for the firm, for, of
course, Smith's interest was equal to our own, and he shared in any
speculation that we might enter into; but while I am on the subject, I
may as well tell of a money-making operation that entirely eclipsed the
above transaction, even including the finding of the nugget.

I was in Melbourne, one time, having run down from the mines for the
purpose of buying a few articles which we wanted forwarded by express,
and while I was dodging from one store to another, I saw that the stock
of flour was rather low, and that, unless fresh arrivals soon augmented
the small quantity on hand, the price must go up. I made a few cautious
inquiries, and found that the dealers at Sydney were not much better off
than those at Melbourne, and it occurred to me that soon a speculation
movement would begin, and that we might as well have a hand in it as to
let others make all the money.

As I said before, I made careful inquiries, and discovered that two
ships were daily expected, one from Chili, and the other from New York,
and both were loaded with flour. No vessel was expected from England
with grain on board, although it was not known for certainty.

Upon this intelligence I pondered for an hour or two, and then resolved
to try my luck in the way of speculation. Flour was selling at fair
prices, I think, although, owing to the non-publication of a price
current, and to the absence of an exchange, no two merchants sold alike.

After I had made up my mind what I intended to do, I went to the bank
where we had five thousand pounds lying to our credit, drew out the
money, and then began my purchases. In each case I stipulated that the
flour should remain in store one week, until I could get teams to cart
it to Ballarat. To this a ready assent was given, and the merchants
expressed themselves pleased to transact business with me. In some
instances I paid cash, especially where the quantity bought was very
slight, not amounting to more than fifty barrels, or one hundred sacks;
but where I bought two or even three hundred barrels, I claimed the
privilege of one month's credit, after paying twenty per cent. of the
amount down.

In two hours I had engaged nearly every barrel and sack of flour in
Melbourne, and then, and not till then, did I begin to tremble for the
result of my speculation. A dozen times during the night did I wander
through the streets of the city, and down to the water's edge, for the
purpose of seeing