50 



A^FJV SOUTH WALES. 



The Signifcance of the Present Suri)lus Exports. 



In the years when New South Wales, as well as neighbouring' 

 colonies, was importing British capital extensively for investment, the 

 imports, as was to be expected, exceeded in value the exports. But 

 we must never lose sight of the fact that probably something like 

 £100,000,000 of British capital is invested here, or is in the hands of 

 non-residents ; and that, taking the average of the five years, 1890-94, 

 payments to the extent of over £5,000,000 a year had thus to be made 

 to other countries — mainly to Great Britain. The Government 

 Statistician places this payment upon British capital, and by way of 

 incomes to non-residents at £5,168,900 per annum in the five years, 

 1890-94, inclusive; and even after the curtailment of dividends and 

 incomes since the crisis, these payments probably exceed £4,000,000. 

 In view of this important factor in New South "Wales finance, tlie 

 following marked change since 1890 carries considerable significance: — 



In 1895 the excess of exports is very striking. Thus, upon the face 

 of these returns, it is evident that this Colony is more than paying 

 its way in the shape of an excess of exports. But these valuations are 

 those at New South Wales ports ; that is, after all the imports have 

 been swelled by the cost of carriage to our shores, while at the same 

 time the exports are returned minus all shipping charges. Nor do 

 all these shipping charges accrue to the outside shipovv^ner. There are 

 968 vessels upon the New South Wales Register, with an aggregate of 

 109,372 tons, upon which 5,806 men find employment; and if these 

 earned a gross average of £100 per head there would be an addition of 

 £580,000 a year to be added to the surplus exports after meeting all 

 payments to British investors and others to the full. There were 

 questions raised in the United Kingdom at the time of the great 

 collapse in prices, and after the financial crisis in Australia, whether 

 these colonies could meet their obligations. Those questions need 

 not have been raised ; but figui'es such as those given above answer 

 them fully. When, too, it is taken into consideration that the pro- 

 duction of New South Wales is not only capable of development, 

 but is at the present time actually expanding greatly, the power 

 of her people to deal with that indebtedness and to honour their 

 obligations lies beyond the bounds of dispute. That, for a time, the 

 extravagance of the " boom " period, and its heavy commitments, were 

 followed by loss and hardship, and a curtailment of the spending 

 powers of the people was inevitable. But that period of extravagance, 

 with its actual restriction of production, is at an end, the losses have 

 already, in a great measure, been lived down, and the lesson, bitter as 

 it was at the time, has not been without its advantages. Even old 



