The Nineteenth Century , No 182, Apr 1892 [‎62v] (129/244)

614 THE NINETEENTH April
much public revenue may be necessary to carry on tlie macldnery
of government; and is also independent of questions relating to the
stationariness or rapidity of increase of population as regards any
parallelism between their respective ratios of increase. Indeed, it
would be a gloomy look-out for any country if the ratio of increase of
capital investments in wealth-producing machinery did not greatly
exceed the ratio of increase of its population or its public revenue.
All the hopes of economists for the amelioration and improvement
of the material condition of a people depend upon such agencies
increasing at a greater ratio than people or public revenue. Now, as
the Governments of Australasia hold the position of capitalist and
entTepTeneuT,in respect of the great industries connected with trans
port and communication, it follows that they constitute in themselves
the most important employers of labour in the community and if
they fail to make the necessary provision for bringing improved
means of transport to settlers in the freshly invaded areas of land,
they arrest the production of wealth and the further development of
the country. If such provision be made only according to the ratio
of increase of population or public revenue, no positive advance could
occur. As a matter of fact no country, in the earlier stages of its
history, can ever prosper whose capital investments in the machinery
of transport and production do not in ratio of increase greatly exceed
the ratio of increase of either people or public revenue. And yet
Mr. Fortescue bases one of his objections upon the fact that Australasia
is doing that which is most necessary for its progress and prosperity,
i.e. her debts invested in railways and tramways are increasing at a
greater ratio than either her people or public revenue. To make
further evident the fallacy of his conclusions in this respect, it can
be shown by reference to all countries that the capital invested in
railway construction—the major item in Australian indebtedness—
has ever advanced at a much higher ratio than either population or
public revenue, and more especially so at the earlier stages of railway
development.
That railway construction has in all countries made prodigious
progress since the year in which the first railway was opened in
England (September 27,1825) is proverbial. That such construction
in various countries has progressed remarkably, and at an enormously
higher ratio than the public revenue and population, is unmistakably
indicated by the following comparative statements.
Nothing could more clearly reveal the fallacy of Mr. Fortescue's
argument than the illustrations given in these tables, proving that, of
necessity, in the earlier and even in the later stages, railway construc
tion and investment have progressed in all countries, as well as in
Australasia, at an enormously higher ratio than either general
revenue or population; and, so far is this from being taken as an
objection, it has been regarded by the ablest minds as the chief
cause of the great increase of wealth and progress in modern times.