It has long been acknowledged in New South Wales, as well as in other parts of Australia, that it takes from three to five acres to support a single sheep throughout the year. An ewe-sheep is worth about nine shillings; and if you have to buy three and a half acres of land, at three shillings, to keep her upon, the amount of capital you invest will be nineteen shillings and sixpence. The profits on the wool of this sheep, after paying all expenses of keep, shearing, freight, commission, etc., will be barely two-pence, or about one per cent upon the capital invested. But then you have her lamb? True, but you must buy an additional quantity of land to keep it upon. Still there is a gain upon the increase; and in process of time the annual profits amount up to ten and even twenty per cent. But suppose the three and a half acres of land, instead of 10 shillings and 6 pence had cost 3 pounds 10 shillings and 6 pence, it would then be perfectly absurd to think of investing money in sheep. The course pursued by the home Government, in fixing the uniform extravagant price of twenty shillings an acre upon the pastoral lands of Australia, is probably more the result of ignorance of their real value than of a desire to check or prevent emigration to that country. It is an ignorance, however, that refuses to be enlightened, and has therefore all the guilt of deliberate injury. The monstrous demand of twenty shillings an acre for crown-lands, has not only had the effect of deterring capitalists from embarking in so hopeless a speculation, but has grievously wronged the existing land-owners, by raising the price of labour. When land was sold at five shillings an acre, a fund was accumulated in the hand of the local Government that served to pay for the introduction of labouring emigrants. That fund has ceased to exist in New South Wales and in Western Australia. The value of labour has therefore risen, whilst the value of agricultural produce, by the increase of the supply beyond the demand, has grievously diminished. The advocates of the Wakefield system triumphantly inform us that there never can be a labour-fund in any colony in which private individuals are able to sell land at a cheaper rate than the Government.