails thrown into water, and left to rust there, will impart to it all the necessary qualities for forcing vegetation as described.

It should be known that a small quantity of vine, gar -will generally destroy immediately any insect that may find its way into the stomach ; and a little salad oil will kill any insect that may enter the ear.

Lighting up the Sea.—Recent experiments have been made with the electric light at Lorient, Franco. The night was dark. Many spectators assembled, in addition to the engineers and officers comprising a commission appointed specially by the maritime prelect. First, the great dock, in which two ships were under repair, was rendered as light as day, so that the engineers were enabled to go down into it and examine all the details of the repairs. Next, a signal mast was fixed, at 700 yards from the Duchayla, and at 500 from the Panama eteam-fri-gates. The signals given by flags from the summit of the masts were rendered perfectly visible on board the two ships by means of the electric light. A third experiment caused great surprise and admiration. A diver descended twenty feet under water, and, by means of the light, was enabled to distinguish the decimal divisions on a scale which was sent down to him, and to give proofs of it. This experiment was deemed conclusive. It is now established that an electro-magnetic machine may be permanently fixed to light large workshops, submarine works, and narrow passages into harbors. It was further observed that, when the light was brought to bear on the water, shoals of fish were attracted by the unusual appearauce, and continued to swim rouud the part lighted. Eels and other fish which were at the bottom of the sea came up to the surface.