BY R. M. JOHNSTON, I.S.O., F.S.S. 



II 



Has Australia benefited by this Borrowing of 

 £240,149,727, or, what may be more properly termed — 

 Taking into Partnership a Foreign Capitalist in a pro- 

 fitable undertaking? 



The best answer to this query is to contrast the year 

 1870 with the year 1906-7, within which time the bulk 

 of the Debt was contracted, as shown in the following 

 table : — 



A careful study of the contrast in the conditions of 

 the Six States of the Commonwealth between the years 

 1870 and 1906-7, covering a period of 36 years in all, 

 should convince all pessimistic observers that the past 

 policy of entering into partnership with foreign capi- 

 talists to the extent of 240 million pounds, instead of 

 being a mistake or a hindrance to Australia's financial 

 and industrial development and progress, has been the 

 principal means whereby our present conditions, con- 



