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British Economists and Australian Gold

Published online by Cambridge University Press:  03 February 2011

Craufurd D. Goodwin
Craufurd D. Goodwin
Affiliation:
Duke University
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Extract

Two events combined at the middle of the nineteenth century to draw the attention of British economists to Australia. The first was the grant of increased local autonomy through the Australian Colonies Government Act of 1850 and subsequent legislation. The prospect of colonists, rather than the British Parliament, determining colonial affairs shifted the focus of economists' interest from London overseas and caused them to ponder seriously what Britain stood to gain or lose from this transfer of authority. British musings over the virtues of self-government and the value of the colonies were given a sudden impulse by a second event, the discovery of large quantities of gold in New South Wales and Victoria in 1851.

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Articles
Information
The Journal of Economic History , Volume 30 , Issue 2 , June 1970 , pp. 405 - 426
Copyright
Copyright © The Economic History Association 1970

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References

1 Accounts of the gold rush are contained in: Blainey, Geoffrey, The Rush that Never Ended: A History of Australian Mining (Melbourne: Melbourne University Press, 1963)Google Scholar; Barrett, Charles L., ed., Gold in Australia (London: Cassell, 1951)Google Scholar; and Monaghan, Jay, Australians and the Gold Rush (Berkeley: University of California Press, 1966).Google Scholar

2 E.g., The Times, September 20, 1851, p. 8; April 7, 1852, p. 6; March 17, 1853, p. 5; January 12, 1856, p. 12; and December 30, 1856, p. 8. The Times reprinted extracts from Australian newspapers as well as original correspondence.

3 Beginning in May 1851 collections of official “Correspondence” and “Papers” relative to the gold discoveries were published in London. These contained considerable data about economic affairs as well as about other aspects of the rushes. They included extracts from Australian newspapers and comments from such prominent local residents as Westgarth, William. E.g., Correspondence Relative to the Recent Discovery of Gold in Australia (London, 1852) I, 3Google Scholarff.; (1854) II, 88ff. and 195–204. Examples of emigrant guides are: Mann, A., The Gold Fields of Australia (London, n.d., ca. 1852)Google Scholar; Nugget, , Australia and Her Treasures (London, 1852)Google Scholar; Murray's Guide to the Gold Diggings (London, 1852)Google Scholar; Anderson, R. S., Guide to Emigrants to Australia (Glasgow, 1852);Google Scholar publications of John Capper from 1852 to 1858 listed in Ferguson, J. A., Bibliography of Australia (Sydney: Angus and Robertson, 1963) V, 537–38;Google ScholarAngas, George French, Australia: A Popular Account (London, 1855);Google ScholarGeddes, William, On Emigration to New South Wales (London, 1855);Google ScholarCas-sell's Emigrants' Handbook (London, 1852); and publications of Frederic Algar listed in Ferguson, Bibliography, V, 54–57.Google Scholar

4 Examples of this large literature are: Matheson, M., Facts from the Australian Gold Diggings (London, 1852);Google Scholar Rev. David Mackenzie, The Gold Digger; A Visit to the Gold Fields of Australia in February, 1852 (London and Dublin, n.d.); Mossman, Samuel, The Gold Regions of Australia (London, 1852 and later eds.);Google ScholarMundy, Godfrey C., Our Antipodes (London, 1852);Google ScholarPepper, John Henry, The Australian Gold Fields (London, 1852);Google ScholarProut, John Skinner, A Voyage to Australia; and a Visit to the Gold Fields (London, 1852);Google ScholarLancelott, F., Australia As It Is (London, 1852 and 2d. ed., 1853);Google ScholarHussey, Henry, The Australian Colonies (London and Adelaide, n.d., ca. 1855);Google ScholarMartin, Robert M., Australia (London, n.d., ca. 1855);Google ScholarCaldwell, Robert, The Gold Era of Victoria (London, 1855)Google Scholar; Hargraves, Edward H., Australia and its Goldfields (London, 1855)Google Scholar; Campbell, William, The Crown Lands of Australia (Glasgow, 1855)Google Scholar; “Frank Foster,” The Rise and Progress of Australia, Tasmania, and New Zealand (London, 1857Google Scholar and later eds.); Askew, John, A Voyage to Australia and New Zealand (London, 1857)Google Scholar; Andrews, William PatrickColonization in India and Australia Compared (London, 1858)Google Scholar; Fowler, Frank, Southern Lights and Shadows (London, 1859)Google Scholar; Just, P., Australia (Dundee, 1859)Google Scholar; Horne, Richard Henry, Australian Facts and Prospects (London, 1859)Google Scholar; Rev. Mereweather, John Davies, Diary of a Working Clergyman in Australia and Tasmania Kept during the Years 1850–53 (London, 1859)Google Scholar; Kelly, William, Life in Victoria (London, 1859)Google Scholar; Kinloch, Arthur, Letters from South Australia (London, 1861)Google Scholar; Parkes, Henry, Freehold Homes in a Gold Country (Birmingham, 1861)Google Scholar; Flanagan, Roderick J., The History of New South Wales (London, 1862)Google Scholar; Heywood, Benjamin Arthur, A Vacation Tour at the Antipodes … (London, 1863)Google Scholar; McCombie, Thomas, The History of the Colony of Victoria (London, 1858) and Australian Sketches (London, 1861 and 2d. ser., 1866)Google Scholar; Sir MacDonnell, Richard Graves, Australia: A Lecture (Dublin, 1863)Google Scholar; Rev. Jobson, Frederick J., Australia; with Notes by the Way (London, 1862)Google Scholar; and the numerous publications of William Westgarth. Publicity attached to the gold discoveries caused the non-gold colonies to advertise their attractions in the face of this new competition. See, for example, Hull, Hugh M., The Experience of Forty Years in Tasmania (London, 1859, published with government support in three thousand copies for distribution in Britain).Google Scholar

5 A biography of Howitt by his great-niece is Amice Lee, Laurels and Rosemary: The Life of William and Mary Howitt (London: Oxford University Press, 1955).Google Scholar

6 The debate over effects of gold in the 1850's has been discussed by Sayers, R. S. in “The Question of the Standard in the Eighteen-Fifties,” Economic History (A Supplement to the Economic Journal), II (1933), 575–601,Google Scholar and more recently by Fetter, Frank, Development of British Monetary Orthodoxy 1797–1875 (Cambridge: Harvard University Press, 1965), pp. 240Google Scholar–49. Representative contributions to the discussion which paid only passing attention to Australia and were concerned mainly with currency effects in Britain are: Coulton, D. T., “Gold Discoveries,” Quarterly Review, XCI (1852), 504–40Google Scholar; Hancock, W. N., “Should Our Gold Standard of Value Be Maintained If Gold Becomes Depreciated in Consequence of Its Discovery in Australia and California?,” Report of the British Association for the Advancement of Science, XXII (1852), transactions, 116–17Google Scholar; J. Crawfurd, “On the Effects of the Gold of Australia and California,” ibid., XVII (1857), transactions, 160; Jourdan, Francis, “The Effect of the Gold Supplies on the Foreign Exchanges between the United Kingdom and Foreign Countries, and on the Price of Silver,” Journal of the Statistical Society of London, XXIV (1861), 38–54CrossRefGoogle Scholar; Patterson, R. H., The Economy of Capital, or Gold and Trade (London, 1865)Google Scholar; Johnson, G. B., “The Influence of Gold upon the Commercial and Social Condition of the World,” Blackwood's Magazine, LXXVI (1854), 576–88 and 672–90Google Scholar; Greg, Percy, “The Future Value of Gold,” Fraser's Magazine, LIX (1859), 730–44.Google Scholar For identification of contributors to several periodicals I have used Houghton, W. E., ed., The Wellesley Index to Victorian Periodicals 1824–1900 (Toronto: University of Toronto Press, 1966).Google Scholar

7 The Times City correspondent reviewed the issues posed by gold in 1852 and noted an impending conflict between “annuitants” and “landlords, ” June 25, 1852, p. 5. After this article had raised a barrage of letters to the editor, the correspondent was compelled to state that in future he could treat the subject “only in a broad and axiomatic form, and that the responsibility should be declined of making good in detail all the abstract principles that are assumed or indicated … ,” August 6, 1852, p. 2.

8 Quincey, Thomas De, “California and the Gold-Digging Mania,” in Masson, David, ed., The Collected Writings of Thomas De Quincey (London, 1897) IX, 418–27Google Scholar. Chevalier made his famous prophesy in De la monnaie (Paris, 1850)Google Scholar; Remarks on the Production of the Precious Metals and on the Depreciation of Gold, translated by Campbell, D. Forbes (London, 1853)Google Scholar; and later in a work translated by Cobden, Richard as On the Probable Fall in the Value of Gold (New York, 1859)Google Scholar. French economists were as concerned as were the English at the prospect of inflation. See also Levasseur, Emile, La question de l'or: les mines de Californie et d'Australie (Paris, 1858). A typical brief summary of opinion on the subject is contained in “Money-Market and City Intelligence,” The Times, September 19, 1856, p. 8.Google Scholar

9 Ruskin, John, “Essays on Political Economy. Being a Sequel to Papers which Appeared in the 'Cornhill Magazine,'” Fraser's Magazine, LXVI (1862), 743.Google Scholar

10 Price, Bonamy “The Great City Apostasy on Gold,” Macmillan's Magazine, VIII (1863), 124–37.Google Scholar

11 The development of Cairnes's thought on the gold question can be observed in manuscript notes he took on the subject from 1856 to 1858, now contained in the National Library of Ireland (MS 8984). Chevalier's work appears to have afforded the first inspiration. Cairnes obtained much of his information about events in Australia from the official Papers on the Gold Discoveries, William Howitt's Land, Labour and Gold, and various works of William Westgarth.

12 Cairnes, J. E. “Essay Towards a Solution of the Gold Question,” Essays in Political Economy (London, 1873), p. 99Google Scholar, reprinted from Fraser's Magazine, XV (1859), 267–78 and LXI (1860), 38–53; and “On Some of the Principal Effects of the New Gold, as an Instrument of Purchase, on the Production and Distribution of Real Wealth,” Report of the British Association for the Advancement of Science, XXVII (1857), transactions, 156–58Google Scholar. Other articles by Cairnes on the subject are “On the Laws, According to Which a Depreciation of the Precious Metals Consequent upon an Increase of Supply Takes Place, Considered in Connexion with the Recent Gold Discoveries,” ibid., XXVIII (1858), 174–75; “Mr. Ruskin on the Gold Question,” Macmillan's Magazine, IX (1863), 67–69Google Scholar; “Have the Discoveries of Gold in Australia and California Lowered the Value of Gold?,” Economist, XXI (1863), 592–93Google Scholar; and “The Consequences of the Gold Discoveries,” ibid., pp. 704–6.

13 Cairnes, “Essay Towards a Solution of the Gold Question,” p. 33.

14 MS 8984, National Library of Ireland. Cited with the generous permission of the Council of Trustees.

15 Cairnes, J. E.Some Leading Principles of Political Economy Newly Expounded (London, 1874), p. 377.Google Scholar Cairnes's analysis in this instance came to be viewed as a classic application of theory to practice. See “Politico-Economical Heterodoxy: Cliffe-Leslie,” Westminster Review, LXIV (1883), 479–80Google Scholar; and McDonnell, William D. “Prediction as a Test in Political Economy,” Economic Review, IV (1894), 477–89Google Scholar. Courtney, Lord reminisced as follows for the Political Economy Club: “I do not know a more admirable illustration of economic thought and inquiry” (Political Economy Club, Minutes of Proceedings, 1899–1920 [London, 1921], p. 327).Google Scholar

16 Jevons, William Stanley “Remarks on the Australian Gold Fields,” Memoirs of the Literary and Philosophical Society of Manchester, 3d. ser., Vol. I (1862), pp. 114–30Google Scholar; A Serious Fall in the Value of Gold Ascertained, and Its Social Effects Set Forth (London, 1863)Google Scholar; “On the Variation of Prices and the Value of the Currency Since 1782,” Journal of the Statistical Society of London, XXVIII (1865), 294–320Google Scholar; and “The Depreciation of Gold, 1847–69,” ibid., XXXII (1869), 449. The writings of Jevons in Sydney are discussed in Nauze, J. A. LaPolitical Economy in Australia (Melbourne: Melbourne University Press, 1949), pp. 26–44.Google Scholar Jevons pointed out in 1863 that the real inflation caused by gold might even be greater than index number calculations revealed if the country were experiencing a depression (“Mr. Fawcett on the Depreciation of Gold,” Economist, XXI [1863], 1041–42).Google Scholar

17 Jevons, A Serious Fall in the Value of Gold Ascertained, pp. 62 and 67.

18 Jevons, William Stanley, “Remarks on the Australian Gold Fields,” Memoirs of the Literary and Philosophical Society of Manchester, 3d. ser., Vol. I (1862), pp. 114–30Google Scholar; A Serious Fall in the Value of Gold Ascertained, and Its Social Effects Set Forth (London, 1863)Google Scholar; “On the Variation of Prices and the Value of the Currency Since 1782,” Journal of the Statistical Society of London, XXVIII (1865), 294–320Google Scholar; and “The Depreciation of Gold, 1847–69,” ibid., XXXII (1869), 449. The writings of Jevons in Sydney are discussed in Nauze, J. A. La, Political Economy in Australia (Melbourne: Melbourne University Press, 1949), pp. 26–44.Google Scholar Jevons pointed out in 1863 that the real inflation caused by gold might even be greater than index number calculations revealed if the country were experiencing a depression (“Mr. Fawcett on the Depreciation of Gold,” Economist, XXI [1863], 1041–42).Google Scholar

17 Jevons, A Serious Fall in the Value of Gold Ascertained, pp. 62 and 67.

18 Newmarch, William, “On New Supplies of Gold,” Report of the British Association for the Advancement of Science, XXIII (1853), transactions, 111.Google Scholar See also William Newmarch, “Facts and Statements Connected with the Question, Whether, in Consequence of the Discoveries within the Last Six Years, the Exchangeable Value of Gold in This Country Has Fallen Below Its Former Level,” ibid., XXIV (1854), 143; “On the Emigration of the Last Ten Years from the United Kingdom, and from France and Germany,” ibid., XXV (1855), 183; “On Some of the Economical Questions Connected with the Effect of the New Gold in Diminishing the Difficulties of the Last Few Years,” ibid., XXVII (1857), 166 (title only); and “Results of the Trade of the United Kingdom during the Year 1860; with Statements and Observations Relative to the Course of Prices Since the Year 1844,” Journal of the Statistical Society of London, XXIV (1861), 74–124.Google Scholar Newmarch devoted considerable space to these questions in his edition with Tooke, Thomas of A History of Prices (London, 1857). See especially Vol. VI, 135–236 and 667–875.Google Scholar

19 “The Depreciation of Gold,” Westminster Review, XXV (1864), 100.Google Scholar

20 Reported in SirNicholson, Charles, The Australian Colonies; Their Condition, Resources, and Prospects (reprinted from the Journal of the Society of Arts, November 27, 1863), p. 8.Google Scholar

21 MS 8984, National Library of Ireland.

22 “Gold and Emigration,” Fraser's Magazine, XLVI (1852), 127–38.Google Scholar

23 Westgarth, William, “Minute on the Progress and Commerce of Victoria, Drawn Up for and Submitted to the Melbourne Chamber of Commerce by W. Westgarth,” in Further Papers Relative to the Recent Discovery of Gold in Australia (London, 1853), 204.Google Scholar

24 Alison, Archibald, “Gold—Emigration—Foreign Dependence—Taxation,” Blackwood's Magazine, LXXII (1852), 203–17Google Scholar; “Free Trade and High Prices,” ibid., LXXIII (1853), 760–70; and “Gold and Emigration: In Their Effects, Social and Political,” ibid., LXXIV (1853), 117–28.

25 Lalor, John, Money and Morals (London, 1852), pp. 181–82.Google Scholar

26 Mayer, Henry, Marx, Engels and Australia (Melbourne: Cheshire, 1964), pp. 104–10, 122, 124, 136–40.Google Scholar

27 Fawcett, Henry, “On the Social and Economical Influence of the New Gold,” Report of the British Association for the Advancement of Science, XXIX (1859), 207,Google Scholar reprinted in Macmillan's Magazine, II (1860), 186–91.Google ScholarStephen, Leslie reported that this paper led to “the discovery of Fawcett” (Life of Henry Fawcett [London, 1885], pp. 183–84).CrossRefGoogle Scholar It is interesting that Marx agreed with this conclusion of Fawcett, , Capital, (Moscow, 1959, first published, 1894) III, 490.Google Scholar The Economist, XXI (1863), 1011,Google Scholar regarded Fawcett's paper to the British Association as one of those “very rare occasions” when “any absolutely new truth can be propounded to such a body.….Mr. Fawcett, at Newcastle, raised a question as to the effect of the gold discoveries in Australia and California, and thereby drew attention to several important but rather neglected facts.”

28 Cliffe-Leslie, T. E., “The Distribution and Value of the Precious Metals in the Sixteenth and Nineteenth Centuries,” Macmillan's Magazine, X (1864), 314.Google Scholar See also Essays in Political Economy (London, 1888), pp. 269–331.Google Scholar Cliffe-Leslie's explanation was viewed with some skepticism by more orthodox economists (e.g., “Politico-Economical Heterodoxy: Cliffe-Leslie,” Westminster Review, LXIV [1883], 479–80).Google Scholar

29 E.g., Lees, W. Nassau, The Drain of Silver to the East, and the Currency of India (London, 1864).Google Scholar

30 See Cony, B. A., Money, Saving, and Investment in English Economics 1800–1850 (New York: St. Martin's Press, 1962), esp. chs. v–viii.Google Scholar

31 Torrens, Robert, Political Economy and Representative Government in Australia (London, 1855).Google Scholar Torrens cited with approval in this pamphlet a similar analysis of the situation by Purdy, William, London Manager of the South Australian Bank, entitled South Australia and the Gold Discoveries (London, 1853).Google Scholar An earlier defense of the South Australian Bullion Act by the Lieut. Governor SirYoung, H. E. F. was published in Further Papers Relative to the Recent Discovery of Gold in Australia (London, 1853), pp. 137–38.Google Scholar

32 McCulloch, J. R., A Treatise on the Circumstances which Determine the Rate of Wages and the Condition of the Labouring Classes, including an Inquiry into the Influence of Combinations (2d. ed.; London, 1854), p. 24.Google Scholar Cf. “Sydney,” in McCulloch, J. R., A Dictionary, Practical, Theoretical and Historical, of Commerce (London, 1834), p. 1104.Google Scholar, McCulloch argued that the increased employment afforded by colonization was an important reason why the gold discoveries caused only moderate inflation. See his two articles in the eighth edition of Encyclopaedia Britannica (ed. Traill, T. S., Edinburgh, 1853–1860)Google Scholar on “Precious Metals” and “Money,” the latter reprinted in McCulloch, J. R., Treatises and Essays (Edinburgh, 1859), pp. 1–80.Google Scholar

33 William Rathbone Greg, industrialist and social critic, was one of the most eloquent exponents of the value of colonies to Britain in the 1850's. Unsigned articles by him on the subject are: “Highland Destitution and Irish Emigration,” Quarterly Review, XC (1851), 163–205Google Scholar; “Shall We Retain Our Colonies?,” Edinburgh Review, XCIII (1851), 475–98Google Scholar; “The Modern Exodus in Its Effects on the British Islands,” North British Review, XVIII (1852), 259–302Google Scholar; and “Our Colonial Empire and Our Colonial Policy,” ibid., XIX (1853), 345–98. See also, Rev. Mackenzie, Henry, A Sermon on Colonization from the Highlands and Islands of Scotland to Australia (London, 1852).Google Scholar

34 Merivale, Herman, “On the Utility of Colonies as Fields for Emigration (Read before Section F of the British Association in 1862),” Journal of the Statistical Society of London, XXV (1862), 496.Google Scholar For similar enthusiastic statements see Moule, Henry, “Emigration in the Nineteenth Century,” Home and Foreign Review, III (1863), 472–96Google Scholar; “England and Her Colonies,” Fraser's Magazine, LXVIII (1863), 454–70Google Scholar; Kennedy, Lieutenant-Colonel, “On the British Home and Colonial Empire in Its Mutual Relations,” Report of the British Association for the Advancement of Science, XXXIV (1864), 169Google Scholar [in abstract]; and Miss, Rye, “On Female Emigration,” Journal of Social Science, I (1865–1866), 445–56. Miss Rye reported that in Australasia there was “a maximum of pay for a minimum of work,” and in Queensland “if the men will only keep sober, and the women chaste, there are magnificent openings for hundreds of our countrymen yet” (pp. 446 and 454).Google Scholar

35 “An Australian California,” Economist, IX (1851), 979Google Scholar; “Sheep Farming in Australia,” ibid., p. 1097; “Wool, as Affected by the Australian Gold Digging, the Kafir War, and the State of the Continent,” ibid., pp. 1229–30; “The Australian Gold Diggings. The Supply of Wool,” ibid., X (1852), 557–58.

36 Howitt, Land, Labour and Gold, I, 37.

37 Mossman, Samuel, Our Australian Colonies: Their Discovery, History, Resources and Prospects (London, 1862), p. 334.Google Scholar

38 The Times, December 2, 1851, p. 3.

39 “The Production of Gold. The Effect on the Rate of Interest,” Economist, X (1852), 1062Google Scholar; “Western Highlanders for Australia,” ibid., pp. 588–89; and “Highland Emigration Society,” ibid., p. 676. For similar statements see also Lalor, John, Money and Morals: A Book for the Times (London, 1852), pp. 181–82.Google Scholar

40 “The Gold Diggings in Australia,” Economist, IX (1851), 1062.Google Scholar

41 Howitt, Land, Labour and Gold, I, 294–95.

42 “The Old World and the New,” Fraser's Magazine, L (1854), 305.Google Scholar

43 Plummer, John, a “factory operative” and later a colonist himself, developed this analogy for a prize essay entitled Our Colonies (London, 1864), pp. 9–10. John E. Cairnes in 1856–58 undertook extensive reading on the Spanish experience to see if lessons for Britain could be learned from it. See MS 8984, National Library of Ireland.Google Scholar

44 On this point see William Howitt, Land, Labour and Gold, I, 77. Howitt warned the colonial government to watch carefully “the low, red-republican foreigners” on the diggings who were “a class of men far below the lowest English in a knowledge of the principles of moral reform and progress, who have no ideas but of physical force, and the demolition of any existing authority” (ibid., pp. 440–41). On the question of convicts in the population he said “the old wound remains deep in the bosom of society, and will not cicatrize at present” (ibid., II, 368).

45 Grey, Earl, The Colonial Policy of Lord John Russell's Administration (London, 1853) II, 25–26, 47–56, 75–79, 109.Google Scholar

46 Howitt, Land, Labour and Gold, I, 302. See also II, 8.

47 “New Position of Australia,” Economist, XI (1853), 6.Google Scholar It should be noted that despite its strictures about convicts, the Economist was willing to sanction continued transportation to Van Diemen's Land to overcome the labor shortage (“Peopling the Southern Hemisphere,” X [1852], 88–89Google Scholar; and “The Convict System in Van Diemen's Land,” ibid.., p. 117).

48 E.g., “English Convicts: What Should be Done with Them,” Westminster Review, XXIII (1863), 1–32.Google Scholar

49 “Extracts from the Journal of a Visit to New South Wales in 1853,” Fraser's Magazine, XLVIII (1853), 506–18 and 634–47.Google Scholar For attribution of this article see Ferguson, J. A., Bibliography of Australia (Sydney: Angus and Robertson, 1963) V, 1079.Google Scholar

50 E.g., Tremenheere, J. H., “The Australian Colonies, and the Gold Supply,” Quarterly Review, CVII (1860), 37–39.Google Scholar

51 A Member of Parliament, The British Colonies. Shall We Have a Colonial Baronage? or Shall the Colonial Empire of Great Britain Be Resolved into Republics? (London, 1852), p. 8.Google Scholar

52 Howitt, , Land, Labour and Gold (Boston, 1855) II, 120. See also II, 316.Google Scholar

53 “Effects of Emigration on Production and Consumption,” Economist, XI (1853), 169.Google Scholar Other implicitly congratulatory statements are: “Emigration and Population,” ibid., pp. 140–41; “The Mineral Riches and Labour of New South Wales,” ibid., pp. 335–36; “Exports to Australia,” ibid.., pp. 922–23; “Latest from Australia,” ibid., pp. 1405–6; “The Australian Markets and Politics,” ibid., XII (1854), 614–15; “Australia,” ibid., XIII (1855), 756–57; “Protection to and Profits of Agriculture in Australia,” ibid., XVII (1859), 1120–21; “Agricultural Emigration. Who Should Emigrate?,” ibid., XXI (1863), 706–7; “Our Colonial Empire,” Westminster Review, II (1852), 405Google Scholar; Johnson, G. B., “The Coming Fortunes of Our Colonies in the Pacific,” Blackwood's Magazine, LXXVI (1854), 268–87Google Scholar; Valpy, Richard, “The Progress and Direction of British Exports, and the Influence Thereon of Free Trade and Gold,” Journal of the Statistical Society of London, XVIII (1855), 160–74CrossRefGoogle Scholar; H. S. Chapman, “The Industrial Progress of Victoria as Connected with Its Gold Mining,” ibid., XXVI (1863), 424–42; Simmonds, P. L., “On the Growth and Commercial Progress of the Two Pacific States of California and Australia,” Report of the British Association for the Advancement of Science, XXV (1855), transactions, 188–91Google Scholar; “Sketches at the Antipodes,” Fraser's Magazine, LIX (1859), 159–69.Google Scholar

54 “Australia—Gold and Markets,” Economist, XII (1854), 531–32.Google Scholar

55 “Australia, Victoria,” Economist, XIII (1855), 171.Google Scholar

56 See “Despatch from La Trobe to Newcastle, May 4, 1854,” in Further Papers Related to the Discovery of Gold in Australia (London, 1855).Google Scholar

57 Howitt, Land, Labour and Gold, I, 102, 116, 148–49, 166, 251, 319.

58 E.g., “The Condition of Victoria,” Economist, XIII (1855), 222–24 and 307–8.Google Scholar

59 Spencer, Herbert, Essays: Moral, Political and Aesthetic (New York, 1868), pp. 86–87.Google Scholar

60 “Australia,” Economist, XIII (1855), 1316Google Scholar; and “Australia—Land and Emigrants,” ibid., pp. 1064–65.

61 Howitt, Land, Labour and Gold, I, 17–18, 147, 325–26; II, 132, 138, 170, 247, 259, 311. He often contrasted the land policies of the United States with those of the colonies. For example, he wrote, “They are drawing daily from us the sinews of a gigantic empire, which, in Australia, we are repelling by all the force of idiotic folly” (ibid.,. I, 254; see also I, 258, 261, 298–300; II, 134–35 and 181). Howitt attributed even the proverbial colonial taste for drink to the misguided land policy: “The drunkard will continue a drunkard till he can buy land” (ibid., II, 119; see also II, 212 and 263).

62 Tremenheere, J. H., “The Australian Colonies and the Gold Supply,” Quarterly Review, CVII (1860), 39.Google Scholar

63 Howitt, Land, Labour and Gold, I, 25.

64 ibid., I, 40; see also II, 304 and 332–33.

65 “Transportation and Australian Sedition,” Economist, XXII (1864), 1339.Google Scholar

66 Further Papers Relative to the Discovery of Gold in Australia (London, 1856), pp. 24 and 25.Google Scholar

67 Mayer, Henry, Marx, Engels and Australia (Melbourne: Cheshire, 1964), pp. 112–14.Google Scholar

68 “An Election Contest in Australia,” Cornhill Magazine, V (1862), 34.Google Scholar

69 Smith, Goldwin, The Empire (London, 1863), pp. 66 and 179.Google Scholar

70 “The Australian Colonies and Their Federation,” Economist, XVI (1858), 111–12.Google Scholar

71 I shall examine elsewhere later changes in British economic views of Australia.