always better when kept in the open air and fed on the spontaneous herbage of the forest.  The mildness of the seasons, therefore, spares the colonists two immense sources of expence, and will without doubt in the end, enable them to undersell and ruin the Saxon wool growers; since the only point of superiority these latter can pretend to is their greater contiguity to the market, and this, in consequence of the extreme value of the commodity, is of too trifling import to demand consideration.  The freight of wool from the colony, has already been reduced to three pence per pound, which is very little more than is paid for the transport of wool from Saxony; and all the other expences, with the exception of insurance, as brokerage, store-room, etc. are precisely the same.  Upon these grounds, therefore, I am contented to rest the support of my assertion, that the world does not at present contain so advantageous, and I might also add, so extensive an opening for the investment of capital as the one in question.

With reference to the commercial prospects presented by this colony, they are certainly much more limited, but still of very considerable scope.  The extraordinary fluctuations which are incessantly taking place in the prices of all sorts of merchandize, are evidently capable of being turned to great account by a skilful and cool calculator.  Any person of this character possessed of sufficient capital to enable him to buy goods when the market should happen to be in a state of depression, and to keep them in his store till the glut should pass by, could not fail to realize a rapid fortune.  The only event that could prevent his success, would be an imprudent avidity.  If he should be once tempted to go out of his depth, so that he would be compelled to sell whether at gain or loss, in order to make good his payments, he would most probably sink never more to rise.  But if he would never speculate beyond the compass of his actual means, he might easily clear fifty per cent. per annum on the amount of his trading capital.

Were I asked to particularize any avenue of industry not strictly included in any of the foregoing general classes, in which persons inclined to emigrate to this colony, might embark with a fair chance of success, I should say that any one who had the means of taking out a steam engine of six or eight-horse-power with the requisite machinery for sawing boards, would make it answer his purposes very well; that a timber merchant also, possessing a capital of three or four thousand pounds, might employ his funds very advantageously by establishing a timber yard; and that a skilful brewer who could command five thousand pounds and upwards, would succeed either at Sydney or Hobart Town.  It would be necessary, however, that he should understand the process of making malt, since there are no regular maltsters yet in the colony, and that he should also grow his own hops.* Until, therefore, he had established a hop plantation sufficient