ong the various speculations undertaken by the merchants of Sydney,
there is not one into which they have entered with so much spirit as in
the South Sea Fishery. The local situation of Port Jackson gives them an
advantage over the English and the American merchants, since the distance
of both these from the field of their gains, must necessarily impede them
greatly; whereas the ships that leave Sydney on a whaling excursion,
arrive without loss of time upon their ground, and return either for fresh
supplies or to repair damages with equal facility. The spirit with which
the colonial youth have engaged in this adventurous and hardy service, is
highly to their credit. The profits arising from it may not be (indeed I
have every reason to think are not) so great as might be supposed, or such
as might reasonably be expected; but the extensive scale on which it is
conducted, speaks equally for the energy and perseverance of the parties
concerned, in the prosecution of their commercial enterprises. It has
enabled them to equip a creditable colonial marine, and given great
importance to their mercantile interests in the mother country.

In the year 1831, the quantity of sperm and black oil, the produce of the
fisheries exported from New South Wales, amounted to 2,307 tons, and was
estimated, together with skins and whalebone, to be worth 107,971 pounds
sterling. The gross amount of all other exports during that year, did not
exceed 107,697 pounds sterling. Of these exports, the following were the
most considerable:

Timber 7,410 pounds
Butter and Cheese 2,376
Mimosa bark 40
Hides 7,333
Horses 7,302
Salt provisions 5,184
Wool 66,112

The above is exclusive of 61,000 pounds value of British manufactures
re-exported to the various ports and islands in the Southern Seas.

OTHER EXPORTS.

In this scale, moreover, tobacco is not mentioned; but that plant is now
raised for the supply of every private establishment, and will assuredly
form an article of export, as soon as its manufacture shall be well
understood. Neither can it be doubted but that the vine and the olive
will, in a short time, be abundantly cultivated; and that a greater
knowledge of the climate and soil of the more northern parts of the
colony, will lead to