When faced with new opportunities for pastoralism our first investors of risk capital outwitted the restraints of Government. In a long period of consequent pastoral degeneration where carrying capacity was repeatedly exceeded, runholders contrived to maintain their land hold and solvency, with little effective attention by Government to the public interest. In the present renewed opportunity, is there any way in which public policy can learn from changing conditions or must it respond only to pressures and preconceptions?