plan from the bubble schemes of 1825. Mr. Stanley appeared to give this idea much consideration, and certainly seemed favourable to it; he did not, however, express a decided answer in favour, but left the deputation under the impression that he approved of Mr. Clay's suggestion.
"Mr. Stanley then asked what was to be the minimum price of land? This caused some conversation, in the course of which Mr. Stanley appeared to think that a price above, or even so high, as 10s. per acre, would prevent persons possessed of capital going to the colony, land being procurable at a much lower rate in other colonies. This remark was answered by Mr. Grote and others, who showed that it would be even more advantageous to capitalists to give a considerable price for land, in the first instance, because the low price would be attended with a proportionately greater deficiency in the supply of labour,—which formed the great bar to the prosperity of capitalists in a new colony. It was finally determined that a sub-committee of the South Australian Association should examine this subject, and that they should report to Mr. Stanley both their opinion and the grounds on which it rested.
"Mr. Stanley then asked whether the funds for defraying the Government expenses would be easily provided. To this question Mr. Grote, Mr. Clay, Mr. Currie, and Mr. Mills gave a similar opinion to that which they had previously given as to the advancement of the funds for other purposes. It was here mentioned by Mr. Grote that it was proposed that the money should be raised at colonial interest, and that the rate ought to be something about 8 per cent. Mr. Gouger here remarked that the current interest of New South Wales and Van Diemen's Land was about 12½ per cent., and it would be no hardship on the colonists of South Australia to pay 8 per cent., while that rate of interest would be a sufficient inducement to English capitalists to advance the money. Mr. Stanley then asked, where
