TRANSACTIONS OF SECTION F. 483 
than in older settled communities. The taking of interest presents itself in a 
different aspect now from that of the Middle Ages, when the actual prohibitions 
of the Church were constantly evaded by ingenious legal fictions. Supposing 
farmers in Australia to obtain a profit of twenty per cent. in comparison with 
farmers in England able only to obtain, say, a profit of ten per cent., the Austra- 
lian farmers can obviously afford to pay a higher rate of interest for the use of 
the necessary capital. The rate of profit determines in general both the maximum 
and the minimum of interest. If any monetary combination were to be pro- 
posed so as to secure any monopoly of capital—a money trust—Government 
moneys and funds of insurance and other financial corporations would be oppos- 
ing factors. The wo1ld’s need for capital leads to higher prices for capital. 
Australia is necessarily affected by the outlook, but unforeseen factors may 
modify the most careful attempts to forecast the future of the rate of interest in 
Australia. 
TUESDAY, AUGUST 25. 
The following Papers and Report were read :— 
1. The Economics of Marine Fuel. By Professor A. W. Kirgaupy. 
The utility of the steamer was limited until :— 
(1) Coaling-stations were available at convenient distances on ocean routes. 
(2) Improvements were effected in the marine engine and boiler which 
resulted in a moderate consumption of fuel. Of these :— 
(1) was effected under British stimulus. First the mail routes were 
equipped with coaling-stations ; then, when these were prepared to supply fuel 
to all comers, the cargo-steamer became a possible competitor with the sailing- 
ship. Gradually all routes where steamers can operate have been provided with 
coaling-stations. In the first instance these coaling-stations were supplied with 
English coal. 
The mail and passenger services admitted of heavy expenditure which cargo- 
oats competing with sailing-ships, and without subsidies, could not have 
faced. 
(2) The second limitation to the steamer was met by the invention of the 
compound engine in the year 1858. This invention opened up the possibility 
of steamers competing with sailing-ships for world-commerce. In 1881 the 
triple-expansion engine and subsequent improvements—quadruple expansion, 
twin and quadruple screws, the geared-turbine and the internal-combustion 
engines—have completed the victory of mechanical propulsion over sails. 
At the present moment the attention of managers of cargo-steamers is 
focussed on the rivalry between the geared-turbine engine and the internal- 
combustion engine. 
Coaling-Stations, their Equipment and Supply. 
(1) At first they were English both in organisation and in supply of fuel. 
(2) Gradually came the opening up of other sources of supply of fuel for 
shipping purposes :— 
Australia, India, Japan, the United States of America, Germany, South 
Africa, etc. 
(3) Hence a restriction of the area that can be economically supplied from 
English collieries. The area has been reduced, but there has developed an 
increased demand for English coal in the smaller area. 
(4) The importance of coal freight to ocean commerce :— 
(a) ae the bulk of imports and exports in United Kingdom 
trade. 
(6) The Suez route supplied mainly with British coal. 
(c) The Panama route may be supplied with American coal. 
(ad) What this competition may entail. 
