212 A HISTOKY OF THE COLONY OF VICTORIA 



As a rule, by the time the very high prices were reached the 

 land had passed through many hands, with gradually ascending 

 values, though there were a few cases in which the original grantees 

 had reaped enormous profits. Such a case was that of Michael 

 Fender, whose 19 allotment in Collins Street was bought direct 

 from him in 1877 by the Union Bank of Australia for 33,000 ; he 

 having for the previous thirty years drawn a very large income from 

 the old "Criterion " hotel which he had erected upon the land in 

 instalments. It is unnecessary to multiply instances of the natural 

 effect of increasing population on land values, but one specimen, 

 admittedly exceptional, may be cited as a well-authenticated illustra- 

 tion. The north-west corner of Collins and Elizabeth Streets was 

 bought by Mr. Thomas Browne for 41, the frontage to Collins 

 Street being 132 feet by a depth along Elizabeth Street of 156 feet. 

 In June, 1890, the Collins Street frontage with a depth of only 

 79 ft. was purchased by the Equitable Insurance Company of the 

 United States for 363,000. If the value of the remaining frontage 

 to Elizabeth Street be taken at 1,000 per foot, a very moderate 

 estimate actual sales having exceeded it a sum of 77,000 is to 

 be added, making the total value 440,000, representing an outlay 

 of 41 fifty-three years previously. In each case it is only the 

 value of the bare land that is considered, the edifices existing at 

 dates of the latest sale having to be entirely demolished to make 

 room for the Insurance Company's magnificent building. 



As the tide of immigration continued to flow into Port Phillip 

 the new-comers were clamorous that the Government should give 

 them also an equal chance of domicile, and in response to urgent 

 appeals Sir Eichard Bourke was pleased to order that four more 

 blocks should be submitted to local competition, subsequently add- 

 ing one-half of the block that had been reserved for a custom 

 house and other public purposes. The sale was held on the 1st of 

 November, 1837. There was a slight increase in the price realised 

 by the eighty-three allotments sold, for they averaged 42 each ; 

 but, as before, there was no serious attempt at monopoly, no less 

 than fifty-three purchasers sharing in the distribution. John Bat- 

 man with five lots was the largest purchaser. Mr. Webb, the 

 newly arrived collector of customs, secured three, and his colleague, 



