or in small grazing-runs not exceeding, according to the quality of the soil, 5,000 or 20,000 acres in area. The dominant feature in the Act, in its application to pastoral as well as agricultural land, is the strict limitation of the area which may be held by any one person; rightly or wrongly, the Government are determined that the Crown Lands shall not pass into the hands of large holders. The principal transactions of the last three years are thus summarised, the figures for 1894 covering the period from April, 1893, to March, 1894, and so for the other years: {96} 1894. 1895. 1896. No. AREA. No. AREA. No. AREA. Acres. Acres. Acres. Cash ... ... 500 34,999 415 38,710 492 26,584 Occupation, with right to purchase ... 471 108,499 428 75,500 434 84,970 Lease in perpetuity 1,228 255,348 1,032 166,037 1,461 199,093 Pastoral runs 227 899,945 123 568,293 188 2,156,378 In regard to the numerical superiority of leases in perpetuity, it must be pointed out that, not only the special blocks, but the improved farms and lands offered under the Land for Settlements Acts, to which I shall have occasion to refer, are disposed of solely under that tenure; but it appears to be attractive in itself: as most of the Crown Lands require considerable outlay before they become productive, a selector can expend any capital that he may possess more advantageously upon the development of the capabilities of the soil than upon the acquisition of the freehold. The Government also are benefited by a policy which renders the land revenue a permanent asset in the finances. The receipts for the financial year 1895-6 amounted to nearly L300,000.