coj\iM i-:i. /. if. . \\n i\ni -STRIA i.. 



403 



The early banks were, of course, started with English capital, and these still hold their 

 own, but as the colonies grew in wealth local banks were, established, and have b< -I-M 

 well supported. The same remark applies to insurance companies ; fire, life, maritime 

 and guarantee risks in every form being readily accepted. There is an abundant supply, 

 too, of financial companies, trustee companies, produce and mercantile agencies of every 

 description ; and all the forms of doing business customary in Europe and America are 

 adopted with but little alteration. The only foreign bank doing business in Australia is 

 the Comptoir d'Escompte de Paris. 



Closely connected with the growing commerce of the colonies has been that part 

 of their public finance 

 which is represented 

 by their indebtedness. 

 As has been already 

 pointed out, in all the 

 colonies, the great 

 railway works, as well 

 as harbour improve- 

 ments, bridges and 

 telegraphs, have been 

 undertaken by the 

 Governments. No 

 revenue raised by tax- 

 ation could have sup- 

 plied the funds for 

 these works, nor could 

 private enterprise 

 have carried them out, 

 except by importing 

 capital to feed joint- 

 stock enterprise. In 

 either case the colo- 

 nies would have had 

 to pay the interest to 

 those who had lent 

 the m o n e y . Had 

 these great construc- 



tive enterprises been held in abeyance, the colonies could not have progressed so 

 rapidly, and the popular impatience would not brook any such delay. All the rail- 

 ways, which in earlier days were constructed by private companies, have passed into 

 the hands of the Governments, and the only private railways now remaining are" 

 the Main Trunk Line in Tasmania, and the newly-constructed land-grant lines in West- 



Australia. There has been an observable and uniform tendency, therefore, for 



iff fill 



L' -- ~ ' ""!! 



THE UNION BANK, PITT STREET, SYDNEY. 



ern 



the Governments to become the great constructors of works, which, in England and 

 America, are carried out by private capitalists. The only remaining exceptions are 



