I - INTRODUCTION TO THE FOURTH PERIOD

Summary

The fourth period in the history of Australia began with the gold discoveries in 1851, and covered the years during which the fever of excitement consequent on those discoveries ran its course. It lasted until 1861, by which time the majority of the population had entirely recovered their equilibrium, and it was characterized by profound economic and political changes which, in so far as they were not directly produced by the gold discoveries, were greatly hastened by them. The method of Government was completely altered and placed upon a democratic basis. The legislation of the period reflected this change, especially in the treatment of the land question, which was reopened in the interests of genuine settlers, who found themselves shut out from the hope of satisfactorily establishing themselves on the land by reason of the virtual monopoly acquired by the squatters. The period saw a revolutionary change in the relations between employers and employed, the destruction of the last vestiges of convictism, and, industrially, the new creation of Australia.

When gold was discovered, the population of Australia was 405,000, a small total obtained after more than sixty years of colonization. Within five years of the discoveries this number was doubled, and in 1861 the population had reached a total of 1,154,000.