Notwithstanding these errors (as they appear to me), which are perhaps to be attributed to the influence of circumstances and pressure of the times, I think that the colony have reason to be satisfied with the result of the first session of the Legislative Council. It has shown a laudable zeal in grappling with all the difficult questions of colonial politics, and the mass of information collected upon these subjects, and the able reports furnished by the committees which have been engaged in these investigations, are monuments highly creditable to the industry and talent of the gentlemen who composed them. It is indeed of the greatest importance that there should be some mode in which the opinions of the most respectable and most experienced of the colonists should be made known, and that there should be some source from which persons in power in England may derive information above all suspicion;
interest in the wool to B, who has an understanding with him. B takes it in his own dray, and offers it for sale to a merchant in Sydney, who makes searches against any incumbrances by B, but who has nothing to lead him to suspect that the wool was not grown by him. This merchant purchases from B, and stores the wool, and presently afterwards comes the original mortgagee X, and sells the wool to satisfy his claim, and the merchant can only claim the balance after X is satisfied, and must bring his action against B to indemnify himself. The possibility of the occurrence of a case like this is calculated to do an injury, and the very fact of a merchant having to make a search must operate as a clog on mercantile transactions. It is 80 far lucky, that the difficulty of identifying the wool on the sheep's back with the wool sold to the merchant will go far to prevent persons advancing money on this security, and so to neutralise its bad effect.
