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which, while not absolutely prohibiting immigration, would be just to all parties. Such a plan has, in our opinion, been supplied by Mr. Gulick for America, in his contribution to the book we have so often referred to, “ The Church and International Relations,"'* by C. S. Macfarland, New York. His fundamental principle is (p. 217) that exclusion should not be insisted on, but that “the number of immigrants who may be allowed to come from any land should depend on their ability to enter our economic life without harm to the labourers and the people now here." No nation

can allow groups to be formed in its midst who regard themselves as colonists, representatives of their homeland, in America but not of it; not learning its language nor adopting its ideals." Only so many immigrants of any people should be admitted as can be Americanised, and Americanisation depends upon the number of that people already naturalised and fitted to their environment, who can receive and mould newcomers.

He therefore proposes that the maximum permissible annual immigration from any people be a definite per cent. (say five), of the sum of the American-born children of that people, plus those who have become naturalised of the same people, and that this restriction should be imposed only on adult males. “Then,” he says, “the Federal Government should take full charge of resident aliens and should insist upon their education in American ideas, and the English language. Citizenship then should be given only to those who qualify in the schools for citizenship, and should be given to all who qualify regardless of race. " This restriction immigration provides the protection demanded by the Pacific coast and safeguards the economic welfare and rights of

industrial workers. Registration and education for citzenship provide for genuine Americanisation of immigrants from every land. Naturalisation of all who qualify

of

our

* Ut supra, p. 216.

safeguards our democratic institutions and removes differential race legislation from our statute books, and these provisions would satisfy Japan and China."

This plan, intended to meet American difficulties, would meet ours also. It is just, and moderate, and ingenious; it puts restriction on its right basis, and it would remove the reproach which absolute exclusion even if necessary always brings. Some freedom of international movement and communication, too, would be retained, while the dangers of unrestricted immigration would disappear. For Australia it would be an ideal settlement, and it would give legitimate satisfaction to all the humanitarian and religious scruples which would have to be disregarded if the only alternative to absolute exclusion were an unrestricted influx of aliens.

CHAPTER XIII.

THE PRIVATE WEALTH OF AUSTRALIA: ITS
GROWTH AND DISTRIBUTION.

By G. H. Knibbs,
Part 1.-The Nature of National Wealth.

CHAPTER 1.-INTRODUCTION. 1. General.-The aggregate Private Wealth of any homogeneous community constituting a nation, together with its corporate possessions, may be called its National Wealth. The term wealth may, however, mean several things, viz., either (i.) the wealth owned by the domiciled inhabitants (a) the corpus itself being within the country, or (b) without that restriction; or (ii.) the wealth within the country irrespective of the domicile of the owner. Owing to what has been called the “ anonymity" of capital, wealth may, of course, be owned by persons not only not domiciled in a country, but not even owing it allegiance.

Estimates of national wealth may be founded upon more or less shrewd guesses at the average wealth per unit of population; upon rough computations based upon statistics of banking deposits, together with houses and land occupied; and similar data. Such guesses, however, have relatively no authority, since their degree of accuracy cannot be ascertained. A census of the wealth of a group in any community, either taken at random, or better, properly selected, gives a result of greater weight. Estimates may also be founded upon returns of income-an uncertain method; upon the value of estates of deceased persons, considered as representative of the rest of the community, a method of some value.

The estimated values of the estates of persons dying have been supposed by many to be of more than ordinary accuracy, constituting, as it were, a most appropriate parcel, viz., one taken quite at random, and sufficiently large to be representative. The best result is, of course, furnished by a complete census of wealth.

2. Value, how estimated: its uncertainty. Though the values in which estimates of wealth are expressed must necessarily be exchange-values, these are by no means fixed and unalterable, nor are they, though necessarily the common basis of all comparisons, readily ascertainable with a high degree of accuracy. The corpus of wealth is ordinarily represented by tangible securities, e.g., currency, consols, inscribed stocks, bonds, shares, real-estate, etc. The exchange values of these, however, often rapidly fluctuate with public credit or popular appreciation. For this reason estimates of value should be made--as far as possiblemin normal times, and changes of value do not necessarily represent actual changes in the physical element constituting the wealth. When the purpose is to ascertain the material basis of wealth, the exchange value may be less important; for example, the numbers, rather than the values, of flocks and herds may, in certain cases, be more important.

3. In his "Sozialstatistik" (1908), G. Schnapner-Arndt says concerning certain tables, purporting to give the national wealth of a number of civilised countries, that the greater part of the particulars have been merely fabricated. Quite apart from the basic difficulty of accurately estimating, in terms of money, various forms of wealth, very few people can declare off-hand, with any exactitude, the value of what they possess. Moreover, values themselves have a wide range, viz., from those disclosed under conditions of " forced sale" to those when sales are under the most favourable conditions for the seller. Hence even when a comprehensive cen. sus of wealth is undertaken, and all persons

are

required to furnish, under appropriate categories, the value of all material wealth possessed by them, with every safeguard to avoid repeated inclusion of the same items (as when encumbrances exist) the result is subject to a larger margin of uncertainty. than is commonly appreciated. A comparison of estimates of value made at “boom” times with those made at ordinary times is but an extreme case of this uncertainty. It is evident, from these and similar considerations, that comparisons of wealth, estimated as existing at different dates, are subject to a large measure of uncertainty, quite apart from that arising from the varying significance of the money standard, and deductions based on such estimates, expressed in terms of pounds sterling, have to be used with corresponding caution.

Among estimates of wealth with any pretensions to accuracy there are two, at least, which take a high place, viz.:-(1) Estimates furnished in a Census of Wealth (usually made by its possessors); (2) estimates of wealth disclosed through death (probate returns). The first is usually fairly complete, and is of a precision governed by the integrity of the returns themselves. Where the returns do not systematically either understate or overstate, the final result may be regarded as of high precision,

Although the second method is obviously of the nature of an average parcel, it is only a partial return, since probate returns are not required for estates of small value. The total wealth will, therefore, be under-estimated if no allowance be made for this fact. Moreover, for short periods the returns themselves are subject to a considerable measure of uncertainty as "representative parcels," inasmuch as large estates come under review only with great irregularity. Moreover, wealth is transferred during lifetime, often to persons of a lower age.

4. Sense in which Wealth is attributable to Individuals.-A person living in any community may possess wealth consisting of lands, goods, or instruments of credit, (a) within the territory occupied

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