PROCEEDINGS OF SECTION F. 



It may here be mentioned that the term " Austrahan " is 

 intended to include Tasmania but to exckide New Zealand, 

 as the latter colony, although represented at the Convention, 

 has evidently no immediate intention of joining the projDOsed 

 commonwealth. The debt of that colony, which at the end 

 of ] 890 amounted to £38,832,350, is therefore omitted from 

 my calculations. 



At the end of 1890 the aggregate Australian Public Debts 

 stood at a little over 143^ millions sterHng, or over £45 per 

 head. More than three-fifths of tlie total amount has been 

 borrowed by Victoria and New South "Wales; but in pro- 

 portion to population by far the largest borrowers are Queens- 

 land and South Australia, with about £72 and £64 per head 

 respectively, whilst the most moderate borrowers are Western 

 Australia and Victoria, with £28 and £37 per head. The 

 following are the figures, which are exclusive of temporary 

 treasury bills in aid of revenue : — 



Public Debts of Australian Colonies at 31s^ December, 

 1890, exclusive of New Zealand. 



Victoria 



New South Wales ... 



Queensland 



South Australia 



Western Australia ... 

 Tasmania 



Total 



Debt. 



£ 

 41,443,216 

 46,051,449 

 28,105,684 

 20,401,500' 

 1,367,444 

 6,292,800 



£143,662,093 



Amount per 

 Head. 



£ s. d. 



36 11 5 



41 1 



71 17 4 



63 18 6 



27 15 10 



43 6 3 



£45 9 3 



So rapid has been the growth of the Australian Pubhc 

 Debt to the present amount, it is not to be wondered that the 

 question should be attracting considerable notice at the 

 antipodes ; for in a period of only 20 years it has increased 

 from 28 to 144 miUions. This growth has been far in advance 

 of that of po})ulation, the debt per head at the commencement 

 of that period (1870) being only £17 as compared with over 

 £45 in 1890. This will be seen by the following figures, 

 which show the Australian indebtedness for every tenth year 

 from 1860, also for the two latest years : — 



