he intervening party, consequently this
policy would be unanimous, and the long-talked of Federation
accomplished.

English Governors are a direct stumbling-block to Federation, and before
any convention is held, steps should be taken for the removal of the
obstacles.

Had Australia been self-governed, or even had the Governors been shrewd
business men, there is a great possibility that that great financial
crisis, which nearly crippled Australia and by which millions were lost,
might have been avoided. This may seem a rash statement, and yet when
the facts are considered there undoubtedly does seem to have been a
possible probability.

It is well known that the crisis did not come suddenly, for never had
there been so much warning and time given in which to prepare for an
impending catastrophe. For months and months dark and heavy clouds were
hanging over financial circles, threatening to burst at any moment.
Depositors were in a fever of excitement, they held their deposit
receipts in their hands ready to withdraw at the first alarm, their
excitement stood on the balance, ready to burst forth or to be smoothed
down into confidence by a judicious action of some responsible parties
had it been forthcoming, but, alas, the Commercial Bank of Australia was
allowed to suspend payment and the panic burst forth in every direction
and no amount of work could cool the excited crowds.

The Commercial Bank, with its numerous branches, had been doing an
extensive business, and was a prominent member of the Associated Banks,
which was formed with the idea of assisting each other. When the
Directors of the Bank saw how matters stood they approached the
association in a half-hearted way and received a half-hearted answer,
and the result was disaster.

Now, supposing that one of the Governors had been a keen, shrewd man of
business, and a man who could look far ahead of him, and supposing that
he could have forgotten that he was a mere figure-head, he would have
stepped forward and said, "The Commercial Bank shall not close its
doors." With such an affirmation, had he approached the Government of
the Colony and, through them hastily summoned the leaders of the other
Colonies, there is no doubt but that an arrangement would have been
arrived at, by which the crisis could have at least been suspended for
a sufficient time to either allow the bank to unload some of its more
pressing liabilities or to realise on its assets, and ther