Small Grazing Runs.

Leases are for 21 years.

The option of renewal is given.

Full valuation is granted for improvements at the end of lease.

The land cannot be purchased.

Runs shall not exceed 20,000 acres.

"Upset" rent is 2½ per cent, on value of land, viz., from 1½d. per acre.

No person may hold more than one run.

Residence must be taken up within 12 months, and continue for six consecutive years.

Improvements equal to four years' rental must be effected within six years.