"This book describes and explains the economic fluctuations that occurred in New Zealand from the beginning of systematic European settlement up to the outbreak of the First World War. It is based primarily upon an analysis of available statistics; in particular those relating to external trade, banking, and public finance. But the provisional conclusions which emerge from the statistical analysis are revised and considerably extended by using a wider range of historical material. In this way a connected account is provided of the course of fluctuation in a dependent, and rapidly developing, economy." -- Inside front cover.