averaged 23 bushels. Mr. Rooke took two blocks with 236 acres of crop. He got 4,242 bushels, which we had sown. The harvesters were going through it when he bought the farm. After deducting the cost of putting that in, on the basis of 4s. 2d. per bushel, he was handed a net profit of £380 odd, which represents a reduction of 8s. 6d. per acre on the price of his farm, or, in other words, it paid within £50 the 10 per cent. deposit he had paid us.

9621. To Mr. VENN : I cannot say whether the settlers who took up unimproved land are doing better than those who bought the ready - made farms. Of course they have had a pretty bad time also.

9622. To Mr. PAYNTER : We consider the values of the farms quite fair. We prepared 69 farms and we realise that we cannot sell these farms immediately they are prepared. We have a number on our hands and the interest on that money has wiped out any profit we would have got from the farms. Apart from that we believe that given normal seasons and proper methods this land is well worth £5 per acre. None of it is beyond five miles from the railway and at least 75 per cent. of it is first class land. The Company has dealt with these people in a most sympathetic manner. We have never pressed them for their payments. It is to our interests that they should be successful, but in certain cases it is obvious that they could not make a success of the land under any conditions whatever. This year 46,000 bags came off ready - made farms. These men have not yet had any chance of going in for stock. All the trouble arose through their striking two bad seasons for a start. We are still selling unimproved land at about Government prices, except that settlers are paying interest.

    ( The witness retired.)

                   The Commission adjourned.