The land fund was falling off, and, unless they were prepared to sell their land wholesale for cash, they felt they must go in for farther borrowing. If the land were sold in large blocks for cash, it would lead to the shutting up of the country. It had been said that the present Government went in for pro fligate borrowing as soon as Sir John Hall left them. But in truth they were in accord with Sir John, and Sir John was in accord with them at the time. The Government saw that, without further borrowing, the expend!* tore of one and a half millions on unfinished works that had taken place would be literally thrown away. He had always been on the prudent side with regard to borrowing. The less borrowing the better. Whether or no, at the time when our present borrowing power ceased, the colony would be in a position to stop further borrowing he could not say. What ever borrowing there might be he would always be in favor of borrowing the least sum possible. Thedevelopment of the country which bad taken place by the railway was ahead of settlement. No borrowing should take place unless it were tied down to specific works, and allotted to be spent at a certain rate per year. He wished the people realised more how necessary It was to feel that their interests were bound up with those of the whole colony, and could direst themselves of all local selfishness. The public debt was thirty millions; the sums borrowed by harbor boards, municipal bodies, and counties amounted to four millions j private loans to thirty millions; and other debts to another four millions. Against this the real property of the colony, exclusive of native lands out side tbs five mile boundary, was worth one hundred and one millions, and the personal property was worth sixty-two millions. They wanted more population, and more production; THE POPULATION OP THE COLONY Was not the oae%andredth part of what the land wooldj support, and if they went in for a borrowing policy without an 1 Increase of wealth-producing power consequent on a’ pro per adjustment of land, labor, and capital, it would bo suicidal He was, therefore, glad that he had voluntary immigration, which they should promote by means as the direct steam service; He jhad also promoted assisted nominated immigration. 