Preston being the purchaser as well as the present holder. The Grampian station went from £330 up to £1200. Part of the Hakatera mea station, run 61, also drew sharp com petition, and was run from £485 up to £1040, the N.Z. and Australian Land Company becoming the purchasers. A number of the other properties, including Gray's Hills, Black Forest, and part of the Whale's Back, were also run well past the upset prices. The Ben Ohau, Rhoboro' Downs, Glentanner, Lake Ohan, Hawea Flat, Upper Wanaka, Stewart's River, and Hunter's River, all back country stations, were passed in. Mr- Baker brought a most successful sale to a close shortly before two o'clock. The lupset price of the Government sections sold was £18,955, and they realised £25,079. The upset price of the Collegiate reserves was £1430, and these realised £2936. The Government get oa the new leases about £6645 above the present rentals, aud the College £1680 above present rentals. Following are the correct results of the sale:—

Mr Baker said that no doubt this could be arranged if Mr Thomas bought a run. The sale then commenced with Black ford station, Ashburton, of 35,000 acres, the upset rental being £600 per annum. There was no offer, and the run was passed in. The next was Alford station, Ashburton. 30,000 acres, rental at £330 per annum.' This brought out some spirited bidding between two gentlemen, and ulti matelyMr Graham secured tbe run at £5-0 per annum. Macrae's station, Ashburton, was next offered, and after a bit of a spurt it was knocked down to Mr Macrae, the old tenant, at £60. Mount Somers station came next, and this fell to tbe bid of Mr Peach at £260, a result which was greeted with cheers. Anama came next, and this provoked some spirited bidding, running up to £6*90, at which price it was Sorchased by the present tenant, Hon. W. Peter, amidst applause. Shepherd's Bush station came next, and after a smart contest was purchased by Mr Morrow for £520. Mount Possession was the next run offered; being an educational reserve the land, as explained by Mr Baker, was always open for sale at £2 per acre. The run caused some competition, ultimately being knocked down to Mr W. C. Walker, the present tenant,.at £700. Another part of the same station was then put up and bought by Mr W. C. 