Page:The Present State and Prospects of the Port Phillip District of New South Wales.djvu/151

 I stated at the beginning of this work that on my arrival at Port Phillip I was much struck by the progress that had even then been made, and I think that I cannot better conclude this account of the district than by briefly recapitulating the marked features which indicate its present state of advancement, at a period of somewhat less than eight years from its first settlement. In the first place, then, we have a population of 20,000 souls, occupying a territory larger than Ireland, for the greater part in perfect peace and security. This population is in possession of upwards of a million and a half of sheep, one hundred thousand cattle, and about five thousand horses, which yield an export of about £300,000 per annum. This may be considered as the income of the population, giving an average of £15 a year for every man, woman, and child. A deduction should, however, be made for interest remitted on British capital invested in the district. This, however, is not large, with the exception of that in possession of the banks. Still, after making this allowance, there are few places where the exports bear so large a proportion to the population; and it is impossible that a country so circumstanced can be, or at least can long remain poor, particularly when it produces itself the chief necessaries of life. A monetary crisis, and consequent depression, may alter the distribution of property, and even for a time cramp its productive power; but as long as the elements of wealth (the power of production, and the industry to make it available) exist in a country, that country must eventually flourish; and to talk of its not possessing capital is, in my mind, a confusion of terms.