88 ADELAIDE AND VICINITY The Husbandmen sjiys Dutton, in his history, "gave no good reason for refusing to pay these bills." The Governor was directed to " issue debentures in exchange for their bills, such debentures to bear interest at five per cent, from the date at which the bills became due." A few creditors refused the debentures. The amount of (lovernor Gawler's debts met by the British Parliament, and eventually written off, was upwards of ^200,000. The loss to South Australians by the delay of the home Government in honoring the bills is well put by Dutton : "In the first place, the colonists were kept waiting 18 months before they got any settlement at all ; then they got the Governor's bills on the Lords of the Treasury, to get which cashed they had to pay the banks five jxir cent, discount. The bills were sent to England and refused acceptance ; then the lawyers got hold of them. In addition to noting protests, there was a charge of 20 per cent. ; also charge for re-exchange. Lawyers in the Province were then ordered to call for an early re-imbursement from the unfortunate endorsers, which they could not make except by handing over the debentures bearing five per cent, interest, whilst the bank interest was from 10 to 12. A child might guess the consequences to nine out of ten of the holders of these bills. Half the amount of the bills gone in expenses, and a final settlement gained after an advertisement of the properties of A, B, or C for peremptory sale." In the meantime, two measures had passed the British Parliament of paramoiint importance to South Australia. On June 22, 1842, an "Act for Regulating the Sale of Waste Lands in the Australian Colonies and New Zealand " was passed, under whrch the policy of Colonel Gawler in a])plying part of the proceeds arising from the sale of lands to purposes other than immigration was legalised. The Parliamentary Committee had taken considerable evidence on this point. Mr. E. G. Wakefield was called as a witness, and when asked by Lord Howick whether he thought it expedient to ap[)ly the whole of the proceeds of land sales to immigration, suggestively replied : " Of what use is it. my lord, to keep up the scaffolding to a building when the work is finished?" Mr. G. E. Angas is credited with making a similar remark. The new Act provided that only half of such proceeds should be devoted to introducing immigrants, while the other half was to go towards local imjirovements, the aborigines, etc. The minimum price of land was fixed at £ per acre, and the power of sale and conveyance was vested in the Governor. I he other Act embraced some of the remaining recommendations of the Parliamentary Committee, and materially altered the official status of the Province. Passed on July 15, 1842, it was entided "An Act for the Better Government of the Province of South Australia." It abolished government by Colonising Commissioners, and placed responsibility in the hands of the Secretary of State for the Colonies, thus doing away with divided authority at home. It also provided for the establishment of a form of legislation which admitted by nomination a few of the people into the deliberations of the Legislative Council, in common with the practice in other colonies. The years 1841-2 were the crucial period of the financial stress. The colonists
