when all the circumstances have been fully set out, as they will be by Parlia mentary candidates, the oourse decided on by the Government and by an over whelming majority of the House of Representatives will have the warm approval of the vast majority of electors in the colony. This, we are confident, will be forthcoming after the Pre mier, on biß return to toe colony, has been afforded an opportunity of taking the public into his confidence and, to use a legal phrase, showing cause for his authorisation of the measure which has jast been carried by Parliament. The Acting.Premier's contention that there was a moral obligation on the part of the colony to make reasonable compen sation to the debenture holders is un questionably correct and Bhould suffice to appeal with convincing force to the public conscience. Of course in point of law the debenture holders and share* holders had absolutely no standing. Having failed utterly to fulfil the terms of their agreement they pat themselves j completely out of court and could not by law cdmpel payment of their claim! £To doubt there are many people who will be inclined to consider the ques tion from that point of view alone, arguing that the Midland Railway debenture holders, had they been able to obtain an advantage over the Go vernment, would concede only what the law compelled. Possibly enough they may be correct in their assumption ; but even so, that would afford no justifica tion for refusing to recognise the equity of the claim put forward. No doubt the moral aspect o£ the question, re ceived Borne consideration from the Go vernment but standing alone it la reason ably open to doubt whether it would in itself be sufficiently strong to move the political conscience to such an act of restitution as the Government has just committed itself. All the facts clearly enough tend to this conclusion. But none so much as the tardy manner In which the decision of the Government was taken. But in speaking thus the important fact must not be overlooked that last year the Public Accounts Com* mittee recommended Parliament to offer the debenture holders £130,000. Tht latter, however, refused to accept this sum, but intimated their willingness to accept £150,000 in satisfaction for all their demands. 