Page:History of West Australia.djvu/153

Rh reward to the first discoverer of coal. A report was subsequently circulated that coal was found on the Murray River. Mr. Priess, a German naturalist, was then making eager researches in the settled districts.

The Bengal Association, under which a ship had been sent to inaugurate trade connections with Australia, did not long survive the first voyage made. So heavy had been the resultant losses that its affairs were wound up.

Statistics published for this period gratifyingly exhibit, in increase of figures, the splendid progress yearly made. The most momentous was the primary industry—woolgrowing. In 1839 there were 21,038 sheep in the colony, in 1840, 30,161, in 1851, 48,551, and in 1842, 60,380. From 1834 to 1842 an increase had taken place in the number of sheep of 56,835, which appears more important when in 1834: there was but a small nucleus of  3,545 to work on. The York districts in 1841 contained 34,937 sheep. Wool-growing had already become a lucrative occupation, but the profits were diminished by the enormous charges for freights to London. The export of wool in 1839 was valued (Blue Book) at £2,278, in 1840 £3,125, in 1841 £3,750, and in 1842 £6,348.

The increase in other stock was much less marked. Goats had the priority of numbers; and in 1840 the colony possessed 4,604; in 1841, 5,547 ; and in 1842, 5,613. Next came cattle: In 1839, 1,308; in 1840, 2,318; in 1841, 2,917; in 1842, 4,122. Horses increased in the same period from 367 to 1,069; and swine from 1,235 to 1,713. The high prices of stock were generally maintained. In 1840 cows brought £25 each; horses, £70 to £100; and sheep, £2 to £4 10s. In 1842 the quotations were :—Horses, £40; sheep, £1 10s.; goats, 10s.; and swine, £3.

Although at the foundation of the colony it was proposed to breed horses for the Indian market, the absence of capital prevented extensive embarkation on the enterprise. Mr. Brockman had already expended considerable money in establishing an industry, and Mr. Princep was watching opportunity. In 1842 the latter gentleman proposed to invest £5,000 in a stock farm in Victoria, and purchased from Mr. Brockman in India sheep and cattle which had cost the seller £1,100. Mr. Princep prepared to send the stock from Calcutta to Port Phillip, but meeting Sir James Stirling at dinner, he was persuaded to change the intended site. By the ex-Governor's advice Mr. Little was instructed to proceed with the stock to Champion Bay, and there form a station. At Fremantle, where the vessel first touched, Mr. M. W. Clifton induced Mr. Little to settle in the southern district. Some 20,000 acres at Leschenault were bought from S. Henty, besides other lands. Arab horses were imported from Tasmania where Mr. Princep owned a station, and coolie labour was procured from India. A magnificent estate was formed; fine horses, cattle, and sheep were reared, and a garden was cultivated, which became noted in the colony. Mr. Princep introduced buffalo from India, whose progeny ran wild for many years.

Cultivation made little general advance, and compared with the splendid increase in sheep, the increased acreage under wheat and other crops was very slight. Want of labour explains much of the difference. Farming increased in York, Northam, Toodyay, and other inland districts, but diminished slightly on the Swan. In 1839 2,725 acres were cultivated in wheat, other cereals, and gardens; in 1840, 3,296 acres; in 1841, 3,515 acres; and in 1842, 3,047 acres. In September, 1841, wheat sold at 11s. 6d. per bushel, barley 12s., oats 8s., and hay at £8 per ton. Prices receded somewhat in 1842, when sales were made at:—Wheat, 10s.; barley, 10s.; oats, 8s.; and potatoes, £10 per ton. The Government still annually purchased wheat for times of dearth by tender. A ship sailed to London in 1840 ladened wholly with local produce. The crop of wheat in 1841-2 returned twenty bushels to the acre.

With the increase in population and general wealth of towns there was a rise in selling values of town allotments. Where in 1830 a town lot could be purchased for a few shillings, in 1839  ambitious prices were asked. It is recorded that in 1839 a town lot in Perth, with garden, was sold at £400; in 1849 town lots were sold at from £40 to £48 each. Early in 1841 the upset price of 100-acre allotments on the Preston River advanced from 10s. to 15s. an acre, and later in the year to 30s. The same price ruled for allotments on the south side of Princess Royal Harbour, King George's Sound. Allotments in the reserve within the town site of York in 1840 are said to have been sold at 1s. 10d. per acre.

In recent years the colony had repeatedly shown a large deficit between revenue and expenditure, but in 1842 the difference was nearly adjusted. The revenue in that year, with receipts in aid, was £17,031, and the expenditure £18,344.

Largely through the agency of Sir James Stirling, a juncture was brought about between the Bank of Western Australia and the Bank of Australasia. It was considered to be of much importance to the colony that this union should take place, for by its means settlers were calculated to obtain cheaper money. A general meeting of shareholders of the Bank of Western Australia was held on 1st January, 1841, in Perth, to consider the subject. A letter was read from the Court of Directors of the Bank of Australasia, stating that a duly authorised agent would be sent from London to negotiate terms which would be mutually advantageous.

Another meeting took place on 24th April, which the agent, Mr. R. Lewis, attended. An amalgamation was agreed to, and the terms were arranged. These were that the Bank of Australasia pay a premium of £1 on each share in the Bank of Western Australia, that Mr. Lewis recommend his Court of Directors in London to purchase the interest of the bank in town property, and that the reserve fund and all property of the bank be disposed of for the benefit of the shareholders. In the ballot which took place fifty-seven votes were recorded in favour of the transfer, and fifty-one against. Local directors were elected in the persons of Messrs. G. Leake, P. Brown, W. B. Andrews, and Wm. Samson. In the following month the Bank of Australasia opened business in Perth, and the rate of discount on bills not exceeding three months currency was fixed at 10 per cent.

In the same year another bank was established in the colony. This was the Western Australian Bank, which subsequently became a strong agent in local industry. The new institution was established on 23rd June, 1841, with a capital of £29,000, in 2,000 shares of £10 each. The original directors were Messrs. J. S. Roe, W. Tanner, W. J. Lawrence, Ed. Hamersley, R. Hinds, R. N., John Stringer, and G. F. Stone. Mr. R. Wells was appointed cashier. The rates of discount were:—On two months' bills, 9 per cent.; three months, 9½ per cent.; above three months, 10 per cent.; above four months, 11 per cent.; and above five, and not exceeding six months, 12½ per cent. No charge was made for cash accounts, and interest was allowed on fixed deposits ranging from £5 to £500 in amount for six months