Among other minor financial reforms for which the Morgan and Kidston Governments have earned credit is the creation of the Public Estate Improvement Trust Account, to which is charged the cost of roads, water supply, and other improvements made to Crown lands about to be thrown open for settlement, such cost being afterwards added to the selling price of those lands. Up to 30th June, 1908, 11/2 million acres of Crown land had thus been made available for selection by a total expenditure of L85,784, the value of which has thus been enhanced, it is estimated, by more than half a million sterling. This amount will ultimately find its way into consolidated revenue. And all this with a debtor balance of the account on 30th June, 1908, of only L58,287. Allowing that the profit is shown in figures yet to be realised, the estimated margin is so large that the result cannot be doubtful. [Illustration: SCENE ON BARCALDINE DOWNS, CENTRAL QUEENSLAND] [Illustration: BARCALDINE DOWNS HOMESTEAD, CENTRAL QUEENSLAND] Loan expenditure on public works, though greatly reduced, was never entirely stopped by the Morgan and Kidston Governments. In 1903 they inherited from their predecessors a loan cash balance of 11/4 millions. By compelling the local bodies to pay up arrears of redemption on local loans, by investing about L603,000 of revenue surpluses in unissued stock, with the help of interest accruing on public loan cash balances, and the annual instalments paid by the Queensland National Bank in liquidation of its extended deposit debt, nearly 31/2 millions sterling was spent on loan account during the five years ended 30th June, 1909, without placing on the money market any part of the then unissued balance of the 1902 loan. [Footnote a: The so-called surplus of L487,333 in 1872 was obtained by the transfer of L350,000 from loan fund to revenue.] [Footnote b: These net earnings are Treasury cash figures. They differ somewhat from the departmental figures, which do not deal with cash, but with book receipts and expenditure.] CHAPTER VII. THE BOOM DECADE (1880-1890). A Great Boom Decade.--Causes of Inflation of Values. --Excessive Rating Valuations.--False Basis of Assessing Capital Value.--Prodigality Succeeded by Financial Stringency and Collapse of Boom.--Difficulty in Determining Real Values.--Sir Hugh Nelson's Legislation. --Sound Finance.--Stability of State.--Prospects Good To-day.