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Alexandrina and Tekapo; 1,200 acres of poor flat near the mouth of the Cass River; and 9,000 acres of barren country. The carrying-capacity of Glenmore is estimated at 13,000 sheep. This run can easily be subdivided to advantage. We recommend that Glenmore Hun be subdivided into two pastoral runs, one to be known as Glenmore Run, and the other as Glenmore Run No. 2, the carrying-capacities being respectively 6,800 sheep and 6,200 sheep. The upset annual rental of Glenmore Run to be fixed at £180, and Glenmore Run No. 2 at £170. Mistake: Run No. 80. Thirty-nine miles from the rail-head at Fairlie. Area, 62,000 acres, of which 32,000 acres consists of grass, the remainder—3o,ooo acres —boing barren country, rising to 7,900 ft. We estimate the carrying-capacity at about 10,000 sheep. This run forms a long, narrow, wedgeshaped area between the Godley River and the Cass River, extending from the Glasson Glacier to Lake Tekapo —a distance of about twenty-four miles. The country is high and broken, about four-fifths of it being summer country. The winter country—what there is of it—is good, but it is situated at the southern extremity of the iuii, on the Godley River faces, and along Lake Tekapo. We estimate the carrying-capacity of Mistake Run at about 10,000 sheep, as stated above. This run is not suitable for subdivision, owing to its configuration. We recommend that it be reoffered as one run, at a rental of £300 per annum. Lilybank : Run No. 78. This run is situated fifty-four miles from Fairlie, in the forks of the Godley and Macaulay Rivers, extending as far north as the Macaulay Glacier in the Southern Alps. It comprises an area of 70,000 acres, of which 50,000 acres consists of barren, high, rough, inaccessible country. By far the greater portion of this run reaches an elevation of nearly 8,000 ft. The only winter country on the run is along the Godley River faces for about seven miles, and along the Macaulay River faces, between the Godley River and Stony Creek. The carrying-capacity is estimated at about 7,000 sheep. The percentage of lambs averages about 50 per cent. ; the death-rate, bygood management, is about 10 per cent. This is not a safe breeding-run, and there is a dearth of winter country, consequently it is unsuitable for subdivision. We recommend that Lilybank Run be reoffered as one pastoral run, at the upset rental of £130 per annum. Richmond : Run No. 77. Richmond Run contains 87,000 acres, classified as follows : 34,000 acres of ewe and winter country; 23,000 acres of purely summer country; and about 30,000 acres of mountainous barren country. We estimate the carrying-capacity at about 16,000 sheep. This run commences about midway up the eastern shore of Lake Tekapo, and includes the downs, and slopes, and ridges extending easterly between Tekapo and the Richmond Range, and Two Thumb Range, where the elevation reaches 7,000 ft., and also the country northward to the Macaulay River. There are about 17,000 acres of ewe and winter country to the north of Coal Creek and on the steep faces falling into the Macaulay River, and about 17,000 acres of comparatively flat downs, extending from the vicinity of Coal Creek southwards. This is a summer grazing-run to all intents and purposes. It has acquired an evil reputation for losses of stock, occasioned by winter snowstorms. From its configuration and southerly aspect, there is great difficulty in clearing snow; hence a serious mortality amongst stock. It must, however, be remembered that this run carries 6,000 breeding-ewes, and the lambing percentage over a period of five years past has maintained an average of 60 per cent. After careful consideration, we are inclined to the conviction that it is capable of subdivision. The winter and summer country is fairly evenly distributed, and, the access to the rail-head at Fairlie (forty miles) being along a good road, the lessees can remove a portion of the stock down country during the winter months. This is the practice of the present lessee, and it works in a most satisfactory manner. We recommend that the Richmond Run be divided into two pastoral runs, one run having a carrying-capacity of about 7,800 sheep, and the other.a carrying-capacity of about 8,000 sheep, the upset rentals in each case to be fixed at £250 per annum. Tekapo : Run No. 76. This run is twenty-seven miles from Fairlie by main road. It has a frontage of about nine miles to the south-eastern shore of Lake Tekapo, and extends easterly for an average distance of about two miles and a half to the Ashwick Run. The total area is about 27,900 acres, of which 17,500 acres consist of downs, plough able in parts (nominally winter country, but dangerous): about 1,050 acres of ploughable flats: and about 9,500 acres of good summer country at the northern end of the run, towards Two Thumb Range. We estimate the fair carrying-capacity of this run at about 7,000 sheep. It will probably carry more than that number, but not with safety. It does not under present management carry a sufficient number of breeding-ewes to maintain the flock. The lessee finds it -essential to winter his ewes on a freehold of 1,480 acres which he owns at Braemar, near Lake Pukaki. Considering the severity of the snowstorms in this portion of the Mackenzie country, and the fact that this run has not been capable of maintaining its own flock under varied circumstances (taking an average for several years), we do not recommend that it be subdivided. It is a poor run —below the average. We recommend that the Tekapo Run be reoffered as one pastoral run, at an upset rental of £300 per annum.