THE LAND QUESTION AND THE EARLY SALES 211 



three of them selling as low as 18 each. Although this is now 

 known as the most attractive shopping quarter of the city, and 

 perhaps the most valuable, it was then regarded as flat and liable 

 to inundation from the gully which ran down Elizabeth Street, and 

 which in rainy weather made it difficult of access. 



At the close of the sale a block at Williamstown was submitted, 

 but only seven allotments were sold. The proceeds of the day's 

 work totalled some 3,800 ; the Melbourne allotments averaging 

 35 each, those at Williamstown 46. 



As the dignity of the office of Surveyor-General, recently con- 

 ferred on Mr. Hoddle, had not stood in the way of his undertaking 

 the business role of auctioneer, so it did not preclude him from 

 claiming the usual commission on the amount realised by the 

 sales. This commission, some 56, he took out in two allotments 

 on the west side of Elizabeth Street, covering the whole frontage 

 between Bourke and Little Collins Streets. Judged by subsequent 

 sales the value of these lots works out at nearly half a million 

 sterling. 



In but very few cases do the descendants of the original sixty- 

 six purchasers retain any appreciable interest in the properties 

 which carried such possibilities of wealth. Many of the buyers 

 were tempted to take the immediate profit on a resale when the 

 demand arose within a year or two. Many were involved in the 

 financial troubles of 1843, and their properties passed to their 

 creditors. Some sold portions of their holding to provide funds for 

 building on the remainder, and sooner or later nearly all the 

 original lots were subdivided. In only one case was the land 

 actually abandoned and the deposit forfeited to the Crown, and that 

 was the corner upon a portion of which the Bank of Australasia 

 now stands. The Government reserved it for some time with the 

 intention of erecting a post-office on it, but eventually it was granted 

 to the Wesleyan body, and a commodious church was erected on it. 

 When Collins Street property had greatly increased in value, the 

 Wesleyans were allowed to sell this on condition that the money 

 was devoted to purposes of church extension. The lot which the 

 original purchaser was unwilling to pay 40 for realised 40,000 to 



the denomination. 



14* 



