J Station Property. —As already noticed, there lias been a serious fall-in prices asked foi" station property ; exceptional circum stances even beyond the influence of the wool market have led to several properties being placed in the market for absolute sale-- Pressing these on the market of course has greatly weakened the demands of all other sellers, and from repeated concessions intend ing purchasers dally, thinking a yet greater fall may take place. There is, however, every reason to think this decline -will go no further. Several important transactions are now on the point of closing, and prices have reached such a low rate that investments can be readily made at once, yielding 10 to 15 per cent, even at present value of wool ; indeed exceptional transactions have been effected that will yield 25 per cent, to 30 per cent, on the investment. The only transaction re ported as closed during the past month, is Mr Alfred Cox's Titiokura leasehold, about 8300 acres, 26 miles from Napier, with 7000 sheep, 100 head cattle, and all plant, for £3500 Ster ling, to Mr John Hind marsh, of Raka:moana, Pohui. ' '

I have again to , acknowledge witli thanks the returns furnished to me by the Collector o£ Customs and the merchants o£ fclie port, and the valuable aid of Mr Peacock (hitherto chief ' Inspector of Sheep) in assisting to compile the annual statistics connected -with the pastoral interest of this district. It is to be regretted that owing to the death of: the former Superintendent Collector of Agricul tural Keturns the papers in that office are not in such ' a complete state as to yield reltiable information as to additional extent of lands laid down in grass, or under other cultivation, or of the number of great cattle, but a fair approximate for this year is given. '. "'. - ' ';■ ,. ■ ■ AoresJ Total acreage of province 3,050,000 Under occupation or partially so. .. 1;SOO,000 Collector's Return, 1877-73 — Surface sown or laid down in artificial grasses - .. 399,782 Estimated, 1878-79, surface sown or laid down in artificial grasses. 460,000 Estimated increase, 1879. 60,218 Estimated number of acres in wheat, oats, ■ barley, roots, and other crops. 8500 Estimated number of acres broken up, but not under crop. 10,909 Sheep. Sheep Inspector's returns Ist May, 1878. 