ANNUAL TRADE. 113 



ANNUAL TRADE, INCLUDING BOTH IMPORTS AND 

 EXPORTS, FROM 1873 TO 1885. 



84,235,825 114,821,977 



The above figures represent a growth of trade that 

 is most encouraging. It is true that the balance of 

 trade is as yet on the wrong side, the imports in all 

 the colonies considerably exceeding the exports. There 

 has been also a large increase of public debt in each 

 colony. As an offset to both there are very exten- 

 sive internal improvements, not so much of an unre- 

 munerative sort as arsenals, fortifications and the like, 

 but railways, water-works, telegraphic and telephonic 

 systems, which are principally in the hands of the 

 Government, and are becoming, in some of the colonies 

 at least, very remunerative. 



Victoria could at any time, if she wished, dispose of 

 her railways in the English market and wipe out at 



