in a flock.  With regard to the value of the wool grown in this colony, the last importations of the best quality averaged five shillings and sixpence per pound in the fleece.  This was sold last month; [March, 1819] and as the market was at that time overcharged, and as moreover the best description of wool yet produced in this colony, is far from having attained the perfection of which it is capable, and which a few more crosses with the pure breed will undoubtedly effect in it, it may be safely concluded, that this is the lowest price at which this sort of wool will ever be sold.  This will be more evident, if we contemplate the gradual rise in value, which the wool from the same gentleman’s flocks has been experiencing during the last four years.  In 1816, it was sold for 2s. 6d. per pound in the fleece; in March, 1818, for 3s. 6d. per pound; in July, 1818, for 4s. 4d. per pound; and in March, 1819, for 5s. 6d. per pound in the fleece.  For some of this last quantity of wool, properly sorted and washed, Mr. Hurst of Leeds was offered 9s. per pound, and refused it.  To take the future average price of wool at 5s. 6d. per pound, is, therefore, forming an estimate, which in all probability will fall far short of the truth.  However, let this be one of our data; and let us allow three pounds, which is also an estimate equally moderate, as the average weight of each fleece.  The weight of a yearling’s fleece may be taken at three quarters of a pound, and the value of the wool at 2s. 9d. per pound.  The number of ewes generally kept in a flock by the best breeders are about 330, and we will suppose that the emigrant has the means of purchasing a flock of this size of the most improved breed:  this with a sufficient number of tups may be had for L1000.  These points being determined, let us now proceed to our calculation.

[Table not included in this text version—­see html version.  Ed.]

It would be useless to prosecute this calculation, since any person who may be anxious to ascertain its further results, may easily follow it up himself.  It will be seen that with the most liberal allowances for all manner of expenses, casualties and deteriorations, capital invested in this channel will yield the first year an interest of 131/2 per cent. besides experiencing itself an increase of nearly 24 per cent.; that the second year it will yield an interest of nearly 25 per cent. besides experiencing itself a further increase of rather more than 371/2 per cent.; and that the third year it will yield an interest of nearly 37 per cent. besides experiencing itself an additional increase of about 421/2 per cent. or, in other words, money sunk in the rearing of sheep in this colony will, besides paying an interest of about 751/2 per cent. in the course of three years, rather more than double itself.  Here then is a mode of investing capital by which the proprietor may insure himself not only an annual interest, the ratio of