THE CONFUSION OF 1852, 1853, 1854 377 



The English papers teemed with scraps of information about the 

 favoured golden land ; the prodigal expenditure of its lucky denizens ; 

 the amazing orders which came thence for every article of British 

 commerce ; and a chorus of editorial comments proclaimed the duty 

 of jealously conserving such a trade outlet. Then a new class of 

 venturers sprang up ; men who had no commercial relations with 

 Australia, and no desire to go there themselves, but who clutched 

 at the idea of sharing in such phenomenal profits as the local " prices 

 current " disclosed. The eagerness of the banks to buy drafts against 

 hypothecated shipments opened a friendly avenue for their opera- 

 tions, and with thoughtless confidence they proceeded to ship every- 

 thing they could not sell otherwise, or could get long enough credit 

 for if they had to purchase. 



There was a sweet simplicity about the tariff in those days which 

 facilitated such operations. Everything came in free, except five 

 articles, from which revenue, pure and simple, was derived. Wines, 

 spirits, tobacco, tea and coffee alone paid duty. Had the later pro- 

 tective principles of Victoria been in force, the results must have 

 been even more deplorable, for the bonded stores could not have 

 held one-tenth of the tremendous influx, and ships would have been 

 unable to discharge. In the early months of 1853, when these goods 

 began to pour in pell-mell, efforts were made to get such of them 

 as were suitable up to the stores already established at Ballaarat, 

 Forest Creek and Bendigo, but a large proportion of them were 

 not wanted there, nor anywhere else. 



By the middle of the year the roads to the goldfields be- 

 came practically impassable, and cartage rose to prohibitive prices. 

 Auctioneers' licences were taken out by the score, and all day long 

 the clanging of bells and the cries of the bellmen echoed through 

 the streets urging the citizens to take advantage of the "awful 

 sacrifices " which the importers were compelled to make. But all 

 such efforts, though contributing an appearance of restless business 

 activity, only touched the fringe of the difficulty. Piles of mer- 

 chandise remained unclaimed on the wharves. Consignees, who 

 had often been drawn upon without permission, refused the respon- 

 sibility of accepting drafts against unsaleable goods. Such as were 

 dutiable were sold almost daily by the Customs authorities, often 



