the recent distresses, thousands of sheep have been disposed of
in this way, the proprietors being so much reduced as to be literally
unable either to pay or to feed men to look after their flocks. I know
many parties who purchased sheep between the years 1837 and 1840, at the
rates then current, at three years' credit, paying ten per cent, per
annum for the indulgence, who, after keeping their purchases and their
increase for three years, were compelled, when their acceptances became
due, to sell off original stock, increase, and all, and then had not
half enough to satisfy their creditor. This, as I said before, arose
from peculiar circumstances, being caused by the prevailing panic. I
shall advert again to this subject, in offering a few remarks upon the
recent distresses and their causes.

Now as to cattle. The English or Scotch grazier, who has his cattle
brought home and housed every night, can have no idea of the sort of
work his brother grazier in Australia has to go through. Here, the
climate is so mild, that cattle are never housed, but wander in the bush
from year's end to year's end. The proprietor of five hundred head of
horned cattle, must command the run of five thousand acres of
pasture-land, of fair quality, as the grass in the woods of Australia is
so thin, that it takes three acres to feed a sheep, and ten for a
bullock. He generally employs two men, called stock-keepers, to look
after them: these are mounted, and ought to employ their time in riding
over and roundabout their master's run, to see that his cattle do not
stray, and that his grass is not trespassed on by others. This, however,
is more than most of these gentry condescend to do, many of them
preferring the company of cattle-stealers and other vagabonds, with whom
they are frequently leagued; and if I may judge from the money I have
seen in possession of stock-keepers, they share largely in the
cattle-stealers' plunder. With the exception of some twenty cows and
calves usually kept about the house, to give milk, which are called the
milking herd, the grazier sees nothing of his herds but on muster-days,
which occur twice a year. For some time previously to muster-day, the
stock-keepers have been very busy drawing their herds by degrees as near
the stock-yard as possible; and when the day arrives, the whole are
driven into the yard to be inspected. All the yearlings are then
branded, and fat bullocks are picked out for sale or slaughter. At