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be made in the good direction; but entanglements are so great; that prudent people do not give themselves full scope & our funds will not by 25 pr Ct keep up with the English funds.  If this be a fair criterion you may judge of the situation.

The overbuilding & great expense gone in to Paris, instead of greatly cramping the financial situation as in Sydney and creating a panic; is creative of an apparent buoyancy which I fear has great hollowness; as the government  is the chief builder & money lender.  You have no idea how dear hands are getting in their old country; what cost 10 sous is now currently worth, or costs 20 sous, I mean manual labour & in this country where vineyards require so many hands the expense of cultivation & of living is fully from one to two thirds more than it was when you were here.

These circumstances lead me to fear that on any extraordinary occurrence a day of reckoning must come; while your colonial government as well as

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