raised as South Australian Colonial Revenue Securities. This guarantee could be either Exchequer bills (banknotes) or other government securities in England. The amount was specified as £20,000. The Act provided for the establishment of local government, specifying that the local population should exceed 50,000 people. The Act allowed for the liquidation of public land, if at the end of a ten-year period, the population of the province or provinces had not reached 20,000 "natural born Subjects of His Majesty". This was to also repay any remaining debts of the South Australian Public Lands Securities. The Act further specified that the Province was to be self-sufficient; £20,000 surety had to be raised and invested in the government securities or Exchequer bills, and £35,000 worth of land had to be sold in the new colony before any settlement was permitted. These conditions were fulfilled by the close of 1835. The Act specifies the minimum price of land at twelve shillings sterling per English acre, and for the selling price of land to be an equal price per acre, irrespective of the quality of the land. South Australian Colonization Commission Under the Act, the British government appointed the South Australian Colonization Commission to oversee its implementation: with thirteen members based in London, and a Resident Commissioner appointed by the board and stationed in the colony. Those first appointed, on 5 May 1835, were Colonel Robert Torrens (Chairman), Rowland Hill (Secretary), G. Barnes (Treasurer), George Fife Angas, Edward Barnard, William Hutt, J. G. Shaw-Lefevre, William Alexander Mackinnon M.P., Samuel Mills, Jacob Barrow Montefiore, Lt Col George Palmer, and John Wright, representing the Colonial Office. Administrative power was divided between a Governor, John Hindmarsh, who represented the Crown, and the Resident Commissioner, who reported to the Colonisation Commissioners and who was responsible for the survey and sale of land as well as for organising migration and funding. The first Resident Commissioner was James Hurtle Fisher. Robert Gouger was Colonial Secretary to the Commission, John Hindmarsh was appointed Governor and William Light Surveyor-General. The Commission was responsible for land sales and for land surveying, including choosing the site for the capital city. However, the Act did not make clear the powers of the Commission vis-à-vis the Governor, which led to discord for some years. Regulations Land sales The Rules and Regulations for the Disposal of Public Lands in His Majesty's Province of South Australia, authored by