IV. J. HAYDON CARDEW. 



settle on the land; such an instance may be found in the 

 recent arrangements made with William Sandford and Co. 

 by the New South Wales Government for the establishment 

 of the iron industry at Lithgow. Private enterprise can- 

 not do these things and pay dividends. 



When the Government of New South Wales made its first 

 venture in State ownership by taking over the construction 

 of the first Australian Railway from Sydney to Penrith, 

 which had been started by private enterprise, it did so 

 reluctantly, and not with any fixed idea of pursuing a policy 

 of development, but rather it was forced into the position 

 of State ownership by the exigency of circumstances, but 

 during the past fifty years, and since that event, the 

 principles that govern state ownership of railways have 

 gradually evolved, perhaps largely due to the example set 

 by the British Government in India, until at the present 

 day state ownership may be regarded as the fixed policy of 

 Australia. During the currency of the old colonial system, 

 the policy adopted by each colony in the control of its 

 railways, has been for the benefit of the respective colonies 

 owning them, but it is very doubtful whether these methods 

 which are still in force, will continue to confer the same 

 benefits upon the Federated States of Australia as a whole. 

 The great economic changes in the far East and the rise 

 of Japan to a great world power, are potent factors in the 

 condition of our circumstances of to-day, which we cannot 

 afford to ignore; our vast areas of unoccupied land, our 

 huge deposits of minerals, our great wealth of exports, and 

 withal our colour exclusiveness, are making us the object 

 of envy and covetousness to the Mongolian and other races 

 that surround us. 



The diagram exhibited on the screen is taken from Cole's 

 Cosmopolitan Reasoner, a Sydney publication, and it illus- 

 trates in a striking manner the density of the population of 

 Australia as compared with some of her neighbours. 



