570 PROCEEDINGS OF SECTION G. 



which our debts were contracted is gold, not that we want gold, 

 but the materials necessary for local development — for railways, 

 waterworks, bridges, wharves, buildings, and for the supply of 

 the numerous private requirements — can only be purchased with 

 gold. The standard has appreciated neai-ly 50 per cent., and at its 

 appreciated purchasing power we have to value our produce, which 

 requires to be exported to meet interest and principal. 



I have annexed an extract of the imports, exports, debt, and 

 revenue of the four principal colonies of Australia to show how the 

 increased quantity of our exportable staples absorbed in payment 

 of fixed charges lessens our exchangeable surplus and reduces our 

 Avealth-producing capabilities. 



I have compared two periods, each of three vears, the first from 

 1873 to 1877, the second 1887 to 1891, and also the year 1892— 

 1873-7. 



Tonnage tons, .5,021,835 = 3 tons per head 



Imports £36,704,000 = £21 5 " 



Exports £x6,909,000 = £20 14 " 



Public debt £35,483,000 = £20 lU " 



Public revenue £ll,173,00i( = £4 8 " 



Population 1,730,000 



1887-91. 



Tonnage tons, 12,382,85't = 4|- tons per head 



Imports £57,312,000 = £20 0" 



Exports £50,784,0011 = £17 10 " 



■^ublic debt £130,024,000 = £4-5 0" 



Public revenue £.'1, 1 lo,(i00 =£760 " 



Population 2,8,^8,000 



1892. 



Tonnage tons, 1 3,459, ! 29 = 4|- tons per head 



Imports £49,728,904 = £15 19 " 



Exports £53,176,740 = £17 " " 



Public debt £152,521,117 = £48 IS 8 " 



Public revenue £-'4,30S'l77 = £7 12 9 " 



Popuiation 3,1 1 7,441 



For the first period the interest on put)lic debt at 4 per cent. . . £1,400,000 

 " " ■' private liabilities, sa}- .... £1,400,000- 



Making a total interest payment of £2,800,000 



(Being one-thirteenth of the value of exports). 

 For the second period the interest on public debt at 4 per cent. £5,200,951 

 " " " private liabilities £5,2"0,9dl 



Making a total interest payment of £10,401,902 



(Being one-fifth ot the value of exports). 

 For the year lS92the interest on the public dtbt at 4 percent £6,100,844 

 " " " private liabilities £6,100,844 



Making a total interest payment of £12,201.688 



(Being nearly one-fourth of the value of exports). 



While in the first five years since 1873 one- thirteenth part of our 

 exports sufficed to pay interest on our indebtedness, in the last five 



