LAND FEVER in SOUTH AUSTRALIA.

Daily Telegraph (Napier), Issue 3543, 16 November 1882, Page 4

LAND FEVER in SOUTH AUSTRALIA.

Tb.3 Adelaide correspondent of the Argus says :—" The land fever still rages high, and prudent men are beginning to shako their heads at the collapso which they believe is inevitable after such an excitement. Anent this remarkable mania, an incident has recently occurred which promises to furnish prolific food for the law courts. Some two or three years ago a few land speculators bought 11 'quantity of land at a place called the Grange, situated on the coast between ihe Semaphore and Henley Beach. They formed themselves into a company and tried to get the Hindmarsh Tramway Company to extend their lines to the property, but failed. They then constructed a railway to intersect the Government line to tho port at WoodTille, securing running powers over the Government line to and from Adelaide. A fortnight ago the tramway was opened, and the proprietors availed themselves of tbe opportunity of offering their land for sale by public auction on the ground. Thero was an ample supply of refreshments, and after the official opening the sale began, and people were surprised to learn next day that about £45,000 worth of land had been sold. The surprise was intensified by the report that a retired blacksmith named Trewenack had purchased on his own account no less than onehalf of the'property sold. It is said that when he awoke to the solid fact of what he had done, or when his friends made him realise it, ho went to Mr Wakefield, the auctioneer, to cry off his bargains, he and the other buyers not having signed anything at tho time of the sale, owing to the rush of the sale, and the advice of the proprietors. Mr Wakefield diplomatically pacified the alarmed purchaser by selling some of his land for him at an advance of 100 per cent. This led him to sign the conditions of sale and the agreements for the payment of the credit instalment, and he left to see his banker to get the money for the deposit. This, it is alleged, his banker refused to give, and tbe Grange Company are now taking proceedings to recover the amount from him. A strong Bar has been retained on either side, and Trewenack's pleas aro that he was drunk when he bought the land, and that the sale was dummied. These pleas are flatly contradicted by the Company, who think the man has not a leg to stand upon. At a meeting of the Company just held the Hon. It. C. JSaker, the chairman, said, irrespective of Trewenack's purchases the Company had sold £19,964 worth of land, the net profit on which was £10,080 ; and there were other sales not completed. The shares of the Company, ■which had a sudden run on the day subsequent to the large sale, have fluctuated considerably since.'