AUSTRALIAN PROSPECTS 53 



the pastoral industries, dairy produce and meat. 

 Further examination of the statistics of production 

 will show that some districts, such as the Southern 

 districts of Western Australia, have maintained 

 a remarkably steady production of wheat. Of 

 the factors affecting the outlet for produce the 

 chief is the problem of railway communication. 

 Some reference has already been made to this 

 subject in dealing with the Australian meat 

 industry. The importance of efficient and 

 adequate transportation in the development 

 of a new country necessitates some further 

 consideration. 



It must be remembered that Australia is ham- 

 pered by the policy of railway construction dating 

 prior to the Federation of the States into the 

 Commonwealth of Australia, the railways of 

 each colony being of different gauge. Though 

 the State owned railways are an important asset 

 against the capital liabilities of the various States, 

 further extensions must necessarily depend to a 

 large degree on the capacity of the investing 

 public to absorb " gilt-edged " securities. It is 

 significant of present conditions ruling in the 

 money market that the Canadian Pacific Railway 

 have recently made a large issue of their common 

 stock for the purpose of paying off debentures, 

 and that the issue, though made at a high pre- 

 mium, was welcomed by investors. Another 



