government. All who were shipped, if able to work, claimed under their shipping order a minimum of 5s. a day.
When more houses had been built than could be let—when the capital, of which a large portion was exported for the importation of labour which it was impossible to employ profitably, began to grow scarce—the price of land orders fell, and the rate of wages. Then the frugal labourers began to retire from service, to settle down on pur chased sections, and combine to purchase and divide sections of 80 acres, to the extreme disgust of the hired-labour and sufficient-price theorists.
In England the large draughts of the governor, in conjunction with the falling off of land sales, had driven the commissioners to endeavour without success to negotiate the remainder of the loan authorised by their two acts of Parliament, and then to apply for assistance to the Treasury, which was in the first instance granted to a limited extent.
In the colony Colonel Gawler was travelling on a declivity, and could not arrest his course. When he found the commissioners could no longer' meet his bills he drew upon the Treasury for the expenses of government. The first bills were met; but eventually a series of draughts, to the amount of £69,000, were dishonoured.
The commissioners, who had been perfectly content with Colonel Gawler, as long as the public continued to purchase land, fell upon him like a herd upon a stricken deer, repudiated acts to which they had given tacit approval, and tried to throw the failure due to their absurd plan and improvident conduct on "the governor's extravagance." He was recalled abruptly, and left to hear of the dishonour of his bills by a circuitous private source. The commissioners themselves were soon after ignominiously dismissed.
When the news of the dishonour of the governor's bills reached the colony the bubble burst; land became immediately unsaleable; an insolvency all but universal followed, from which the banks, from early private intelligence, were able to protect themselves. The chief sufferers were English merchants, shippers, and manufacturers. The colonial speculators had long been trading on fictitious capital. A certain number of colonists of fortune were reduced to absolute beggary. A rapid re-emigration of capital and labour took place. Many labourers were thrown on the government for support. The price of food, rent, and wages fell rapidly. Adelaide became almost a deserted village. The only persons busy were officials whom the commissioners had forgotten to appoint, viz., the sheriff and his officers, engaged in pursuing beggared debtors, and the Judge of the Insolvent Court, by whom they were rapidly whitewashed.
