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Annual report, accounts and rental for year ending June 1873, containing positive reports on the financial condition of the estate with only 'trifling arrears' of £32 and a general increase in overall rental income. Expenditure consisted of main drainage of lands at Roskeen, Queen's County; the reclamation of the bog at Killurin; thorough drainage at Bawnmore; construction of two new cottages in Geashill Village and a substantial range of offices for Mr Warren of Gorteen. Also comments on the scarcity of labour on the estate due to emigration to America, and that the 'Russian Village' (portable labourers' housing) has been moved to Cappyroe from Ballyknockan.

Regrets to say that relations with the tenantry are not entirely satisfactory. Tenants without a written contract were asked to sign one but the parish priest, using 'the extraordinary and mischievous power which an Irish priest possesses over an ignorant Roman Catholic tenantry', informed tenants that by signing they will exclude themselves from any benefit under the Land Act.

Describes the eviction of Mr. O'Flanagan, a large tenant on the estate, who had tried to establish 'tenant-right' through the courts but 'failed signally, as at the last moment before the claim came before the Chairman of the Quarter Sessions, Mr. O'Flanagan signed a paper admitting that he had no claim whatever to tenant-right in his holding.'

First full report submitted by the Trenchs to Lord Digby. Contains a detailed examination of the 'compensation fund' granted by George Wingfield Digby to the leaseholders to indemnify them for the loss of their several leases, which had been illegally granted to them by the previous earl and which the current earl would like to break. Also includes a memorandum describing in great detail, the meeting between Trench and the leaseholders, to discuss the terms of the compensation. Also includes report on the 'mesne' or first-year rates with a full list of the tenants. Also includes 'sundry observations' on the management of the estate 'during the difficult & trying period of our first year of office.' Describes how the 'tenants-at-will' were invited to settle arrears and there was 'a vast amount of dissatisfaction amongst the tenantry.' W. S. Trench describes the discovery of an assassination plot to murder one or other of the Trenchs is underfoot, leading T. W. Trench to travel over the estate accompanied by a policeman and the estate bailiff, with a loaded gun in his hand. Also discusses the commencement of the construction of new labourers cottages; the building of a new estate office adjoining the church; the drainage of the bogs; and a report on emigration from the estate.