Freetrade v. Protection

Feilding Star, Volume XI, Issue 64, 16 November 1889, Page 2

Freetrade v. Protection

New South Wales and Victoria have furnished the world with a great lesson in the meritß of the rival fiscal

(lolicies of Freedom and Restriction. •Starting together aa Freetrade colmies, Victoria after twenty years of

-reedom, adopted a policy of com uercial restriction. At the time she made the change, in 1866, she had every advantage over the older colony. She was 200,000 ahead in population; she had £1,000,000 a year more re-

venue ; her external trade was £8,---:)00.000 a year larger ; her area of cultivated L;ud was larger by 150,000 icres; she was the equal of New

couth Walefl in shipping', and far

i ahead of hur iv manufacturers . Since 1866 the two colonies have pursued iheir courseß along the same lives in

nearly all respects, except as to their fiscal- policies.' The conditions of the opitiparisoh are considerably in favour <Tf Victoria. < .Yet what is the result ? Victoria, wben she was a Freetradp coiijny, was |n,^everything which nidi oatea material progress ahoad of New South Walea'j _.. but has been falling steadily behind in the race since she adopted Protection. . In 1866 the Victorian' revenue was one million more, in 1888 it -was one million less than that of New South Wales. In 1886 the imports into Victoria were valued at five millions more than those into New South Wales; last year the imports into Victoria only exceeded those into New South Wales by one million. In" 1866 the exports from Victoria were valued at three millions more than those from New South Wales ; last year they were seven millions less. In 1866, underFreetrade Victoria had already a considerable manufacturing 1 industry, whereas New South Wales could hardly be spoken of as a manufacturing colony. Yet in 1887 South Wales employed in her manufacturing industries 45,783 hands out of a population of a million, with a machinery of 26,152 horse-power ; while Victoria employed 45,773, with a machinery of 21,018 horse*power, showing a surplus in favour of New South Wales — small it is true, but still a surplus 1 , -Mr Wise's article in • Macimllan,' for July.