AUSTRALIAN CURRENCrES. 591 



have been maintained for any number of thousands of years. 

 This geometrical rate would involve a constant increase 

 of birth-rate, which Spencer has shown to be directly the 

 contrary of the fact. The two great checks are the time 

 needed to arrive at maturity and the cessation of reproduction. 

 Thus from 25 to 50 may be taken as roughly the period of 

 reproductionfor our partofthe human family. The elephant 

 is the only animal approaching man in the slowness of natural 

 increase. The birth-rate should not be reckoned on total 

 population, but on the population of reproductive age. Sex 

 and age should both be taken couiit of in our calculations. 

 The additions due to excess of births over deaths should only 

 be capitalised maturity. To do this periods of 50 years are 

 necessary to get the average of 25. This would give us, at 

 present rate in Austraha, a doubled population every 50 

 years, which is about the fact claimed by statistics. But even 

 this could not be maintained for very long. A better mode 

 still would be to compare those of the reproductive ages 

 at short periods, say of 5 or 10 years, and we should then 

 know what the near future would probably have in store for 

 us. But in any case only the near future can be fore- 

 seen. The birth-rate is very fluctuating, and this is a much 

 more important factor than the death-rate. There is nothing 

 really to be alarmed at since the present rate of increase in 

 Australia is due to many causes exceptionally favourable to 

 increase of population. These will be gradually changed 

 again and the rate will infallibly be lowered. The population 

 of the world has been probably often as numerous as at 

 present, and in fact lias always been a variable quantity and 

 constantly changing its location. Still in any case Malthus's 

 moral checks should be urged on all who will listen to them. 



13.— AUSTRALIAN CURRENCIES. 



By A. F. BASSET HULL. 

 \_Abstract.'] 

 The present paper purports to be an historical sketch of the 

 circumstances attending the adoption and issue of the various 

 local currencies which have, from time to time, enjoyed a 

 more or less ephemeral existence in the Austrahan Colonies, 

 During the twelve years that followed the first settlement 

 of Port Jackson by Captain Arthur PhilHp, in 1788, up to 



