AUSTRALIAN FEDERAL DEBT. 



567 



Australian Puhlic Debt, 1890. — Purposes for which incurred. 



* Chiefly unexpended. 



By these figures it will be seen that nearly seven-tenths o^ 

 the debt has been devoted to railways alone, and nearly nine- 

 tenths to railways, telegraphs, water, and harbour works — all 

 of a reproductive character ; whilst the balance has been 

 chiefly applied to works of considerable national importance, 

 although not yielding a direct return, such as roads, defence 

 works, state schools, and other public works and buildings. 



About six-tenths of the public debt bears interest at 4 per 

 cent., not quite three-tenths at3|^ percent., and the remainder 

 at rates varying from 4| to 6 per cent., whilst the average 

 rate for tlie whole is slightly over 4 per cent., as may be 

 ascertained from the subjoined figures : — 



