This evening I want to present a brief survey of those basic principles which seem to me to be the foundations for sound agricultural advance in Australia. Some of these principles have often been ignored in the past development of our countryside – to our increasing national discomfiture as the years go by. I must, however, prefix my discussion of the main theme by a rather lengthy consideration of world agricultural history.

In these days of change, it is fashionable for nations to review their agricultural policies. There is every reason why they should do so, for in many respects the inter-war period was one of agricultural transition. The Great Depression which occurred in the middle of this period brought about the end of one epoch in the history of world farming. This epoch opened in the latter part of the last century with the steady exploitation of vast new areas of farm lands in various countries and brought about large increases in the volumes of many farm products entering international trade; it witnessed the modern agricultural development of the United States, Argentina, Canada, Australia and New Zealand. Economically, it was somewhat disastrous to the agricultures of some older regions, but it supported in food stuffs a great expansion of population in many European countries as well as in the regions of expanding production themselves. Financially, its rapid development was possible only because of the progressive policy of overseas loans and credits pursued by European financial organizations, notably those of Britain.