of sentiment, but is to a great extent due to the untrustworthiness of European manufacturers, who constantly send out articles inferior to those ordered.  The French in particular sin in this respect.  The Americans seem to be most to be relied upon.  Owing partly to the duty on wool, and to the small number of articles which can be exported to America, there is not nearly so much trade with the United States as might be expected.  If freights were lower, or our social relations with America closer, there would certainly be many more American manufactures in use than there are now.

Generally speaking, it may be said that trade is far more speculative and profits far larger than in Europe.  Capital requires and obtains at least half as much again in interest.  The openings for profitable speculation are greater.  In squatting, the losses are occasionally very large; but during a good season the gains are beyond all English conception, if the rate of increase of the flock, which is sometimes from 100 to 120 per cent., be taken into consideration.  You hear people say that the day of the squatter is coming to an end in Australia, and that money can no longer be profitably invested in sheep-runs.  If this be so, how is it that nearly every Melbourne merchant is also an owner of stations?  That sheep-farming can no longer be carried on with so small a capital as in the early days may be true; but if a man has the experience, and can endure the hardships of taking up new country, he has still every prospect of success.  It is in the towns only that the acquisition of wealth is becoming more difficult; but it may be laid down as a general rule, that in town or country any man with over L5,000 will, if he goes the right way to work and has ordinary luck, multiply his capital by twelve in less than a score of years; and that the impecunious man can at least find more elbow-room than at home.  Clerks are said to be a drug in the market; but that is a mere farcon de parler, expressing the fact that they are the worst-paid class in Australia.  It does not prevent them from getting better pay for less work than they do in England.

In the professions, as may be imagined, first-class men are rare.  When we get them, it is either on account of their health or their habits.  A first-rate man can do better in England than here, not only because the field is wider, but because the standard of comparison is higher.  Even a second-class man should do better at home in the long-run, though for immediate results there is no place like Australia.  But the man who will do well to emigrate is he who is just above the ordinary rank and file—­the junior optime of his profession.  The rank and file will probably do better out here, but not so much better as to compensate them for the change of scene and life; and the Australian public will take little account of a man who cannot show ability in some direction.  For specialists there is not yet much scope.  Our social organism has not yet become sufficiently heterogeneous, as the evolutionists would say, though it is gradually progressing every day.