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NOTES ON NEW ZEALAND.
capital, sheep raising, for whatever purpose, wool, mutton, or stud, is a very paying business in New Zealand.
CATTLE.
Next to sheep in order of importance we must place cattle. Beef is frozen in New Zealand, but not to the same extent as mutton. The exportation of beef in 1890 showed an increase of 12,937 pieces over that of the previous year. Notwithstanding this increase, however, the price in the live market in September, 1890, was very low, beef selling at 18s. per cwt., whereas, in order to be really profitable to the
