AUSTRALIA PRIOR TO 1893 75 
an industry, a bank, a company, or business of any kind, 
scarcely even a private individual who was not subjected to 
severe strain and painful loss.” * 
[t constituted a difficult situation that called for both 
economy and exertion. Resolute national economy, and efficient 
management of the country’s resources, slowly and painfully 
made up the leeway. Even during a period of falling prices for 
primary products commodities to the value of nearly three 
millions sterling in excess of the annual average for the four 
previous years were exported. Thus, by the time that Australia 
was entering the Slough of Despond more or less precipitately, 
New Zealand had triumphantly re-established herself, 
Tare VIII 
New Zealand : Population, Trade, Borrowing, and 
Banking, 1872-91 
Year 
1872 
1873 
1874 
1875 
1876 
1877 
1878 
L879 
L880 
1881 
1882 
1883 
1884 
1885 
1886 
1887 
1888 
1889 
1890 
1891 
Popula~ 
tion. 
Millions. 
0-280 
0-296 
0-342 
0-376 
0-399 
0-418 
0-433 
0-464 
0-485 
0-500 
0516 
0-538 
0-559 
0-576 
0-589 
0-602 
0-605 
0-617 
0-626 
0-634 
Imports. 
£m. 
5-14 
5-47 
8-12 | 
3-03 
390 | 
397 
3.76 
3.38 
316 
7.46 
3.61 
1.97 
7.66 
7-48 
576 
5-25 
5-94 
3-30 
3-30 
8-50 
Exports. 
£m. 
5-19 
5-61 
5-25 
5-83 
5-67 
3-33 
5-02 
5-74 
5-36 
3-06 
5-66 
7.10 
7.09 
3-82 
5-67 
5-87 
7-77 
3-34 
3-82 
2-57 
Per cent. 
Exports 
over 
Imports. 
109 
87 
64 
72 
82 
90 
69 
88 
102 
81 
7 
R9 
92 
91 
98 
109 
131 
148 
156 
Public 
debt. 
£m. 
10-0 
10-9 
134 
174 
187 
20-7 
22-6 
24-0 
28:6 
29-7 
30-2 
31-4 
32:9 
35-8 
37-6 
38-2 
38-3 
38-6 
38-8 
29.8 
Reserves 
of banks. 
£m. 
3 
1-8 
1.6 
‘6 
6 
9 
9 
9 
2-2 
2-0 
9 
RY 
2-0 
21 
72 
23 
2.3 
2 
2.5 
"YT 
Percent. 
Deposits |Reserves 
of banks. over De- 
£m. 208il8. 
3-8 
4-7 
56 
6-0 
6-2 
72 
£.9 
R-0 
R5 
9-1 
9-0 
8-7 
9-6 
10-1 
10-6 
11-0 
11-2 
11-5 
12-4 
12-6 
34-5 
33-6 
28-4 
27-4 
26-0 
25-8 
21-0 
23-9 
25-4 
22-7 
21-3 
21-6 
21-0 
20-8 
20-5 
21-3 
207 
19-2 
20-4 
19-0 
In their bearing upon our main purpose, there are certain 
features presented by this conspectus to which attention may 
be usefully directed at this point. If capital loans do enter the 
1 Pulsford, ibid... 9.