New Capital Arrived, as shown by Excess of Imports.

These figures in the aggregate—for the three colonies for the whole fifteen years—show an excess of imports, which may be taken to represent arrivals of new capital, amounting to £92,000,000. This sum may be taken as giving a fairly correct approximate estimate as regards the position of the three colonies as a whole, in connection with Great Britain, but the figures need correction as between the three colonies themselves. Victoria has some considerable interests in the other two colonies, principally in station properties and shares in mines. Mr. Hayber states that it has been ascertained that in 1890 Victoria received £453,250 dividends from the Broken Hill silver mines. It is clear that moneys received by Victoria as profits or dividends pat be deducted from the above, and not confused with new imports of capital. On the other hand the colonies that part with such moneys must make a corresponding addition, since such exports must not be taken as available to pay for imports. After careful research, we have estimated the payments to Vic- page 14 toria at an average of £500,000 per year for the first five yean, at £750,000 per year for the second period, and at £ 1,500,000 per year for the third period, contributed as follows;—By New South Wales, £250,000 per year for the first and second period. £750,000 for the third; by Queensland, £250,000 per year first period, £500,000 second period, and £750,000 the third period Of course it is understood that these figures are simply estimate the bases of calculation of which are more or less obscure. We think, however, that they are fairly accurate. New Sort Wales receives moneys from Queensland pastoral and mining properties, but we have taken no notice of this fact. If, therefore, in the following amended table any colony suffers it will be New South Wales rather than Victoria or Queensland:—