The government had raised the minimum price of land; and thus those who were entitled to take up their surveys under a lower denomination hastened their purchases with borrowed money. The London merchants consigned immense quantities of goods on speculation which were poured into the market; the promissory notes of irresponsible persons were taken by their agents: the fraudulent laid up for the crisis; insolvent estates were crowded into auctions; goods sunk below the expenses of the factor; dividends of a few shillings in the pound represented the assets of persons indebted from L50,000 to L100,000; and had not the chief losses finally rested with the London merchants and the English banks, the disasters of the times must have long retarded colonial prosperity. The effects of this revulsion were soon felt in Van Diemen's Land, where peddling traders had thriven in momentary credit by the union of worthless names on their bills. As an instance: one hundred bushels of wheat, sold ultimately for L40, were transferred to a succession of speculating purchasers, who raised among them L1000, on credit of the exchange from one to another. The governments of the colonies had exhibited remarkable miscalculation. In all the treasury failed to meet the expenses. The deposits formerly realised by land sales were withdrawn from the banks. Debentures were issued; new taxes were imposed. The commercial panic was in full career when the crown renewed transportation to Van Diemen's Land; and thousands and tens of thousands of British offenders were gathered on these shores. The expenditure of the government, though large, was chiefly confined to the Capital, or fell into the hands of the merchants; but it is worthy of remark, that, except one house, all who could pretend to that rank maintained their position.