1.—13.

Estimated Expenditure.—Proposed Improvements. Clearing inside ring. fence, 4,350 acres, at £1 ... ••• ■•• Cost of seed, carting, and sowing, 4,350 acres at 12s. ... ... 2,blU Fencing to complete ring fence and subdivisions, 15 miles at £120 per mile ... ... ••• I'Boo1' 800 8,760 Cost of clearing, seed, and fencing yearly outside ring fence, 1,000 acres rape and grass at £2 per acre ... ••■ ••■ ••• 2,000 10,760 Beturns. & Wool from 42,500 sheep at £200 per 1,000 sheep ... ... •• 8,500 Sale of surplus sheep, 13,000 at 7s 4 .50U cattle, say ... ••• ••• ••• ••• auu £13,550 Working-expenses, £90 per 1,000 sheep ... ••• ••• £3 >^s B m f ... ... 500 Eent 4,325 Net return ... . ... ••• ••• ••• „ Approximate Cost of Paper.—Preparation, not given; printing (1,200 copies), 418 ss.

By Authority : John Mackay, Government Printer, Wellington.—l9o2.

Price Is,]

35