HARD TIMES 143 



Sheep received with station . . . . . 3600 



T> V * V ' f 1389 



Put on since, before shearing . . . . * ) fi5 



f 1211 

 Put on since, after shearing . . . . j 



7966 



Less 30 per cent, leaves . . . . 6460 

 Lambs 300 



30 per cent from 1st April to 31st March 1878. 



I give the figures as they are, though I cannot follow them ; they 

 are doubtless approximately correct. On another page are further 

 calculations : 



On hand from shearing . . . . . . 4200 



Eeceived since shearing . . . . . 2282 



6492 

 Shorn by Mackinnon ...... 8 



6500 



We may take it, therefore, that the shearing of 78 totalled 4200. 

 At the beginning of the winter of '79 the number of the flock had been 

 by further purchases brought up to 9999. Of these devoted beasts 7164 

 were shorn. At the beginning of '80 there were running on Tutira 

 8324, of which 6344 passed through the shearers' hands. 



Altogether apart from these losses, however losses which were 

 perhaps inevitable the finances of the station had never been on a 

 sound footing. 



The City of Glasgow Bank in Scotland had failed some years pre- 

 vious to the date we are considering. Between that bank and certain 

 New Zealand land companies there had been close connection ; its fall 

 had already reacted disastrously on all New Zealand securities. It was 

 likely, therefore, that a drop in the wool market would seriously affect 

 the already weakened system of colonial credit. It was certain, more- 

 over, that should such a condition of affairs occur, the first and fore- 

 most to feel the pinch would be owners of partially-developed sheep 

 stations. Wool did drop, the mournful rumour circulating that so-and- 



