As some particulars respecting the introduction of this source of national wealth into Australia may prove interesting to the public, I have put together the following details of it, upon the authenticity of which they may rely. The person who foresaw the advantage to be derived from the growth of fine wool in New South Wales, and who commenced the culture of it in that colony, was Mr. John M'Arthur. So far back, I believe, as the year 1793, not long after the establishment of the first settlement at Sydney, this gentleman commenced sheep-farming, and about two years afterwards he obtained a ram and two ewes from Captain Kent, of the royal navy, who had brought them, with some other stock for the supply of the settlement, from the Cape of Good Hope, to which place a flock of these sheep had been originally sent by the Dutch government. Sensible of the importance of the acquisition, Mr. M'Arthur began to cross his coarse-fleeced sheep with Merino blood; and, proceeding upon a system, he effected a considerable improvement in the course of a few years. So prolific was the mixed breed, that in ten years, a flock which originally consisted of not more than seventy Bengal sheep, had increased in number to 4,000 head, although the wethers had been killed as they became fit for slaughter. It appears, however, that as the sheep approached to greater purity of blood, their extreme fecundity diminished. TO REAR MERINO FLOCKS. In 1803, Mr. M'Arthur revisited England; and there happening at the time to be a committee of manufacturers in London from the clothing districts, he exhibited before them samples of his wool, which were so much approved, that the committee represented to their constituents the advantages which would result from the growth of fine wool, in one of the southern dependencies of the empire. In consequence of this a memorial was transmitted to His Majesty's government, and Mr. M'Arthur's plans having been investigated by a Privy Council, at which he was present, they were recommended to the government as worthy of its protection. With such encouragement Mr. M'Arthur purchased two ewes and three rams, from the Merino flock of His Majesty King George the Third. He embarked with them on his return to New South Wales in 1806, on board a vessel named by him "the Argo," in reference to the golden treasure with which she was freighted. On reaching the colony he removed his sheep to a grant of land which the Home Government had directed he should receive in the Cow Pastures. To commemorate the transaction, and to transmit to a grateful posterity the recollection of the nobleman who then presided over the colonies, the estate, together with the district in which it is situated, was honoured by the name of Camden. EXPORT OF WOOL TO ENGLAND.