the interior with wood--auctions are eternally at work--settlers are coming from their stations, or getting their provisions in. Tradesmen and mercantile men are hurry-skurrying with their orders. A vast amount of work is done up to four o'clock, and afterwards all is silence, and the place looks unlike nothing so much as itself; and yet, notwithstanding all this bustle, _money_ is altogether out of the question. From what exact cause or series of causes, I cannot tell you now--but the fact is certain that the mercantile community here is nearly _bankrupt_. There is a glut of goods, a superabundance of every thing in the market. It has been wrongfully supposed in England that every thing would sell here, and the consequence has been that an overflow of every kind of commodity has poured in upon us. The supply has doubled and trebled the demand. Upon the first establishment of these settlements the wants of the people were of course many, and their prices for stock were so good, and their speculations in land so profitable and bright, that they could afford the indulgence of a luxury, no matter what price was asked to purchase it. It is very different _now_. The staple commodity of this colony is wool. Well, so long as all the stations or sheep-runs continued unoccupied, and new settlers arrived, the price of sheep kept naturally very high; but every station that can command a due supply of water, is now in occupation, and consequently the demand for stock has ceased. Sheep, which three years ago sold for twenty-five and eighteen shillings, command now, for first quality, eight shillings and sixpence only; ordinary quality, six shillings; and middling as low as five shillings. For cash sale by sheriff-warrant, I have seen beautiful ewes, free from all disease--2000 of them--sold for two and sixpence each! Cattle three years ago sold for ten, twelve, and sometimes fifteen pounds per head. At this moment they are so plentiful that I could purchase a drove of fat cattle, two to three hundred head--and some of them weighing eighty stone--for eight pounds a beast, and that on credit too by approved bill at four months' date. Such are a few of the reasons why a damper has come over the Port Philip market, reducing amongst other things the price of wages by nearly a third. Emigrants continue to pour in, and they stare and are grievously disappointed at the rate of wages, so very different to that which they expected. Twelve months since, a single labouring man got forty pounds per annum, with weekly rations of provisions; now with his rations, he receives only twenty-five, or at most thirty pounds per annum. Married men with young families will not be hired at any rate, for they are only burdens on a station. A good thorough-bred shepherd maintains his price. He is still in great demand, and may command from sixty to seventy pounds per annum, with rations, cow's milk, free hut, and a portion of produce of