Capital Required. 95 



which, of course, has to come expenses of management, 

 upkeep of flock, etc. For the year 1914 the average 

 return per head of sheep for New Zealand flocks came to 

 13/-, inclusive of all classes of sheep and all classes of 

 country. But the type of country under review is 

 specially adapted for sheep, and presumed to be reason- 

 ably near to market. A good ewe will cut, say 6/- or 

 7/6 worth of wool, and give a lamb worth, say, 10/- 

 to 15/-. Everything depends upon skill in manage- 

 ment, and in some instances lambs are turned oft' good 

 grass or specially-grown feed at higher prices. Some 

 fortunately situated and capable New Zealand sheep 

 farmers will get a. gross return of 25 /- to 30 /- per ewe 

 per year, but they have suitable and good country, close 

 to market, and naturally such land is worth more than 

 the fair average good land under review. 



It is also possible for a man to buy a place suitable 

 for sheep of lesser value and capable of great improve- 

 ment by ploughing, subdivision, fencing, shelter pro- 

 vision, and hope to make a good thing out of it. Say : 



500 acres at 6 .. .. 3,000 



500 ewes at 1 . . 500 



Extras 250 



Total ;.. .. 3,750 



This man may by fodder and root crop growing, 

 increase his carrying capacity to two ewes to the acre. 

 The flock of 1,000 ewes would then return at 17/6 each 

 an income of 875, representing a gross income of 11 

 per cent, on a capital of 8,000. He has more than 

 doubled the earning value of his property. Certainly he 

 is carrying on at a greater expense than the purely pas- 

 toral man, but, nevertheless, he has made a property 

 that may ultimately be laid down in good pasture. 



There are good opportunities offering to the intend- 

 ing sheep farmer with small capital, if he is prepared 

 to put some energy into the occupation, in buying 

 second-class country unimproved, which may be covered 

 with ti-tree, manuka, fern, etc. There is a lot of such 



