In this paper, the soil conservation plan for Grasmere Station, Cass, is examined from the economic point of view. The conservation plan was drawn up in 1964 by the North Canterbury Catchment Board, and was to cover the 7 seasons from 1964/65 to 1970/71. Various modifications have been made to the original plan up to the present time and details of these are set out in the appropriate place. Details of costs and returns for the remaining two years of the plan have been estimated as closely as possible so as to obtain a reasonably clear picture of results for the whole period. Technical details of the plan are discussed first, then the costs of the plan are examined, including the cost sharing basis that is employed in such planning, and finally an assessment is made of the benefits, both monetary and non-monetary, which should result from carrying out the plan.