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New South Wales and Victoria have fur. nished the world with a great lesson in the merits of the rival fiscal policies of Freedom and Restriction, Starting together as Freetrade colonies, Victoria, after twenty years of freedom, adopted a policy of commercial 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 L 1,000,000 a year more revenue 'her external trade was L 8,000,000 a year larger; her area of cultivated land was larger by 150,000 acres ; she was the equal of New South W ales in shipping, and far ahead of her in manufactures. Since 1866 the two colonies have pursued their courses along the same lines in nearly all respect#, except as to their fiscal policies. The conditions of J;ho comparison are considerably in favor of Victory. Vet what is the result ? Victoria, when she was a Frcetrade colony, was In everything which indicates material progress ahead of Hew South Wales, but has been falling steadily behind in the pace since she adopted Protection. In 1866 the Victorian revenue was one million more, in 1888 it was one roilljpn less than that of N ew South Wales, In 1886 the imports into Victoria were valued at five milllsns 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 throe millions more than those from New South' Wales ; iacfc year they were seven millions less. In VOW; huder Freetrado, Victoria had a fJ»anufacturing industry, whereas New South Wales could hardly be spoken of as a manufacturing colony. Vet In I§S7 South Wales employed in her manufacture fug industries 45,783 hands, out of a population of *4 million, ? ith a machinery of 26,102 horse-power; vh#o Vietona. employed 45,770, with » machinery of 81,018 horse-power, showing & CUtplus in fftyor of New South Wales—small, it is true, bi.i( atilj a surplus,—Mr Wise’s article in Maemillan,’for July.

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A CONTRAST., Evening Star, Issue 8043, 21 October 1889

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A CONTRAST. Evening Star, Issue 8043, 21 October 1889