Nineteen years have elapsed since the close of this period of extravagant borrowing and reckless expenditure, both public and private. For some years past Queensland has been enjoying almost unexampled prosperity, and the question naturally arises whether that prosperity may not be followed by another crisis. On this point examination of fixed property values, which are a good index, leads to a favourable conclusion. Of city or town lands there has of late years certainly been no inflation. Farming and dairying land values have no doubt risen rapidly, but not more, perhaps, than in proportion to the enhanced stable income-earning value arising from the success of the sugar and dairying industries and the enlarged markets available since federation to farmers all over Australia. In pastoral country there has certainly been no such inflation as occurred in the 1880-90 decade. Buyers discounted the future when, to justify their anticipations, the 372,105 square miles of artesian water-bearing country should have been already opened up and the country made increasingly productive by the streams from thousands of bores. To-day, as shown elsewhere in this book, artesian water is flowing to such an extent in Queensland that it would, with complete reticulation, supply 12,000,000 people with 40 gallons a day each. This in a country, too, which formerly was almost destitute of surface water. More bores are every year being put down, while geological research has lately added considerably to the area of artesian water-bearing country in Queensland. Generally trade is sound to-day, while banking deposits have made but gradual progression in volume during the last twenty years. Close settlement is rapidly going on, and the pastoral industry, which furnishes about 50 per cent. of our exports, is in a most prosperous condition after several good seasons capped by recently advancing prices. Wool alone, whose producers are realising highly satisfactory profits, formed 28.55 per cent. of our exports in 1907. Over gold mining there may be a fleeting cloud, but every year's laboratory research extends the area of remunerative ore deposits by reducing the cost of treatment. The cost of production and transport in all the primary industries is being gradually lessened. Happily there is no boom, present or prospective, to disturb the steady progress of the country; and it is reassuring to learn from recent public speeches by eminent Australian bankers that they are refusing to make advances for other than legitimate development. [Illustration: SWAN CREEK VALLEY, NEAR YANGAN, WARWICK DISTRICT] CHAPTER VIII. CROWN LANDS LEGISLATION.