Captain Dixon, commander of the _Skelton_, came to Van Diemen's Land in 1820. On his return to England, he published a small volume on the capabilities of the country. He suggested the formation of a pastoral company, with a capital divided into L100 shares, as a profitable scheme. Causes foreign to this enquiry reduced the marketable value of money, and awakened a speculative spirit in Great Britain: projects of every kind found favour--a madness fraught with insolvency, fraud, and ruin. But in the meantime the Van Diemen's Land Company had been formed. Men of opulence and prudence, when compared with common projectors, were concerned in its origin. They proceeded with caution, and postponed the issue of their share list until their plans were laid. Nor did they promise a dividend, but as the result of a considerable outlay, and at a distant date. Yet they drew a brilliant picture of this colony, and delineated in vivid language the riches of its soil, its relative position, and its future destinies. "Such advantages," said they, "could not long escape the penetration of the British public." It was, among their objects, to relieve Great Britain from dependence on foreign wool; to improve the quality of the Australian flocks: this object they have contributed to accomplish. They applied to Lord Bathurst for 500,000 acres of land. By his countenance they obtained an act of parliament, under which the charter of their incorporation, on the 9th November, 1825, passed the great seal. By this charter they were authorised to employ their capital in cultivation and sheep farming; to lend money on mortgage and to persons engaged in fisheries; to undertake public works on security of tolls: but they were debarred from banking and commerce. Lord Bathurst consulted Colonel Sorell: he was favorable to the company; but forwarned them that no large blocks of fertile land remained unlocated. The company received a grant of 250,000 acres, to be taken on the north-west coast in one square block; bounded by Bass's Strait on the north; on the westward by the ocean; and by a line drawn from shore to shore. After some debate, this land was valued to the company at two shillings and sixpence per acre, and the whole quit-rent charged, was "four hundred and sixty-eight pounds, sixteen shillings:" redeemable at twenty years purchase--L9,575. In the measurement, one-fourth allowed for useless land. The employment of convicts entitled the company to remission of quit-rent; L16 annually each man.