1841 .] 
of Tasmania. 
143 
the revenue had fallen from £242,432 to £220,119 : hut 
the Land Revenue for 1841 amounted to £64,000; 
whereas that of last year was only £21,900, showing a 
difference in this item alone of £42,000. This, with the 
falling off in the Customs to the extent of £5000, clearly 
proves the great depression which every kind of business 
experienced; and which is further confirmed by com¬ 
paring the returns furnished from the Customs of the 
number of vessels inwards and outwards for that year, 
and of the value of imports and exports when compared 
with those of 1841. This depression may chiefly be at¬ 
tributed to the following causes :—1839-40 was a year of 
high prices, from the great scarcity which prevailed in 
New South Wales, and from the large demand not only 
made by that colony for every kind of produce, but also 
by the new colonies of Southern Australia and Port 
Phillip, which were at that time almost entirely supplied 
from Tasmania. The influx of capital consequent on 
this caused a feverish excitement, and all projects for 
the profitable employment of money were favour¬ 
ably listened to, particularly if connected with Port 
Phillip, where the possibility of realizing enormous 
profits by risking a small sum was a bait too tempting to 
be resisted, and the gambling propensities of human 
nature were called into action; and there were few, pos¬ 
sessing the means, who did not venture to embark some 
portion of their property in schemes which would now 
startle many from their wildness. At length the tide 
turned, and a sudden transition took place from un¬ 
bounded confidence to general distrust. The value of 
Colonial grain was at the same time reduced, and kept 
under, by the large importations of foreign wheat into 
Sydney and the adjacent settlements; and the great 
over-trading of 1840 caused the exchanges to be unfa¬ 
vourable, and, by abstracting large sums from the Colony, 
