| Year. | No. of Proprietors. | Acres. |
| 1840 | — | 2,503 |
| 1841 | — | 6,722 |
| 1842 | 873 | 19,790 |
| 1843 | 1,300 | 28,690 |
| In 1844 | the sheep in South Australia were about | 409,000 |
| {{{1}}}„ | Cattle | 30,000 |
| {{{1}}}„ | Horses | 2,000 |
| In 1840, | writs from South Australian sheriff's office | 154 |
| 1844, | only | 10 |
| 1842, | fiats of insolvency | 37 |
| 1844, | 10 |
Thus it appears that, between 1837 and 1840, 15,000 inhabitants, who were importing provisions at the rate of £200,000 per annum, only cultivated 2,000 acres; but in three years after they had abandoned land-gambling, and lost all credit in the English market, they had 28,000 acres in cultivation, of which 23,000 were in wheat, and the number of landed proprietors had nearly doubled. But the result of this industry proved that, although much misery would have been saved the colony had agriculture occupied the colonists instead of land-gambling, still that agriculture could not be carried on with a profit with hired labour in the colony, for in 1843-4 wheat fell to 3s. 6d. and even 2s. 6d. a bushel, with wages at least 3s. a day; while Van Diemen's Land, with better soil and climate for wheat growing, and cheaper labour, could not afford to grow wheat for less than 4s. or 5s. a bushel. In fact, the South Australians found themselves in possession of 200,000 bushels of wheat which was absolutely unsaleable, although of admirable quality; and in June, 1845, after exporting 200,000 bushels, chiefly sold at a loss, a surplus of 156,000 bushels remained.
Of wool there were only 5,000 bales to export in 1843. Port Phillip, colonised with sheep and shepherds at the time that model colonists were forwarded to Port Adelaide in thousands, exported 9,000 bales in 1841; and in 1843 enjoyed exports to the amount of £307,000, without a shilling of debt, against South Australian exports of £46,000, and £400,000 debt.
In 1843 the results of the monstrous system on which South Australia was colonised began to disappear. The ruined capitalists were forgotten, so too were the debts due to the home government and home creditors. Those who had been able to weather the storm of insolvency and keep a few sheep had retired towards the interior: there
