Our friend, the former owner of our new property, sailed for England in the mail steamer, in high spirits, saying cordially as he shook F----'s hand at parting, "Well you _have_ got your fortune cut out for you, and no mistake; I feel half sorry already to think that I've parted with that run." About two days after his departure, F---- who had registered his name at the land office as the present tenant of 100,000 acres in the Lake Wanaka district, received a polite request from official quarters to pay up the annual rent, just due, amounting to 100 pounds or so.

We had effected our brilliant negotiations about a week too soon it seemed, but that was our own fault, so we had nothing to do but pay the money with as good a grace as possible.

I am "free to confess" that this second cheque ran our banker's account very fine indeed, but still in those palmy days of the past this was no subject of uneasiness to a squatter.

His credit was almost unlimited, and he could always raise as much money as he liked on an hypothecation of next year's wool.

But we had not come to that yet.