Gippsland enjoyed one year of prosperity, followed by seven years of
adversity. The price of stock declined so rapidly that in April,
1843, the very best beasts only realized 6 pounds per head, and soon
afterwards it was estimated that there were in New South Wales 50,000
fat bullocks which nobody would buy. Moreover, the government was
grievously in want of money, and in addition to the fees for
depasturing licenses, exacted half-yearly assessments on the
unsaleable flocks and herds. But the law exacted payment on live
cattle only, so the squatters in their dire distress resolved to kill
their stock and boil them, the hides and the resulting tallow being
of some value. The Hentys, in the Portland district, commenced
boiling their sheep in January, 1844, and on every station in New
South Wales the paddocks still called the "boiling down" were devoted
to the destruction of sheep and cattle and to the production of
tallow. It was found that one hundred average sheep would yield one
ton of tallow, and ten average bullocks also one ton, the price in
London ranging from 35 pounds to 42 pounds per ton. By this device
of boiling-down some of the pioneers were enabled to retain their
runs until the discovery of gold.
The squatters were assisted in their endeavours to diminish the
numbers of their live stock by their neighbours, both black and
white.
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