CONTENTS 
INTRODUCTION » 
PARTI 
CHARACTERISTIC FEATURES OF AUSTRALIAN BUSINESS AND 
AN ACCOUNT OF THE EARLY YEARS 
CHAPTER I. CHARACTERISTIC FEATURES OF AUSTRALIAN ECO- 
NOMIC HISTORY . 1 
Features of Australian business cycles—community organization and the importance 
of overseas trade—the connexion between international trade and imports of capital 
—chief factors influencing national productivity—connexion between borrowing 
and speculation in land. 
CHAPTER II. THE EARLY YEARS AND THE CRISIS OF 1840-3. 9 
Imports of capital prior to 1840—the Australian Agricultural Company and the 
land boom in New South Wales—effects of the introduction of capital upon banking 
and overseas trade—the crisis of 1840-3 in New South Wales—South Australia and 
the crisis. 
PART II 
PROSPERITY AND CRISIS AFTER THE GOLD DISCOVERIES 
CHAPTER III. THE GOLD DISCOVERIES AND THE CRISIS OF 1853 22 
Review of the decade following the discovery of gold—the course of trade—prices 
and credit—the onset of the crisis of 1853—statistical examination of the crisis— 
sconomic consequences of the gold discoveries in Australia. 
CHAPTER IV. THE QUEENSLAND INCIDENT OF 1866, AND THE 
CRISIS OF 1878 . . . . . : 
Development and progress after 1860-—Melbourne’s leadership in finance—Queens- 
land and the Overend Gurney crisis of 1866—the mining boom after 1870—the first 
railway loans—the crisis of 1878 in relation to world credit conditions. 
a9 
PART III 
THE BOOM OF 1890 AND ITS ECONOMIC CONSEQUENCES 
CHAPTER V. THE PRELUDE TO THE COLLAPSE OF 1893 . . 49 
General survey of the period 1880-90—financial organization in Australia— British 
investments in relation to the land boom—trade and credit—the wonderful year 
of 1888—the course of events in New South Wales and Victoria compared—the 
economic situation in Queensland and South Australia. 
CHAPTER VI. THE COURSE OF THE CRISIS OF 1893 . = . . 62 
The halt in capital investment—the position of the land banks—government 
deficits and industrial unrest—the Baring Crisis and its effect on the Australian 
situation—weaknesses in Australian bank policy and organization—the collapse and 
the period of reconstructions—government action during the crisis. 
CHAPTER VII. IMPORTATION OF CAPITAL INTO AUSTRALIA . 
PRIOR TO 1893 . . . 2 72 
Misapplication of capital owing to over-supply—review of the situation in New 
Zealand between 1872 and 1892—public and private investments in Australin—the 
balance of trade and movements of prices—the burden of indebtedness examined— 
population and public debt compared—national productivity in relation to the 
annual interest burden—national wealth and indebtedness.