Page:The founding of South Australia.djvu/183

 capital to purchase the requisite quantity of land; to take out its own agents, servants, and other emigrants, and supply them with provisions while they carried on operations of a reproductive and remunerative character; and to provide the capital fur the working of the Colonial Government."

Mr. Angas was a remarkable man—no shrewder ever lived, and few men served his day and generation with greater energy, conscientiousness, and courage. He had proposed a scheme, and he meant to see it through. He "was ready to act on the moment, and, assisted by Mr. Henry Kingscote and Mr. Thomas Smith, at once subscribed sufficient capital to purchase the whole of the unsold land, to be handed over to the Company, when formed, at cost price, with interest at 6 per cent. This purchase was the basis of the operations of the Company, and, as a matter of fact, of all future operations of the Commissioners, and thus the initial difficulty in founding a colony under the Act was overcome. But a concession had to be made by the Commissioners to effect it. The offer for the purchase of the land was at the reduced rate of 12s. per acre, partly because it was evident there were no more purchasers to be obtained at £1 per acre, and partly because this reduced price would be an