12 STATE BORROWING. 



trastecl with the former period, has in every way so 

 markedly improved. 



It may be of advantage to summarise some of the 

 features which 'have led to this most satisfactory 

 result : — 



SUMMARY OF RESULTS. 



POPULATION. — The population has increased from 

 1.65 millions to 4.19 millions, or 2.59 fold. 



TOTAL EXTERNAL TRADE.— The total Imports 

 and Exports (Ex-Australian) has increased from 

 36.09 million pounds to 114.52 million pounds, or 

 3.17 fold. 



RAILWAYS :— 



MILEAGE WORKING.— The miles open of Rail- 

 ways in the six States has increased from 994 miles 

 to 14,067 miles, or 14.15 fold. 



CAPITAL INVESTED.— The capital invested in 

 construction and equipment of State Government 

 lines has increased from 9.82 million pounds to 

 140.70 million pounds, or 7.63 fold. 



PROFIT ON WORKING.— The profit on working 

 all State Railways .has increased from 5s. 7d. per 

 head to 30s. id., or 5.39 fold. 



INTEREST BURDEN ON STATE DEBTS.— The 

 interest burden on all State debts increased from 

 17s. 3d. per head to 41s. lod., or 2.43 fold. 



INTEREST BURDEN ON ALL STATE DEBTS. 

 LESS amount from profit on the working of State 

 railways alone, increased from lis. 7d. per head to 

 II?. gd., or increase of 2d. per head. 



Notwithstanding that Total Interest Burden on all 

 State debts has increased by 24s. 8d. per head, such has 

 been the increase in the profitable working of the State 

 railwavs alone^ — viz., 24s. 6d. per head — that the total in- 

 terest burden connected with the Total Debt of 240.14 

 million pounds has only been raised by 2d. per head. 

 That is, the profits to the State Treasuries from work- 

 ing railways (apart from the immeasurable material 

 benefit of opening up the lands by the cheap and rapid 

 mode of transit and communication have already almost 

 wholly wiped ofT the taxpayers' interest burden on the 



