1 Ava., 1899.] QUEENSLAND AGRICULTURAL JOURNAL. 151 
but paper money only represents solid cash, and it is of no use unless the value 
is there. Take Paraguay, where the paper dollar which ought to be worth 4s., 
is only worth really 73d. That is the inevitable result of issuing money 
that is not immediately redeemable. The point with paper money in 
these colonies is that you can always redeem it for gold at a moment's 
notice; and in all countries of the world where paper monéy maintains 
its value, that is the system in vogue. Dr. Thomatis’ principle may have been 
successful on the Continent, but I am afraid it is not adapted to our conditions. 
If we could get co-operation amongst farmers to be successful, it would doubt- 
less spread, but, as far as my recollection goes, it is generally a failure. The 
only instances that I can recall of its being successful is where small knots of 
farmers haye associated themselves to buy a threshing-machine or something of 
that sort. Co-operative creameries, too, have done well, but I regret to say 
that a big dairy factory that we established on this principle ended in a 
complete failure. 
Mr. W. D. Lams (Yangan): We have tried co-operation in Queensland for 
some considerable time, and up to the present I must say that it has been a 
failure in the majority of instances. Iam connected with the Warwick Farmers’ 
Milling Company. We live certainly, but we have to spend an enormous amount 
of time to keep the thing together—in fact, more time than we can afford. I 
only know of one successful co-operative company, on anything like a large 
alos that has been successful on the Downs, and that is the Greenmount 
Dairying Company. I believe it has been a success, but, on the other hand, I 
am sorry to say that the Allora Co-operative Dairy Company has been a failure. 
With regard to the help the State is giving in connection with settling people on 
the land, I think it is doing grand work. The Warwick district was the first, I 
believe, to try the repurchase principle, and at present on Glengallan and 
Toolburra a number of men are doing very well: men who would have not been 
able to obtain land otherwise. The State is doing splendid work in encouraging 
people to settle on the land, and in this way I think it is doing more good than 
all the co-operation in the colony put together. 
Mr. G. Munrz (Mosman): I have been in Victoria, where co-operation 
obtains to a great extent, especially in the matter of creameries. As you are 
aware, at the time when things were so bad in Victoria, the matter of the best 
means of finding a market for the product of the dairyman was taken into con- 
sideration by the Government, and the first thing done was to encourage the 
establishment of creameries, with the result that at the present time the whole 
of the coastal portions of Victoria are studded over with them. The same thing 
will apply to other industries, and the success of Victoria to-day has been built 
up upon these creaieries. If co-operation has been successful with creameries, 
I think it can be successful in the case of other phases of the farming industry. 
With regard to the scheme propounded by Dr. Thomatis, I think it is impractic- 
able at the present time. In Victoria they have the credit foncier system. 
The Government have appointed three commissioners, and instead of issuing 
notes they issue debentures, which are usually taken up by the Savings Bank 
Commissioners —with what is really the people’s money. Instead of giving notes, 
hard cash is issued, and these commissioners have a Government valuator, whose 
integrity is undoubted. Two-thirds of the Government valuation is advanced 
on securities at 5 per cent. interest, thus enabling farmers to get money 
cheaper than the banks would lend it at, and I understand the system has been 
a great success. I see that another issuing of debentures has been made and 
taken up by the Savings Bank people. The matter has been such a success, in 
fact, that the commissioners are flooded with applications, and the latest reports 
show that the Government is quite satisfied with the business done as well as 
with the securities tendered. . ° 
Mr, P. McLean: The last speaker forgot to add that the Victorian 
creameries were greatly stimulated by the bonus given by the Government in 
connection with the export of butter. Some years ago Victoria was in the 
happy position of having a surplus, and the then Minister for Agriculture 
