The Public Debt.

The net Public Debt on the 31st March, 1893, amounted to slightly over 38 millions. At the time of the commencement of the Public Works' Policy the amount was close on nine millions, so that 29 millions have been the increase up to the present date. About half of this has been absorbed by the railways already constructed and in work. The balance is made up of railways in course of construction, immigration (on a large scale between 1870 and 1880), telegraph lines, waterworks on gold fields, roads and bridges (about four millions), native land purchases, light-houses, harbours, defence works, public buildings (including schools), and some other objects of a costly nature. Part of the amount, too, is represented by the premiums paid for converting loans bearing higher rates of interest into securities involving a less annual charge. Undoubtedly large as was the scheme of public works and immigration at its inception, it developed into one yet larger. Immense pressure was brought to bear on the governments of the day to expend more money than was intended on industrial objects. The good sense of the people, as a whole, at length came to the rescue, and the determination was arrived at to "taper down" the use of borrowed money, until now there is little expenditure of the kind. The heroism with which this resolution was carried out speaks volumes for the self-denial and self-reliance of the people of New Zealand. The change meant a simpler and more economical mode of living, a reduction of wages, a closer attention to producing industries, in short, a less reliance on the Government, a greater reliance by the people on themselves. It does not seem to me that the Public Works and Immigration Policy is to be condemned, because the time came for it to be reduced within small limits. If the possibilities of abuse arising from excess were to prevent the prudent use of the good things the world provides, there would be little progress. New Zealand is now ready to become the home of millions of people which it certainly was not in 1870. The policy not only answered its primal purpose of establishing peaceful relations with the natives, but it has opened to the Colony the means of enormous progress in the future.