C—l 2.

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as safe country. We estimated it at 31,000 acres. The only really dangerous country is on the Tekapo Flat. "Mary's Range (the highest knob of which is only 1,680 ft. above the level of Lake Pukaki) intersects the Wolds Run, and is excellent safe winter country on the lake side, while the same may be said with a lesser degree of confidence of its eastern slopes. The carrying-capacity of the Wolds we estimated at about 15,500 sheep. The run carries about 12,000 breeding-ewes; but in this connection it is proper to state that the present lessee of the Wolds (who is also the lessee of the Irishman Creek Run, adjoining the Wolds) uses the run for breeding purposes, utilizing the Irishman Creek Run for dry sheep. The average percentage of lambing on the Wolds Run for a period of the past five years is 70 per cent., and the death-rate is, according to the lessee's assurances, usually, under normal conditions, say, about 7 per cent., which appears to us rather a high estimate. After careful consideration, we recommend that the Wolds Run be subdivided into three runs, of carrying-capacities of 4,300, 5,400, and 5,800 sheep respectively, and that the respective upset rentals be fixed at £220, £280, and £300 per annum. Irishman Creek : Run No. 84. This run has a frontage of about five miles to Lake Pukaki, and extends easterly therefrom to the Tekapo River. It contains an area of 23,500 acres, and may be classified as consisting of about 6,500 acres of winter country, being the slopes and downs lying into Lake Pukaki; 11,400 acres of rather inferior winter country, with bad aspect, situated between Mary Burn and Irishman Creek, and about three miles and "a half to the west of the former; and about 5,600 acres of summer country, being downs, ploughable in parts, but cold aspect, and liable to heavy snowfalls in winter, lying between Irishman Creek and the Tekapo River. We estimate the carrying-capacity of this run at 7,000 sheep. Irishman Creek Run is worked in conjunction with the Wolds Run (both runs being held by the same lessee), and is used practically for dry sheep. We do not think this run is capable of subdivision. We recommend that it be reoffered as one run, at the upset rental of £250. Balmoral: Run No. 81. Situated thirty miles from Fairlie. This run lies between Lake Tekapo and Lake Pukaki, along the right bank of Forks Stream, and bounded on the west by the Braemer freehold of 20 000 acres. The area of this run is 29,000 acres, consisting of 13,900 acres of grassed downs lying from the sun, and which may justly be designated inferior winter country; about 1 600 acres of inferior downs, lying between the main road to Lake Tekapo (which passes through the run) and the Old Man Range; about 4,900 acres of fair winter country, lying to the north of Round Hill: about 3,400 acres of good winter country, including the Old Man Range; and about 5 200 acres of inferior country, tying to the south and west of Balmoral Homestead. The carrying-capacity of this run is difficult to estimate with accuracy—probably 7,000 sheep is a fair estimate It is worked in conjunction with Balmoral No. 2 Run and Glenmore Run (both Crown pastoral leaseholds), and a freehold of 20,000 acres known as Braemar. lhe average percentage of lambs on this run for a period of five years was 55 per cent, and the normal deathrate Bto 10 per cent. There were heavy snow losses in 1903 and 190,. raking abnormal snow losses into account, the flock could not have been maintained without the purchase of stock. This run is not suitable for subdivision, the proportion of winter country to summer country being '"''we recmnmend'that it be reoffered as one pastoral run at the upset rental of £200 per annum. Balmoral No. 2: Run No. 82. Situated about thirty-six miles from rail-head at Fairlie. This run adjoins Balmoral Run above described, extending northerly therefrom to the Jollie River at Mount Cook Run and westerly to the Braemar freehold of 20,000 acres. It is worked ,n conjunction with Balmoral Run and Glenmore Run (both Crown pastoral leaseholds), and the Braemar freehold before, referred to The run contains a total area of 40,000 acres, consisting lor the greater part o high Ithte lands and mountain-ranges, the latter reaching* 7,000 ft. The aspect of this country is Sflv southeriv We classify the land in this run as follows: About 5,50.) acres of safe winter Bhiefl -ionttthe Jollie River faces for about five miles; 27,000 acres of good summer £un?v'- « 7 00 ate" of Lren and useless country. Tta lambing am, death-rat, pjrcentases' a 4 the same as Balmoral Run No. 81, before described. This run is not suitable for subdivision It contains only a small proportion of winter country, and what there is of it is BitU We d fecommetd\TaVßlo r r U al-No. 2 be reoffered as one pastoral run at the upset rental (annual) of £290. Glenmore : Run No. 79. o-. * a „v™„t tWtv miles from Fairlie by good road. This run consists of a narrow block Situated about thirty J ™™ Lake Tekapo, and the Cass River, the distance from of country wedged in thirty m les. Glenmore is undoubtedly a wellits northern to its sout^nj^jte ; ing th J and distributed througho ut. The total grassed run, follows : 4,900 acres of good summer faces; 8 000 area of the run is 53,000 acres, cuwrniea as , country, extending along the Cass acres of rather poor summer country 13,000 acreof £ . £ Forks River, and including Moun Jo,epi to' the south and east of S^ld'rfnltrdtrMoufsrroL 0 ; MOO acres o y f downs, situated between Lakes