noised about that an overland party has arrived, that a route from the stock districts has been formed, and that the incalculable advantage of abundance of cattle at a cheap rate has been secured; landed property instantaneously rises, perhaps to double the value it had a few hours before; numbers of persons find themselves suddenly made rich without an exertion on their own part, and from all sides individuals flock to see their benefactor.  The ill clothed way-worn traveller now finds himself at once invested with the dignity of a conqueror.  On all hands he is feted, dinners are given to him, a piece of plate presented, and as he feels the sweets of renown and of the wealth which he has won he meditates fresh conquests on the trackless desert, new adventures with his tried stockmen, and further acquisitions of riches.

EFFECTS OF THEIR ENTERPRISES.

Then comes a strange change over the unoccupied Overlander; he has brought with him every head of stock which he could muster, and in the course of a few days his last beast is disposed of; his establishment is broken up, he awakes some morning and finds himself a rich man, but he has no stock; he has so much money but no cattle.  He no longer follows the long array of his stately herd and bleating flocks, his loaded drays and bearded stockmen, through the free wilderness; no longer regulates and watches their perilous course through the intricate ford of a deep river, or stands upon some solitary hill to reconnoitre the trackless country and select the line along which the motley assemblage is to pass.  He is now an idle unoccupied gentleman, the inhabitant of a boarding-house, with no object in the world before him; but ere long the plans of fresh achievements and speculations are sketched out.  You see a muster of bearded weather-beaten men, carrying short-handled whips.  The Overlander enters the group, a short consultation takes place, and in a day or two more himself and his followers are under weigh for some district where he can purchase stock cheapest and make a good start for another market.

MAGNITUDE OF THEIR OPERATIONS.

The magnitude of the operations of the Overlanders would scarcely be credited; a whole fortune is risked, and in the wilderness:  its safety depends upon good guidance; yet far from being intimidated by the thought the adventurers are only stimulated to a greater degree of activity.  The stock of an Overlander is the capital which he has invested in a single speculation; and to give an idea of the amount of this I will show, at a moderate estimate, the value of a herd, the property of an Overlander who arrived in Adelaide in the month of March 1840 from the district of Illawarra, New South Wales.

HORNED CATTLE.

260 Cows, many broken in. 230 Bullocks, 3 1/2 years old and upwards. 190 Steers, 2 1/2 years old and upwards. 39 Steers, 1 1/2 years old and upwards. 70 Heifers, two to three years old. 32 Heifers, one to two years old. 9 Bulls. 5 Calves. 20 Working Bullocks, two shafters.