In June 1834 banker Charles Swanston advised his client George Mercer that land was scarce in Van Diemen's Land and he should invest across Bass Strait. Pastoralists John Aitken and George Russell suggested forming a partnership, and in August 1834 a group of eight Launceston capitalists formed what became the Port Phillip Association. On 19 November 1834 Edward Henty landed in Portland Bay and began the first permanent European settlement on the north coast of Bass Strait.
in june 1834 banker charles swanston advised his client george mercer that land was scarce in van diemen's land and he should invest across bass strait pastoralists john aitken and george russell suggested forming a partnership and in august 1834 a group of eight launceston capitalists formed what became the port phillip association on 19 november 1834 edward henty landed in portland bay and began the first permanent european settlement on the north coast of bass strait