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 as it turned out, Mr. Elms, the resident partner, was tempted by what was then thought to be a high price—12s. per head or so, with about one-third of the stock it afterwards carried—to sell to Mr. Russell of The Leigh. He invested in a presumably richer country between The Grange and the Eumeralla, and, I should think, never ceased to regret the exchange. The new runs were chiefly cattle country, being well-grassed forest, not over dry in winter, and therefore in those days looked upon as liable to foot-rot. The eastern subdivision, called "Lyne," was at no great distance from Mr. Cox's Werrongourt station. This transaction illustrates the errors of judgment so often made by pioneer squatters, men of exceeding shrewdness and energy notwithstanding. So George Wyndham Elms sold Terenallum, now proverbially one of the most valuable sheep properties west of the Barwon, and purchased a run which must have paid indifferent interest on capital for long afterwards. Yet the seller was sufficiently experienced, could work with both hands and head, had confronted all the regulation pioneer troubles—bad shepherds, blacks, low wool, everything—had shepherded on a pinch, and slept in a watch-box. Then, when all was well and a fortune coming to meet him, he was fated to ruin everything for the sake of change. Mais, telle est la vie.

Lyne and the other station were good enough, fairly watered, splendidly grassed, and so on; but the cautious critics said they would never make up for Terenallum. And they didn't.

The original cattle had been neglected, it would appear. Among them was a large proportion of