(32-40 Ballard/32-40 Winchester) �Was first developed as a black powder match or target cartridge for the single shot Ballard Union Hill Rifle, Nos. 8 and 9, the 32-40 was introduced in 1884 loaded with a 165 grs lead bullet an front of 40 grs Fg black powder. It established a reputation for fine accuracy and Winchester and marlin added it to their lines of lever action repeating and single shot rifles late in 1886 et seq.
In a good solid frame rifle, the 32-40 will shoot as well as any modern high powered match cartridge out to 200-300 yards. It was a popular hunting cartridge for medium game and deer and while it has certainly killed its share of deer, the factory loading barely qualifies for that class. 

This text is based on information from “Cartridges of the World”, Hodgdon reloading manual, the cartridge designer and/or own resources.