CHAP. 3.—REGULATION IN AUSTRALIA 19

A comparison of the two tables shows that the differences between
the six States as regards the increase of nominal wages are small.
South Australia and Tasmania, where the population is less concentrated
 in industrial areas than in New South Wales, Victoria, and
Western Australia, show a slightly smaller increase of nominal
wages, but an increase in prices as high as in the other States, and
therefore a less favorable movement of real wages. But even in
these States, and more so in the others, the increase in nominal wages
Is greater than the increase in prices. The real wages have risen
considerably, but not in any extravagant way if we compare them
with the movement during the same period in other countries without
 legal fixation of wages.
The system of wage fixation independently of disputes (in Vietoria
 and Tasmania) and that of wage fixation more or less in
connection with disputes (in the other States of Australia) had, as a
whole. similar results 35

Effect on National Prosperity
To ascertain how that moderate increase in the living standards of
the working population has affected the bases of public prosperity, a
comparison of bank assets may be instructive. The total assets of
Jade pying banks of Australia during the last six years were as
ollows 36

Quarter ending June 30—
O22
L928 ee
+.
I. itis mmm lim mm
026. neg
907

Total assets
302, 185, 648
327, 458, 496
335, 452, 422
347, 842, 100
370, 844, 006
205. 346. 098

Commercial capital has accumulated undisturbed by wage fixation.
The increase of wages also strengthened directly the financial basis
of the country. The number of savings bank accounts and the total
amount of deposits in the last six vears have increased as follows * %

End of fiscal year—
921-22.
1922-23 ____ —-1923-24
 ee
1924-2"
1925-2
1996-9

Number of Amount
open accounts on deposit
3, 413, 280 £162, 273, 233
2, 598, 901 171, 643, 812
3, 798, 662 176, 871, 477
7,992, 201 183, 035, 774
182, 566 195, 451, 540
461. 904 204. 159. 682

The number of accounts is about equal to the total adult population
of Australia, the whole population on June 80, 1927, being 6,167,000;
financial democracy proves to be a sound basis for accumulation of
capital.

+ ® Compare, ou the other hand, the figures for certain highly organized trades in New
South Wales (p. 16), which are somewhat higher than the corresponding figures for
Victoria. The strength of unionism is, of course, of more importance in the former State
than under the boards of Victoria; but the general state-wide figures are, nevertheless,
very similar in both States.
® Australin. Bureau of Census and Statistics. Quarterly Summary of Australian
Statistics, Melbourne, September, 1927, p. 58.