Annual report for year ending 1865 containing details of the rental of the estate and the slow recovery of the financial situation. Describes the low level of emigration from the estate in comparison to the rest of Ireland. Also describes drainage and land improvements at Ballyknockan, Ballycollin and Annagharvey, and at the new farm known as 'The Prairie.' Reports on tillage of corn and the sowing of grain, rape, grass-seed and potatoes.

Reports on the transformation of the village of Killeigh from a state where peripheral houses had already fallen in and the houses on the main street had become too dangerous and too exposed to the weather to live in, to newly built cottages which were entered for competition of Gold Medal of the Royal Agricultural Society of Ireland for the best cottages in the province of Leinster and also won the challenge cup offered by the Duke of Leinster. Other buildings include a new house for the miller at Killeigh and Odlum of Ballymooney required extensive additions to his premises. A long range of offices were built for Mr Denning in Cappancur and a new forge was built in Ballinagar.

Also reports on the clearance of Clonad Woods and the purchase of an interest in a considerable plantation in Ballydownan. Regarding threats from Ribbonmen, the report states that Killurin is now the only part of the estate subject to outrages, chiefly of the robberies of foresters of the estate. Also reports that emigration rates have fallen and only sons and daughters of small farmers are leaving for America to join other family members.