he had bought; the principal motives which influenced these speculators in their purchase of land, was because it was near some Government village, reserve, or else possessed a frontage to some river or road, which would cause it to look well on paper, and consequently resell to advantage, if redivided into small lots, and called "a town," with some grand euphonous appellation. Many persons also threw away their money in the purchase of land they had never seen, and were totally unacquainted with, with no other reason for so doing than the notion that all land in the Australian colonies must go on increasing in value, whatever might be the price originally paid for it.
Another cause of the present involved state of affairs, has been the boundless extravagance of all classes of the community, and the consequent enormous importation, in proportion to the population of New South Wales, of mere articles of luxury, such as carriages, jewellery, plate, the most expensive furniture, rare wines and liqueurs, &c. To this may be added the great consumption of imported articles, which the colony was perfectly able to produce itself, such as hams, bacon, butter, cheese, beef, flour, wine, fruits, pickles, &c. &c.
The fall in the price of wool, and the cessation in the emigration of persons of capital to the Australian colonies materially assisted also in producing the present depression.
Whatever may be the predominant cause of the
