It should be distinctly borne in mind by the reader, that uncleared land in a remote situation from markets possesses, properly speaking, no intrinsic value, like cleared land, for a great deal of labour or money must be expended before it can be made to produce anything to sell.  My half-pay, which amounted to about 100 pounds per annum of Canadian currency, was sufficient to keep us supplied with food, and to pay for clearing a certain extent of land, say ten acres every year, for wheat, which is immediately afterwards sown with grass-seeds to supply hay for the cattle during winter.  Unfortunately, at this period, a great change took place in my circumstances, which it was impossible for the most prudent or cautious to have foreseen.

An intimation from the War-office appeared in all the newspapers, calling on half-pay officers either to sell their commissions or to hold themselves in readiness to join some regiment.  This was a hard alternative, as many of these officers were situated; for a great many of them had been tempted to emigrate to Canada by the grants of land which were offered them by government, and had expended all their means in improving these grants, which were invariably given to them in remote situations, where they were worse than worthless to any class of settlers but those who could command sufficient labour in their own families to make the necessary clearings and improvements.

Rather than sell my commission, I would at once have made up my mind to join a regiment in any part of the world; but, when I came to think of the matter, I recollected that the expense of an outfit, and of removing my family—­to say nothing of sacrificing my property in the colony—­would render it utterly impossible for me to accept this unpleasant alternative after being my own master for eighteen years, and after effectually getting rid of all the habits which render a military life attractive to a young man.  Under these circumstances, I too hastily determined to sell out of the army.  This, of course, was easily managed.  I expected to get about 600 pounds for my commission; and, before the transaction was concluded, I was inquiring anxiously for some mode of investing the proceeds, as to yield a yearly income.

Unfortunately, as it turned out, I made a bargain with Mr. Q—–­ for twenty-five shares, of 25 pounds each, in a fine steamer, which had just been built at C—–­, and which was expected to pay at least twenty-five per cent. to the shareholders.  This amount of stock Q—–­ offered me for the proceeds of my commission, whatever amount it might be sold for; offering at the same time to return all he should receive above 600 pounds sterling.  As I had nothing but his word for this part of the agreement, he did not recollect it when he obtained 700 pounds, which was 100 pounds more than I expected.

Some boats on Lake Ontario, while the great emigration lasted, and there was less competition, yielded more than thirty per cent.; and there seemed then no reason to doubt that the new boat would be equally profitable.