members clearly to understand the position of tho fund. I shall ask the House to permit the issue of deficiency bills to the extent of L 100,000; this will be sufficient until about the beginning of Septem ber, Since tho three million loan was autho rised, tho expenditure out of the Public. Works Fund has been, for 1882-83, a L8J7,037 , ; last year it was L1,40'J,000 > making a tota j expenditure for the two years upon pu>/...r ; work of ; but this amount Includes L 154,127 advanced fet purchase of tails for the open linen, which will b 5 tepaid by the Railways Department fts soon os • the rails arrive and are hartclod The net 1 expenditure for the two years was therefore 1/3,102,4»8* or an annual average expenditure for the two years of 3/1,070,249, inclusive of 1/106,398 expended under the Roads and liridgcri Construction.A<it; so that the. average expenditure a lifctP? exceed.** the one million a year which tho Government c.4timillcd the colony miL'ht safely spend; and this’expendi ture would have been L2C0,000 less than it is had not the Government taken upon them selves, as I have already pointed out, to order sleepers, rails, and rolling-stock in anticipation of the requirements of the current year. And now, Mr Hamlin, I should like to say a few words about the depression which prevails in the colony. In the first place, it does not arise, to any appreciable extent, either from defective laws, or errors of administration on tho part of the Government. It does not arise from the withdrawal of capital, or from the distrust of capitalists. There is no sign of such distrust to be found anywhere, so far as I know. Capital can now bo obtained in any amount, and upon reason able terlilHj fdr any. undertaking which will give a fair return for tlie dtitlfty incurred. Capital has not, as a matter of fact, been driven from our shores either by our system of direct taxation, or by tho nature of ourland laws* or by any other cause. Far more capital has flown irito the colony during tho last three years than in stay ecjrial peridd pt our history. Nor clooa the depression, arise fronl the lafge amount of Interest we nave to pay tipon dur public debt arid private borrowings,.. 