The year commenced with ft debit balance of £502 13s 3d, and ended with one of £336 12s 10d. The, balance sheet was adopted. Fr.c»m Lower Rangitlkei, which has turned out some good horses in years gone by, I learn that the chestnut year ling filly by Tim Whiffler from Laurel, a daughter of young Gownsman, (a son of imported Gownsman., and Dejanir*, full sister to Dainty AffelXand the well-known Peter Flat mare .Bay Leaf, in a low set, long and strongly made one, and Indeed as big a boned yearling as can be found in the district. Speculation (late Hippo datnia, a name that should never have, been changed,) has a brown yearling filly \y Ascot. She has the appearance of; growing into a fine large mare, and frpm her movements is likely to have agood dash of foot. The mare is again in foal to Ascot. Mr Frazer has a number of fchree parts bred mares. His Traducer mare Matilda had a nice filly to Dioinedes (son of Totara) which Mr Fraeer cold. He tried a cross with her and thei-nported trotting horse*Bm Allen, and the result was a fine colt, now rising three years old. Her two year-old by The Premier is a big handsome and all quality animal, and my informant says he ha 3 seen nothing to beat her in the country, and her yearling by Rand wick, a dark chestnut, is the finest he has seen in the country this season for a three parts bred one. The mare Is In foal to the Ingomar —Aida colt, purchased by Mr Douglas, of Napier, in Auckland, sold to Mr Frazer, and resold by him to Mr W. Broughton, of Napier, last season. Flora McDonald, another Traducer mare* had a good colt to Sou'wester, but he got hurt. The mare is now in foal, to the Ingomar—Aida colt before mentioned. The Traducer mare' Reserve, dam of the hack racer Oaklands, who has been a most successful mare as a prize taker for mares best calculated to produce useful backs, has now a fine yearling colt by Rand wick. Mr Frazer has a nice lot of mares, and is a great stickler for the Traducer blood. 