leading early colonists.

I used to traverse not a few dreary empty allotments in the hot summer
sun to reach the stores of my friend the Honourable James Graham, whose
dwelling and business place in Russell, by Bourke street, seemed then
quite far out of the village, but is since in the very heart of the
great city. The course of values in the colony, early and late, is well
illustrated by this example. The allotment originally belonged to our
friend in common, S.A. Donaldson, of Sydney, who had bought for some
nominal price at the Government sale in 1837. He bought many other lots
thereabout, and towards Collingwood, further east and north; and after
the gold discoveries, he told me pathetically, oftener than once, that
his impatience to sell had lost him the status and happiness--whatever
the latter might be--of a millionaire. Donaldson had let this place,
with its house, stores, etc., good as these things went then, to Graham,
at 500 pounds a year. This was about 1838-9, when everything in business
ways was rolling jollily upwards. But some few years afterwards the
landlord's attorneys, William Ryrie and myself, had to reduce the rent
to either 100 or 50 pounds--I think the latter. Some years later, Graham
purchased at 2,000 pounds, and it is understood has lately resold at
something approaching a quarter of a million. As these matters are all
locally so well known, I feel that, as with wills at Doctor's Commons, I
tread upon no toes in such useful illustrations.

I arrived just to witness the last glories of the famous champagne
lunches, which prefaced the auction sales of these early days, and
repeatedly I saw in his element Charles Williams, the earliest of his
trade. If such lunches cost 40 pounds, which was given me as a moderate
average, who suffered, argued their justifiers, if the exhilaration they
produced gave 400 pounds more to the net proceeds? The brisk liquor