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CHAPTER II.-THE GROWTH OF AUSTRALIAN

WEALTH.

1. General.—The probate returns afford the only practical means of measuring the growth of wealth in Australia. The principle of determining the aggregate of private wealth from such returns was indicated in the early part of this article.

It was concluded after exhaustive examination that the wealth as deduced from probates should be multiplied by the factor 1.60016, and after so doing the results hereinafter given were obtained. In this connection it should be mentioned that the increasing length of the expectation of life has been fully taken into account.

2. Growth of Wealth according to Probate Returns. It was possible to carry these back as far as 1878, the result being as shown in the following table:

XXIV.-Estimate of the Growth of Private Wealth in

Australia from 1878 to 1915.

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These results show that the growth of private wealth increased almost at a uniform rate of about 45} millions sterling per annum from, say, 1879 to

1889. This came to a standstill in 1891, and the private wealth then actually decreased till 1894. This was a period of financial stress. From 1894 there was again increase, which from 1895 to 1900 averaged somewhat less than 19 millions sterling per annum. An increase at a continually accele.. rating rate followed, till about 1909, the total from. 1908 to 1909 being about £93,000,000. Subsequently the rate of increase declined, the average for the quinquennium 1919-1915 being somewhat over 62% millions per annum, and only 47 millions sterling in 1914-1915. These variations in the rate of growth of wealth and the comparison with the growth of population are best seen by means of a graph such as that hereunder.

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INDEX

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396;

Absent Vote, 86
Administration, 88
Agricultural Education, 353
Alienation of Land, 365
Annexation of Fiji (1875),

418
Application of Wages Prin-

ciples, 204
Appropriation Bill, 82
Arbitration Act (1912), 228
Arbitration Court, 11, 16,

73, 141, 183, 194, 216; In-

dustrial, 213
Asiatic Expulsion, 156
Assets, and Income, 509; Net,

1915 Census, 491-504; Par-

ticular Classes of, 502
Australia, A White, 3, 11,
59, 179, 392, 494; An In-
dependent

Nation,
and Foreign Policy, 388,
393; and Imperial Politics,
380; and Political Control,
387; and United States,

7, 8
Australian and English

Laws, 66, 110, 116-121,
125
Australian Civilization, Stan-

dards of, 6; Constitution,
71, 74-76; Immigration
Regulations, 454; Indepen-
dence, 2; Labour Party,
20, 24, 45, 84, 114, 146,
182; Nationalism, 1; Na-
tionality, Development of,
385; Outlook, 1,

229;
Political Economy, 127,
128, 129; Problems in the
Pacific, 415, 427; Senti-
ment, 394; Shipping, Re-
port on, 429; Trade, De-
fence of, 383; Workers'
Union, 38, 163, 183, 342

Barker, Mrs. 300
Barton, Sir Edmund, 393-4
Black, George M. P., 171
Boarding-out System, 293-4
Boer War, 395
Botha, General, 381
Bourke, 360
Brisbane, Governor, 360
Britannic Federal Autho-

rity, 389, 403
Brunker, Mr., 276
Burton, Rev. J. W., 434
Bush Nurses, 288
Caldwell, Mr., 274
Canadian Constitution, 59
Capital and Labour, 217
Capitalism and Industrial-

ism, 130, 136, 138
Cargill, Mrs. Jessie, 286
Carpenters' and Joiners'

Case (Sth. Australia),

198, 201, 205
Carsten's Explorations, 305
Census of Income (1915),

481; Wealth (1915), 483
Chadwick, Mrs., 300
Chamberlain, Rt. Hon.

Joseph, 384
Chapman, Mrs., 266
Children and the Women's

Movement, 292
China, 466
Chisholme, Mrs. Caroline,

289, 290
Circle, The Pernicious, 208,

212
Clark, Miss Caroline Emily,

293
Class Consciousness, 138
Classification of Land for

Settlement, 365
Climatic Factor in Settle-

ment, 326

Direct Action, 17
Discomfort, Scale of, 332
Domestic Servants, 296-7
Dominions, External Affairs

of, 79
Dugdale, Mrs., 272

Closer Settlement, 364
Coal Miners' Strike (1916),

30
Cockburn, Dr., 273, 276
Coloured Immigration, Re-

sults of, 455; Labour, 452;
Migration, Dangers of,

451
Commercial Crisis (1893),

182; Independence of Aus-

tralia, 390
Commonwealth and State

Functions, 61
Commonwealth, Arbitration

Court, 73, 216; Laws, 65,
91, 103-5, 107-9; of Aus-
tralia, Constitution Act

(1900),.57
Conference, Imperial, 397;

Inter-State Labour (1918),

45
Congresses, Trade Union, 38
Conscription Referendum,

20, 31
Constitution Act (1900), 57;

and the Courts, 64, 77
Constitutions, Australian

and Canadian, 59; Parlia-

ments and, 82
Convention, Federal (1897-

9), 61; National Aus-

tralian (1891), 60
Cook's Explorations, 308
Cost of Living, 30, 216
Craft Unionism, 183
Crawford, Mrs. Bear, 272
Crown Grants (land), 366,

368; Lands, 357, 369, 370
Cultivation, Growth of, 343
Curtis, Mr. Lionel, 382

Eastern Highlands, 316
Education, 10, 143, 251; Act

(Sir Henry Parkes), 267;
Acts, 234; Industrial, 252;
in Australia and America,
Comparison of, 262; Sum-
mary of, 265
Educational Expenditure,

238-9; System, 236-7, 253-

4, 259
Eight Hour Day, The, 11,

153
Electors, Percentage of, 87
Employers, Restrictions

Upon, 198
English and Australian

Laws, 66, 110, 116-9, 120-

1, 125
Equal Pay for Equal Work,

224
Eureka Stockade, 151
Examinations, School, 258
Exploration, and Physio-

graphy, 308; Bourke, 360;
Forrest, 315; Giles, 315;
Since 1840, 313; Stuart,
314

69;

Dairying, 344
Dampier's Explorations, 307
Darling Downs, 309
Death Rate, 11
Debt, or Negative Wealth,

498-9
Devolution Interval, 481;

Rate, 482
Dibbs, Sir George, 275

Fabian Socialism, 185
Factory Legislation, 10
Family Loan Colonisation

Society, 290
Federal Constitution,

System of Government, 57
Fegan, Mr., 277
Fisher, Mr. Andrew, 186;
Fisher, Professor Irving, 207
Foreign Jurisdiction Act.

417
Forrest, Sir John, 315
Franchise Association,

Women's, 279; Universal,
10

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