2.—The Extent and Description of the Lands.

The freehold portion of the estate contains 167,709 acres, and consists chiefly of first-class agricultural lands, being rich alluvial river flats, plains, and easy undulating ridges, all capable of being ploughed at any time with double-furrow ploughs, there being no timber (excepting some valuable bush reserves) or stones to hinder the progress of the plough.

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Last year some of the lands were newly ploughed under contract at 11s. to 12s. per acre, with double-furrow ploughs ploughing five inches deep, and produced from 30 to 40 bushels of wheat per acre, and from 55 to 75 bushels of oats from the first furrow.

The suitability of the soil and climate for growing turnips, rape, and other green crops is a very valuable feature in this property. The land being free from couch-grass and other weeds turnips can be sown upon the first furrow of the newly turned sod, and some of the Directors can vouch for the fact that crops of turnips averaging 20 to 25 tons per acre can be grown in this manner if seeded at the rate of a few ozs. per acre without manure and without either hoeing or thinning.

Of these freehold lands 16,823 acres are cultivated and improved. There are also 340 miles of good substantial fencing, several brick and stone residences, eight largo wool sheds in good order, with hot water and spout water washes attached, sheep yards, shearers' houses, shepherds' and labouring men's houses, and stabling conveniently placed at t he several home-steads.

There are large deposits of bluestone, freestone and lime-stone, each being well adapted for building purposes, and already extensively used in the buildings on the estate.

There are also large deposits of brown coal and lignite on various parts of the estate, which make an excellent fuel for engine driving and household uses.

The leasehold lands contain 141,675 acres. They consist of well grassed hills and valleys of rich quality, but rather too steep for ploughing. Their sheep-carrying capacity, however, is capable of great improvement by English grass and clover seed being scattered upon them.

The freehold lands around the leasehold were selected with a view to preventing competition for the leaseholds, so that there can be little difficulty in securing a renewal of the leases from time to time as they fall in.

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The present leases of the several runs will expire as follows:—14.239 acres will expire in June, 1881; 4,905 acres in November, 1881; 4,692 acres in March, 1883; 6,255 acres in November, 1883; 830 acres in November, 1882; 7,781 acres in September, 1883; 23,591 acres in September, 1882; 3,590 acres in September, 1882; 6,440 acres in November, 1882; 10,334 acres in March, 1883; 21,553 acres in January, 1884; 10,000 acres in February, 1885; 485 acres in November, 1882; 5,170 acres in February, 1885; and 21,810 acres in January, 1887. They are subject to very low rentals.