10. can be easily absorbed. We do hold obligations payable in Australian dollars by the State of Queensland for monies advanced to construct railroad facilities for Goonyella and Peak Downs in the amount of $A 49,510,000, and these obligations are of course $10. 9 million more valuable now than they were. The financial press has expressed deep forebodings over the Australian Labor Party coming into control of the Commonwealth government. This is an extreme view that we do not share, for we have had experience with the Labor Party in control of state governments in New South Wales and in Western Australia. We have found them to be responsible people and we expect to find them so at the federal level. There will be changes in policy, shifts in emphasis, and perhaps even a learning curve on their part and ours as they take on their new responsibilities. The Labor Government has extended the Commonwealth's surveillance of export pricing to all minerals whereas under the previous government only iron ore and uranium were so policed. The Labor Government has also stated publicly as well as privately that all existing agreements and contracts will be honored, and we believe them. They have made it clear that they expect Australian participation in future projects to be expanded and they have taken steps that would make it more difficult and expensive to finance a new project now. They have expressed concern that the pace of development may have been too fast and should be slowed. However, they are committed to full employment and any Australian government must determine whether it can achieve the optimum rate of development without substantial foreign investment. The harsh fact remains that the Australian economy is limited by the size of the population and by its ability to generate capital on its own to finance projects of the magnitude that it considers necessary and desirable