Public Debt.

27. On the 30th June, 1879, the public debt of Victoria amounted to £20,048,222. which is equivalent to a proportionate indebtedness of £22 11s. 10½d. to every man, woman, and child in the colony. About three-fourths of the debt was borrowed for the construction of railways, a seventh for works of water supply, and the remainder for defences, State-schools, graving dock, improvements to the city of Melbourne and town of Geelong, and for miscellaneous public works and buildings. Of the total amount of 20 millions, 9 millions was borrowed at 6 per cent., 2½ millions at 5 per cent., 3 millions at 4½ per cent., and millions at 4 per cent. The debentures are repayable at various periods from 1883 to 1904.