Volume 72: Macarthur family correspondence relating to wine, 1846-1900: No. 290
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