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they landed at Holdfast Bay, and discovered the district now called the Adelaide Plains. Here a level grassy country, intersected by picturesque bands of trees, and backed by a chain of hills of moderate height, presented to them not only a beautiful tract, but a wide extent of excellent land. After exploring these plains for some time, they came upon an extensive chain of ponds in the bed of a watercourse, which subsequently received the name of the River Torrens. In the winter it is a large and rapid stream, but in the summer it is much diminished. As soon as this river was discovered, the surveyors commenced marking out the future city of Adelaide, the larger portion of which it was decided should be on the south side of the river. The surveyors of Adelaide certainly appear to have discharged their duty with much judgment; the streets (laid out at right angles) are from 60 to 120 feet in width; and besides twenty-two principal streets of great breadth, there were several squares and terraces, so designed as to ensure ample space, and a free circulation of air in the heart of the city.

The plans were scarcely completed ere a mania commenced for the acquisition of town land. Ships had arrived with monied people, and at every auction a scramble ensued for the best lots. Every purchaser endeavoured by all

means in his power to render that part which he possessed the busiest and most bustling portion of the town. Houses, and rows of huts of every material and form, were run up with the greatest speed. Bricklayers, masons, carpenters, and all who could render themselves in the slightest degree serviceable in building operations, were sought after with avidity, and received enormous wages. As fresh arrivals took place, and the price of houses and land increased, every one became infected with the desire to take advantage of the opportunity of rapidly becoming rich. Flocks of sheep, and herds of cattle, from Van Diemen's land, supplied the colonist with fresh meat, for the attention of all was so absorbed by building speculations, that no one as yet dreamt of the necessity of going into "the bush," or of cultivating land. Each purchaser speedily sold his lot at an enormous premium; but he repented of his precipitation on seeing it immediately resold at double the price he had received for it. Again he invested his capital in a fresh purchase; and then he wrote home to his friends in the old country acquainting them with his good fortune, and advising them to come out and "bring money in their purses." Artisans also sent letters to the poor relatives they had left behind, telling them that they

could earn enough in two days to live like gentlemen all the rest of the week; and these communications producing their effect, gradually brought in hundreds of immigrants, both capitalists and labourers, all anxious to secure their share of such unexampled prosperity. Merchants also vied with each other in sending cargoes of goods to so excellent a market; and even the adventurous bushmen of New South Wales, hearing of the extraordinary price which sheep and cattle were commanding in the new colony, started overland, and, overcoming all the difficulties of six hundred miles of unexplored country, appeared with their flocks and herds in the streets of Adelaide, to the astonishment of the inhabitants. Publicans made a fortune in three years. Gentlemen, elated with the increasing nominal value of their property, kept open house to all their friends, Provisions rose to an enormous price. Cows were sold at 40%.; bullocks at 100l. per pair; sheep 31. to 47. per head; meat was 18. 6d. to 2s. per lb.; bread 2s. 6d. the 4 lb. loaf; flour 1007. per ton; and land rose from 31. or 47. to 1,000l. and 2,000l. per acre. All classes were pleased and satisfied. The capitalists rejoiced at the enormous price which their land and houses brought them in a community where all were anxious to purchase, and none to sell.

Artisans, notwithstanding the high price of food, were satisfied, as the amount of their wages increased in proportion; merchants and tradesmen were overjoyed at their enormous profits; and the whole community were in ecstasy at the progress their new colony was making.

Soon, however, came a change. Had there been one unexcited observer, possessed of good common sense, and having no personal interest in the affairs of the colony, he might have seen, that, as there was no land cultivated, and every variety of provision had to be imported and paid for in hard cash, the money brought in by the capitalists was gradually flowing away, without the remotest chance of returning. As long as the capitalists were believed to be really rich, their credit was proportionately great. Adelaide agents were glad to supply goods to any extent on credit to their customers, and, from the scarcity of cash, took credit also from the home merchants in their turn. About the same time the New Zealand Project was publicly set forth in London, and monied men who were disposed to emigrate directed their course to that colony. This consequently stopped those supplies of money to Adelaide which had hitherto sustained the mania.

The agents were soon compelled to restrict their credits and to press their customers for payment, and the latter were under the necessity of selling their property in order to meet their engagements; but sales on credit being useless for the purpose in view, few buyers were to be found, and prices dropped. The fall of prices, and their tendency to get still lower, induced holders to endeavour to realize before they sustained still further loss. Then came a glut of property upon the markets, and the bitter fruits of the land and building mania which had taken possession of the people of Adelaide soon became too apparent.

Ruin

stared every one in the face; all credit was gone; those who had been living luxuriously, either absconded, or declared themselves hopelessly insolvent. The agents, not being able to realize their claims, also shared in the general wreck. The home merchants stopped the supplies, and scarcity and starvation appeared inevitable. To add to the evil, shipload after shipload of emigrant labourers arrived, who, in place of high wages and prosperity, found no employment. These unfortunate men applied to the Governor, who was compelled, in order to preserve them from absolute famine, to employ the more destitute on public works. Even those who had landed with a small supply of money

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