This twelfth and final volume of the series covering the economic history of Colonial NSW (mainly between 1788 and 1835) records the events leading to federation, the federation debates, and the 1901 constitution. It is a suitable and appropriate conclusion to this masterful series. Most colonial governments were formed during the 1850's and at that time federation was not under any consideration. However, the growing inter-colonial trade and general governmental affairs evidenced the gap needing to be filled by a federation and momentum grew in the 1880's and 1890's with the turn of the millenium being the ideal time to commence a federation of all colonies.