ished both.

The first Overlander having entered a district nothing can check the tide
that follows on. It is in vain for him to declare (perhaps really
conscientiously) that he conceives the risk of loss of stock to be so
great that none should undertake the journey; this is only ascribed to
his cupidity and a desire to keep others out of the market; HE has done
it, and why cannot more? This argument is irresistible, and adventurer
after adventurer marches upon his track.

CONSEQUENCES OF HIS SUCCESS UPON OTHERS.

Now comes a hurrying into the new district of speculators from the old
colonies: the fact of a road being found to it from the stock country is
a guarantee that it will succeed, and it is in a new settlement that the
largest profits are realized. These arrivals bring with them from the
older colonies experience, capital, and extensive connexions; fresh
sources of industry and speculation are at once opened up by them; all
town-land and landed property to be purchased at a cheap rate they
secure; money circulates from hand to hand, and an impetus is given, and
a progress made, which must be seen to be credited.

OPENINGS TO WEALTH IN NEW COLONIES.

The tide of emigration coming in from the older colonies is a certain
sign of rapid success; those who arrive from these places are men who
have done well in the first country of their adoption; but to this they
had repaired when it was thinly inhabited, when land was of very low
value and to be procured near the capital; there they have realized
largely, but it appears to them that nearly all the good things have now
been picked up; property has attained such a value that it rises but
slowly, indeed is almost stationary in price; and the country is so
largely stocked that they are driven to establish their sheep-stations at
such a distance from the sea coast that the expense of the transport of
their wool thither greatly detracts from its value. Under these
circumstances once again do they emigrate, to repeat in a new land the
operations which have before yielded them so lucrative a return; and,
strong in past experience, they smile at the errors committed by the
younger settlers, from which they reap many advantages.

ITS EFFECTS UPON ALL CLASSES.

But time and intellect are all worth much more in Australia than they are
in England, and everyone can realize upon his capital and speculate
profitably upon his intelligence, activity, and strength; for all of