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three years & more especially in 1848 in wool & other Colonial produce. The impossibility of realising by sales in the Colony of almost any kind of property whilst the expenses of management have been greatly increased by the high rate of wages (now beginning to fall) & by the failure of the Harvest in 1847-8 at this place & in Argyle. Were we to pay the interest now due we should deprive ourselves of the means of providing for the expenditure necessary to carry on the several Establishments until shearing time. We trust therefore that in consideration of the very difficult position in which we are placed by a train of unfortunate circumstances which we could neither foresee nor control

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