92 Sheep Land Values. 



larger estates of the better kinds of land are fast dis- 

 appearing in subdivision. It can hardly be said, under 

 existing methods of sheep farming and without the aid 

 of root and fodder crops, that there is much scope for 

 increased production from sheep in New Zealand. With 

 the development of easy communication to the back 

 country, it is much more likely that in such a well- 

 watered country, with estate subdivision so active, 

 dairying and cattle raising will, to a considerable extent, 

 displace sheep. The prevailing price of land supports 

 this theory, for the returns from sheep can barely war- 

 rant the figures given for many properties. To be sure 

 there is room for improvement of sheep flocks which 

 will result in additional wool and mutton output. This 

 will come about gradually as the new type of farmer, 

 evolved in the altered subdividing conditions of New 

 .Zealand sheep farming, gains greater experience in 

 sheep management, but while it is coming about dairy- 

 ing will be extending its influence, and instead of land 

 values remaining at what may for sheep farming be 

 regarded as a maximum, they will in many cases pro- 

 bably advance. Although sheep country has gone to a 

 big figure, there is with most farms a great scope for 

 further improvement of the land by way of fencing, 

 shelter provision, and more skilful grazing and feeding 

 arrangements. By more skilful methods and improved 

 labour conditions the flocks of the Dominion should, 

 however, increase a full 50 per cent., providing no en- 

 croachment of dairying occurred. 



Generally, it may be said that the farmers of New 

 Zealand, in their consideration of land values, make no 

 allowance for their own labour. The same has been 

 remarked qf the farmers of the United States, and it 

 applies equally to the farmers of other countries, no 

 doubt. They base their prospective profits upon figures 

 of expenditure that allow nothing for their own or their 

 families' efforts. This may be well on a rising market 



