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2-264 (Raw)

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12th June 1843
Bankruptcy, is almost universal and confidence in mercantile matters lost entirely - I consider Dickson Dee and R. P. Cummins the only 3 solvent men left in Maitland, and it would be difficult to name three in the neighbourhood of the town of whom so much may be said.
[Note in Margin] 1846 Cummins took to drinking and died insolvent. The other two weathered the storm.
On the 3rd April 1 was obliged to file my schedule and take the benefit of the Insolvent act, I was arrested for my bill given to release a friend from the same case a year before.
So valueless has property of all kind become that no monied engagement can be met but at most dreadful sacrifices - sheep are sold at 6d and 7d each stations given with them, horses £7 each and cattle any price picked cows for dairy of good kinds 2 guineas each fat cattle 50/- and hardly to be sold at this price, a company has been started in Sydney for the purpose of salting beef for exportation and is now putting about 25 per day away. Many proprietors are also salting, and the establishment is now going, boiling fat sheep for the fat, wethers are sold in Sydney for 3/-to 5/- - the whole community seems horror struck and nothing that can be now foreseen can avert general bankruptcy.
Nov. 15 - 1843
Bankruptcy has now overtaken or is upon the heels of almost the whole community.
1 Jan. 1844
Mr. Wentworth of Windermere has established a large boiling concern to get rid of fat stock, it is sinking daily 200 sheep [...] . all the large properties of sheep and cattle are getting down their stock by this process - the destruction is immense.