Thamanampalli Surekha

is conducted on an equally fair footing perhaps more liberal than amongst the generally of the mercantile communities in the mother-country. The merchant will find there, and in the other towns of Australia, always a profitable field at command for the employment of his capital, whether by exporting produce or importing merchandise. With the retail dealers, on the debit-side of his ledger, he may transact a safe indent and agency business, or sell them goods upon consignment, either at his own risk or that of the shipper. In the former cash he has seven and a half percent on the amount, in the latter only five, receiving payment in the usual way, by bills and cash; and now that the accounts with gold-dust. The squatters, however, are his best customers; with them he transacts a legitimate business of barter and commission; and herein the merchant must be possessed of bonâ-fide capital, for the purpose of enabling him to grant the squatter twelve months' running credit in money and goods to carry on their stations, until they realise the means of payment from their annual clip and increase. He furnishes them with supplies of tea, sugar, and flour, and every luxury in eating and drinking; besides slop-clothing, and other descriptions of merchandise required for the use of the women and children, as well as the men upon their stations: he is not supposed to keep all those articles in his warehouse, nor to break packages for their supply but he sends the various orders to customers among the shopkeepers, who execute them. In many instances he is the settler's bankers, and cashes all drafts for money from the station, charging five per cent; as security for this outlay, he can obtain a preferable lien upon the ensuing clip of wool, which is registered in the Supreme Court of the colony. This staple commodity, with the not less remunerative product of tallow, hides, and horns, form's a valuable list entries on the credit-side of the squatter's account. This is the most profitable account in the merchant's ledger; for it does not stop here. The exportation of so much raw material to the mother-country is productive of still further profit; and when he considers that there are annually from these two colonies alone upwards of 200,000 tons of shipping employed in this traffic, he may form a rough estimate of the business done in the ports of Sydney, Melbourne, and Geelong, Thus the variety of an Australian merchant's dealings requires a head well versed in the intricacies of export and import trade, with a thorough knowledge of their financial arrangements. We put forward these particulars to be useful to the intending merchant colonist, and we can vouch from experience of their general correctness. In the same spirit we shall be excused by the ordinary reader for giving a few observations on the position the merchant should assume on establishing himself in any of the Australian towns or cities. One indispensable in London or Liverpool, so that he may appear an importer of merchandise in the colony, and they become sellers of produce in the home markets, each party thereby obtaining a profit at first hand. And from the length of time required in communicating between the two countries, the most implicit confidence should be placed in the mercantile intergrity of each other. The shipper in England should not foist inferior merchandise at high prices upon his consignee, if he expects a quick return; neither is it honest for the colonial agent to speculate with the funds realised from the sale of goods entrusted to his mercantile honour-that bulwark of British commerce,-a sin which has been flagrantly committed by some of the oldest houses in the colonies, and which has drawn upon them, the just reprehension of all upright merchants. Under all circumstances, therefore, it will be well for the trader not to speculate beyond his bonâ-fide capital; for the colonists are very suspicious of men of straw. Let him assume no higher position, likewise, in the community than his means will justify; for he who is unsuccessful in his speculations, and has to expose his nakedness in the insolvent court, finds it more difficult to resume business with white-washed garments in these communities than he would in the mother-country. There the circle of commerce being so much smaller, his transactions are better known to the public, and the man is soon discovered who transacts business wrongfully. His conduct is severely canvassed, and a brand is set upon him. Many bold schemers have mingled in the mercantile affairs of these colonies, hoping to reap a rich harvest from their speculations; but they have invariably failed. Let him avoid also companies and bubble- banks which promise large dividends, whether he has funds of his own or entrusted to him for investment. The commercial reputation of the Australian towns has suffered very materially from such projects, when the directors and managers were not men of probity. Moreover, they do not possess so many advantages for the capitalist as those which lie open to individual enterprise. We do not greatly recommend the opening of branch establishments by extensive London or Liverpool houses, without their having implicit confidence in their local partners or managers. From some cause they do not appear to have succeeded; for during the crisis of 1843 they were among the first to stop payment, and in several instances brought down the parent establishments along with them. Probably the circumstances of the junior partners being too far removed from