About the year 1848 a monetary pressure occurred, and the merchants were calling in their advances made to the sheepowners. I felt that if this course was continued it would probably lead to a commercial crisis, which would depreciate the securities held by the Bank. I therefore paid off the liabilities of those whom I considered safe to the extent of about £70,000, taking up their accounts, which prevented the expected crisis, greatly increasing the business of the Bank, and nothing was ever lost on those accounts. The London Directors became alarmed, however, at those large transactions, and remonstrated with me. It is difficult, however, for gentlemen residing at so great a distance to form an accurate judgment on such transactions. In the year 1849, I received a letter from Lord Fitzroy Somerset, afterwards Lord Raglan, Military Secretary to the Commander-in Chief the Duke of York, forwarding to me a war medal and clasp. The Duke of Richmond had called the attention of the House of Lords to the fact that no medals had been granted to the army for certain distinguished battles and sieges, and moved an address to the Crown upon the subject, which was carried. A Board of General officers was appointed to consider and report upon the matter, and their recommendation was adopted. The discoveries of gold in the Province of Victoria were so rich that a perfect exodus of all classes of the male population of South Australia, except the old and young, took place. It was a time of great anxiety, on account of the numerous helpless families which were left slenderly provided for. The Adelaide men were generally successful, and having collected large quantities of gold, began returning to their families in about six months, when the scenes occurring in Adelaide were quite marvellous. A dozen weddings almost daily taking place; the bridal parties driving in carriages about town and country, and clearing the drapers’ shops of silks and satins. At the time of the exodus the notes of Banks were presented in large quantities for payment in specie, of which the Bank of South Australia, although wealthy, was nearly drained; but the demand was so sudden that there was no time to procure supplies from abroad. The Bank of Australasia held at that time about £90,000 in gold, and was prepared to aid the other Bank for mutual protection, when fortunately the scheme of the “Bullion Act” was brought into operation, and effected an immediate and wonderful change.