Like many other people in the world, I have occasionally built castles in the air, and equally of course they have invariably tumbled down in due time with a crash This particular castle however, not only attained to a great elevation in the visionary builder's eyes, but it covered so vast an area of land, that the story of its rise and fall deserves to be placed on record, as a warning to aerial architects and also as a beacon-light to young colonists.

This was exactly the way it all happened. The new year of 186-found us living very quietly and happily on a small compact sheep-farm, at the foot of the Malvern Hills, in the province of Canterbury, New Zealand. As runs went, its dimensions were small indeed; for we only measured it at 12,000 acres, all told. The great tidal wave of prosperity, which sets once in a while towards the shores of all colonies, had that year swelled and risen to its full force; but this we did not know. Borne aloft upon its unsubstantial crest we could not, from that giddy height, discern any water-valleys of adversity or clouds of change and storm along the shining horizon of the new world around us. All our calculations were based on the assumption that the existing prices for sheep, wool, cattle, and all farm-produce, would rule for many a long day; and the delightful part of this royal road to wealth was, that its travellers need not exert themselves in any way: they had only to sit still with folded hands whilst their sheep increased, and it was well known that a flock doubled itself in three short years. The obvious deduction from this agreeable numerical fact was, that in an equally short period your agent's payments to your bank account would also be doubled. In the meantime the drays were busy carting the wool to the seaports as fast as they could be loaded, whilst speculative drovers rode all about the country buying up the fat cattle and wethers from every run. These were wanted to supply the West Coast Diggings which had just "broken out" (as the curious phrase goes there), and so was every description of grain and dairy produce.

We squatters were not the only inhabitants of this fool's paradise. The local Government began planning extensive works: railways were laid out in every direction, bridges planned across rivers, which proved the despair of engineers; whilst a tunnel, the wonder of the Southern Hemisphere, was commenced through a range of hills lying between Port Lyttleton and Christchurch. All this work was undertaken on a scale of pay which made the poor immigrants who thronged to the place by every ship, rub their eyes and believe they must be dreaming, and that they would presently wake up and find themselves back again in the old country, at the old starvation rate of wages. Small capitalists, with perhaps only one or two hundred pounds in the world, bid against each other as purchasers of quarter-acre sections in the fast-springing townships, or of fifty-acre lots of arable land in the projected suburbs. Subscriptions were raised for building a Cathedral in Christchurch; but so dear was both labour and material, that 7,000 pounds barely sufficed to lay its foundations.

The paramount anxiety in men's minds seemed to be to secure land. Sheep-runs in sheltered accessible parts of the country commanded enormous prices, and were bought in the most complicated way. The first comers had taken up vast tracts of land in all directions from the Government, at an almost nominal rental. This had happened quite in the dark and remote ages of the history of the colony, at least ten or twelve years before the date of which I write. As speculators with plenty of hard cash came down from Australia, these original tenants sold, as it were, the good-will and stock of their run at enormous prices; but what always seemed to me so hard was, that after you had paid any number of thousand pounds for your run, you might have to buy it all, or at any rate, some portion of it, over again. Land could only be purchased freehold from the Government, for 2 pounds an acre; and if a "cockatoo" (i.e., a small farmer), or a speculator in mines, fancied any part of your property, he had only to go to the land office, and challenge your pre-emptive rights. The officials gave you notice of the challenge, and six weeks' grace in which to raise the money, and buy it freehold yourself; but few sheep-farmers could afford to pay a good many hundred pounds unexpectedly to secure even their best "flats" or vallies. Hence it often happened that large runs in the most favourable situations were cut up by small investors, "free selectors" as they are called in Australia, and it used to be rather absurd the way one grew to distrust any stranger who was descried riding about the run. The poor man might be looking for a stray horse, or have lost his way, but we always fancied he must be "prospecting" for either gold or coals, or else be a "cockatoo" disguised as a traveller.

Such was the state of things when my story opens. Shearing was just over, and we knew to a lamb how rapidly our flocks and herds were increasing. A succession of mild winters and early genial springs had got the flock into capital order. The wool had all been sent off to Christchurch by drays, the sheep were turned out on the beautiful green hills for ten months of perfect rest and peace; whilst the dogs, who had barked themselves quite hoarse, were enabled to desist from their labours in mustering and watching the yet unshorn mobs on the vallies. Although our run was as well grassed and watered as any in the province, still it could not possibly carry more than a certain number of sheep, and to that total our returns showed that we were rapidly approaching. The most careful calculations warned us that by next shearing we should hardly know what to do with our sheep. It is always better to be under than overstocked, for the merino gets out of condition immediately, and even the staple of the wool deteriorates if its wearer be at all crowded on his feeding-grounds.

"You must take up more country directly," was the invariable formula of the advice we, comparatively "new chums," received on all sides. This was easier to say than to do. Turn which ever way we would, far back beyond our own lovely vallies and green hills, back up to the bleak region of glaciers, where miles of bush and hundreds of acres of steep hill-side, formed the back-est of "back country," every inch of land was taken up. No fear had those distant Squatters of "cockatoos," or even of miners; for no one came their way who could possibly help it. Still we should have been comparatively glad to buy such a run fifty or sixty miles further back,—at the foot, in fact of the great Southern Alps,—just as a summer feeding-ground for the least valuable portion of our flock. But no one was inclined to part with a single acre, and we were forced to turn our eyes in a totally different direction.

If my readers will refer to the accompanying map of New Zealand, and look at the Middle or South Island, they will notice a long seaboard on the eastern side of the island, stretching SS.W. for many hundred leagues. It extends beyond the Province of Canterbury to that of Otago, and embraces some of the most magnificent pastoral land in the settlement. Not only is the soil rich and productive, but the climate is rather less windy than with us in the northern portion of the island; and the capital of Otago (Dunedin) had risen into comparative position and importance before Christchurch,—was in short an elder sister of that pretty little town. Most of the settlers in Otago were Scotchmen, and as there are no better colonists anywhere, its prosperity had attained to a very flourishing height. Gold-digging had also broken out at the foot of the Dunstan range, so that Otago held her head quite as high, if not higher, than her neighbour Canterbury. Of course all the first-class pasture-land "down south," as it was called, had been taken up long before; but we heard rumours of splendid sheep country, yet unappropriated, far back towards the west coast of Otago, just where its boundary joined Canterbury.

With our minds in this state of desire for what poor Mazzini used to denounce as "territorial aggrandisement," we paid our usual post-shearing visit to Christchurch. F—— had his agent's accounts to examine, a nice little surplus of wool-money to receive, and many other squatting interests to attend to; whilst I had to lay in chests of tea, barrels of sugar and rice, hundreds of yards of candle-wick, flower-seeds, reels of cotton, and many other miscellaneous articles. But through all our pleasant, happy little bustle ran the constant thought: "What shall we do for more country?" A day or two before the expiration of the week's leave of absence which we always gave ourselves, F—— came into my sitting-room at the hotel, flung down his hat on the table with an air of triumph, and cried, "I've heard of such a splendid run! One hundred thousand acres of beautiful sheep-country, and going for a mere song!" Now I had lived long enough in the world to discover that one sometimes danced on the wrong foot to the tune of these "mere songs," so I cautiously inquired, "Where is it?" F—— seemed a little dashed that the only question which he could not answer favourably should be the first I asked, and he replied vaguely, "Well, it is rather a long way off, but I am sure we can manage it." A little more sifting elicited the fact that this "desirable investment" stretched along the shores of Lake Wanaka, famous for its beautiful scenery, and was to be had for what certainly seemed a ridiculously small sum;—only a few hundred pounds. "Of course it has no sheep on it," added F——; "but that is all the better. I'll burn it this year, and then turn some cattle on it, and after next shearing we'll have a good mob of sheep to draft out and stock it." He further added, that he had invited his man of business and the individual who owned this magnificent property to dine with us that evening, and that then I should hear all about it And I may truly say that I did hear about it, for my brain reeled with figures and calculations. By bedtime I was wondering if we could possibly spend the enormous fortune which would be quite certain to accrue to us in a few years if only we could make up our minds to invest the modest balance at our bankers in this tempting bargain. I remember well that I found myself wishing we were not going to be quite so rich; half our promised income would have been ample, I thought. My anxieties on that score turned out to have been, to say the least, premature.

Not to make my story too long, I may briefly say that after making due allowance for the natural exaggeration of the owner, the run on Lake Wanaka's shores seemed certainly to offer many attractions. Besides thousands of acres of beautiful sheltered sheep country, it was said to possess a magnificent bush, in which sawyers were already hard at work. Of course all this timber would become our own, and we were to make so much a year by selling it. "How about the carriage?" inquired F—— cautiously, having visions of costly bullock-drays, and teams and drivers at fabulous wages. "Oh, the lake is your highway," replied the would-be seller, airily; "you have nothing to do but lash your felled trees together, as they do in the mahogany-growing countries, and set them afloat on the lake, they will thus form a natural raft, and cost you little or nothing to get down to a good market. You know the Dunstan diggings are just at the foot of the lake, and they haven't a stick there; timber is very badly wanted in those parts, not only for fuel and building, but also for slabbing the shafts which the miners sink."

By the time the coffee was served F—— had made up his mind to buy the Lake Wanaka run; his business agent urging him strongly not to hesitate for a moment in securing such a chance. The negotiations reached thus far without the least hitch, but at this point F——said, "Well, I'll tell you what I'll do: we will start in a day or two and go straight up to this run and look round it, and if I find it anything like so good as you both make it out, I'll buy it on the spot."

Never did that sociable little word "we" sound so delightful to my ears! "Then I am to come too," I thought to myself, but I prudently concealed from the company that I had ever had any misgivings on that point. However, the company did not concern themselves with my doubts and fears, for our two guests seemed much taken aback at this very matter-of-fact proposal of F——'s. "That won't do at all, my dear fellow," said the owner of the run; "I am going to England by the next mail steamer, which you know sails next week, and the reason I am literally giving away my property is that I don't want any suspense or bother. Take it or leave it, just as you like. There's Wilkinson and Fairwright and a lot of others all clamouring for the refusal of it, and I've only waited to see if you really wanted it before closing with Fairwright. He is walking about with a cheque all ready filled up in his pocket, and only begging and praying me to let him have the run on my own terms. Why you might be weather-bound or kept there for a month, and what shall I do then? No, its all just as I've told you, and you can call it your own to-morrow, but I can't possibly wait for you to go and look at it." No words of mine can give any idea of the tone of scorn in which our guest pronounced these last three words; as if looking at an intended purchase was at once the meanest and most absurd thing in-the world. F—— seemed half ashamed of himself for his proposal, but still he urged that he never liked to take a leap in the dark, backing up his opinion by several world-revered adages. "That's all very fine," chimed in our precious business adviser," but this transaction can hardly be said to be in the dark; here are the plans and the Government lease and the transfer deeds, all regular and ready." With this he produced the plans, and then it was all up with us. Who does not know the peculiar smell of tracing-paper, with its suggestions of ownership? When these fresh and crackling drawings were opened before us they resembled nothing so much as a veritable paradise. There shone the lake—a brilliant patch of cobalt blue, bordered by outlines of vivid green pasture and belts of timber. Here and there, on the outskirts, we read the words, "proposed township," "building lots," "probable gold fields," "saw mills." F—— laid his hand down over a large wash of light green paint and asked," Now what sort of country is this; really and truly, you know?" "First class sheep country, I give you my word," replied the owner eagerly, "only wants to be stocked for a year or two."

Why need I go on? It was the old, old story of misplaced confidence. Neither F—— nor I could believe that our friends would wilfully over-reach us, so it was settled that the first thing next morning the money should be handed over and the Government lease transferred to us. We decided that as we were so far on the way to our new property, we would go and look at it before returning to the Malvern Hills, and the next few days were very busy ones, as we had to arrange our small domestic affairs, send up the dray, etc., etc. I felt rather anxious at the postponement of our return home, for I had left several "clutches" of eggs on the point of being hatched, and I had grave misgivings as to the care my expected ducklings and chickens would receive at the lands of my scatter-brained maid servants, to say nothing of the dangers besetting them from hawks and rats. However, small interests must give way to great ones, and F—— and I were already tasting the cares of proprietorship. 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. The weather was delightful; the customary week of heavy rain just after our midsummer Christmas, had cooled the air and laid the dust, besides bringing out a fresh spring-like green tint over the willows and poplars, and causing even the leaves of the gums to lose their leather-like look for a few days.

After much consultation we decided to go by coach as far as Timaru, and then trust to circumstances to decide our future means of transport. Not only were we obliged to pay a large sum for our places but our luggage was charged for by the pound, so we found it necessary to reduce our kit to the most modest dimensions, and only to take what was absolutely necessary. The journey was a long and weary one, the only variety being caused by a strong spice of danger at each river. At some streams we were transferred bodily to a large raft-like ferry boat, and so taken across. At others the passengers and luggage only were put into the boat, the lumbering coach with its leathern springs left behind, whilst the horses swam in our wake across the wide and rushing river, to be re-harnessed to another coach on the opposite shore. The Rakaia, Ashburton, and Rangitata had been crossed in this way, and we had reached the Otaio, a smaller river, when we found a new mode of transport awaiting us. A large dray with a couple of powerful horses was in readiness, and into this springless vehicle we were unceremoniously bundled. The empty coach and horses was driven over at another part of the stream. I shall never forget the jolting: the river must have been at least a quarter of a mile wide at that reach, and over its bed of boulders and rocks we bumped In the middle stretched a long strip of shingle, which seemed as smooth as turf by contrast with the first half of the river-bed. When we charged into the water again our driver removed his pipe from his mouth, looked over his shoulder and remarked, "River's come down since mornin'; best tuck up your feet, marms all." I can answer for this "marm" tucking up her feet with great agility, and not a moment too soon either, for as a light wind was blowing, a playful wave came rippling over and through the planked floor of the dray, floating all the smaller parcels about. But no one could speak, we were so jolted: it literally seemed as if our spines must come through the crown of our heads, and I expected all my teeth to tumble out.

In the midst of my fright and suffering, a laugh was jolted out of me by the absurd behaviour of one of our fellow-passengers. He was what is called a bush carpenter: i.e., a wandering carpenter, who travels from station to station, doing any little odd rough jobs wanted. This man had been working for us some time before, and had often amused me with his quaint ways. On this occasion he was on his oppressively good behaviour, and sat quite silent and solemn on the opposite ledge of the dray. But when for the second time the water came swirling through our rude conveyance with a force which threatened to upset it altogether, Dale fumbled in his pocket, as if he were seeking for a life-belt, produced an enormous pair of green goggle spectacles, which might have made part of Moses Primrose's purchases at the fair, and adjusting them on his nose as steadily as he could, said gravely, "This must be looked to!" He continued to stare at the wash of water during the remainder of our perilous and rough transit without vouchsafing any explanation of his meaning, but after we had safely landed he replaced his spectacles, first in their huge shagreen case, and next in his pocket, with an air which seemed to say, "The danger is now over: thanks to my precautions."

Timaru was reached very late, and the best accommodation at the inn placed at our disposal. Still, in those distant days there was no such thing as a private sitting room, and we had all to eat our supper in the same rough-boarded little apartment. But in all my varied wanderings in different parts of the world, when the accidents of travel have thrown me for a time among the class whom we foolishly speak of as the lower orders, I have never yet had to complain of the slightest inconvenience or disagreeableness from my fellow-travellers. On the contrary, I have always received the most chivalrous politeness at their hands, and have noticed how ready they were to forego their usual tastes and habits lest they should cause me any annoyance. I wonder whether fine gentlemen in their splendid clubs would be quite so willing to spoil the pleasure of their evening if any accident were to throw an unwelcome lady amongst them? At all events, they could not be more self-sacrificing than my friends in fustian jackets have always proved themselves, and on this particular evening the landlord of the inn was so amazed at the orders for tea and coffee instead of the usual "nips" of spirits, that he was constrained to inquire the reason. A stalwart drover who was sitting opposite to me at the rude table, murmured from the depths of his great beard, in an oracular whisper, "The smell of speerits might'nt be agreeble like to the lady." In vain I protested that I did not mind it in the least; tea and coffee was the order of the evening, and solemn silence and good behaviour. No smoking, no songs, no conviviality of any sort. I would fain have shown my appreciation of their courtesy by talking to them; but alas, I was one vast ache all over! Although the road had been a dead level, sixteen hours of jolting and bumping had reduced me to a limp, black-and-blue creature, with out a word or a smile. Of course I retired to what was literally a pallet, and a very hard pallet too, as early as possible, but even after I had vanished behind the thin wooden partition which formed my bedroom, the greatest silence and decorum continued to reign among my fellow-travellers.