The Government had frequently been charged with departing from the pledges they had made about non-borrowing. It had been stated that they had increased the publio debt of tho oolony. He had always been opposed to a system of borrowing to carry on railways and publio works unless they were of a remunerative oharactor. The preient Government had accomplished what no otherprevioua Governmenthad ever been able to perform. They had iet aiide out of surpluses a sum of iißoo,ooo for publio works, This one act was worthy of com mendation. The oolomal debt bad been iooreased by L 3.792,000, but out of that amount L 3,680,000 was remunerative, and the taxes bad only hoen inoroased by some thing like L7OCO a year, The money had been borrowed in an entirely different wjy to tbe railing of loans by previous Govern ment], In other years useless railways hod been built, unsuitable immigrants had been brought out to tho colony who wece unfitted to make good colonists, and in many othor ways the money had been frifctored away. Out of the money that had been borrowed by the present Government Ll,soo,ooohad been procured for loans to farmers and others desirous of cheap money. Nothing had tended more to bring about the in creaiod prosperity to New Zealand than the lowering of the ratei of interest It had been asserted that if tho Government had not gone into tbe matter, private enterprise would have brought it down. It was very easy to iay tbat now when the thing had been successfully accomplished. He knew of loans thit had beou offered by private individuals at far higher rates than the Government were offering oheaptr money, and that theae lenders had beat to the force of oircumstanofi. That would never have beeu the cats if it had not b:eu that the Government were always at the baok of those who were want ing cheap monoy. Ihe people of the country had recognised the aheap money Gohenie as a national blessing, Of course there were those who were sorry tho monopoly was broken, but they would have to be satitfted with the lower rates of interest. Under the Land for Settlement Aot they had had no less than £227,000 borrowed for the purchase of large estates. 