—In consequence of a talk with Bellairs, I feel bound to give you my opinion on the question. It is, 1st. That any alteration of the Terms of Purchase would be most unwise: it would deprive the Association of public confidence; and it ought; for such a body ought to have finally made up its mind on all points before issuing a sort of contract. Secondly, That the provision for letting those who like it best, take pasturage without buying land, is one of the best in the whole plan, and the one, more than any other, which is likely to increase rapidly the market value of the land that shall be bought. I have not time to explain; but would refer to Felix's Eeport to the New Zealand Company.