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iREADERs of this morning's cables w4il be gratified to learn that the Sydney Morning Herald is graciously disposed to be pleased with tbe policy of the Ministry as foreshadowed in (th 3( th 3 Governor's 1 sp&ecb. We had oot thought there was anything' in the speech to call forth much in tbe way oi aa expression either on one side or tbe other, but probably in its transit across the waters it has gathered to itself certain 'mr>ritß which a transmission by laod !waß! waB unable to secure. But, after all, we find that the speech is praised, not ao much for what it contains as for what it has left out — an allusion to borrowing. In this abstention our contemporary seems to think we ar@ influenced, not by a question of policy, but by a question of expediency. Iri his eyes ii is not the matured determina tion to have as little as possible to do with the foreign money lender as an ability to read the signa in the Loadon money market. Tbe failure of the New Plymouth Harbor Board to meet ita engagements is supposed to have so injured ourcredit that itwould be foolish for the Colony to ask for mure money until that sin has been expiated, Al though the Herald is probably right in taking this view it is entirely wrong in assuming that such is the cause wbieb 1 ba9 influenced the Government. As a I matter of fact no Ministry would be so Unwise as to advocate more borrowings whilst the country is in its present ! temper. A feeling has existence that ' it will be necessary on some future date to raise another loan to complete unfinished lilies to a paying point, but all seem anxious to defer tire time as iriiich iis possible. 