ccession, that before men's
minds recovered from the stunning effect of one shock, they were
astounded by the sudden burst of another; and we are convinced that at
the present moment there is a deeper despondency and a more harrowing
anticipation of ruin to the colony than ever existed before since the
landing of Governor Philip, in 1788."--The run upon the Savings Bank at
Sydney originated, it is said, from malice against Mr George Miller, the
accountant, whose exertions had been very useful in exposing the
mismanagement of the Bank of Australasia. Reports were circulated that
the Governor had gone suddenly down to the Savings Bank and demanded a
sight of all the bills under discount and mortgages, and that his
Excellency declared that he would not give three straws for all the
securities put together; but this statement regarding his Excellency is
flatly contradicted. Many of the largest holders of land and stock in
the colony are said to be so irretrievably embarrassed, by reason
chiefly of the high prices at which their investments were made, that
their property must go to the hammer without reserve. The present time
is, therefore, held out as a favourable opportunity for emigrants, with
moderate capital, to make their purchases. It is broadly declared that
500_l._ would go as far now in New South Wales, in the purchase of land
and live stock, as would 5,000_l._ four or five years ago.

Australia has been, in some respects, unlucky in its colonization. New
South Wales has hitherto flourished from its abundant supply of convict
labour, at the expense of those higher interests which constitute the
true strength and security of a state. Western Australia was planted
with a sound of trumpets and drums, as if another _El Dorado_ were
expected. But the sudden disaster and discredit into which it fell,
linked the name of Swan River with associations as obnoxious as those
which were once inspired by the South Sea or Missisippi. South
Australia, again, planned on principles which are universally recognised
as containing the elements of sound and successful colonization, has
also proved a failure. One of the newest and most enterprising of our
Australian settlements, that of Port Philip has been sharing with Sydney
in the recent commercial distress and calamity; and though it is already
getting over its troubles, it must undergo a painful process before it
can lay an unquestioned claim to its title--Australia Felix. Land
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