[unclear: ographical] position of New Zealand [unclear: h] as to bring her into close relation-[unclear: with] all the islands that dot the [unclear: m] Pacific, and it rests with our [unclear: been] and merchants whether this rela-[unclear: p] grows closer, or whether we lose [unclear: advntage] that it gives us. The is-[unclear: are] rapidly assuming an enhanced [unclear: in] There are several reasons why this [unclear: been]. One is the increasing importance [unclear: os] of the Powers bordering on the Ocean. Another is the anticipation early creation of a new world-[unclear: bfare] by the completion in a few [unclear: me] of the Panama Canal, which will usly increase maritime activity in [unclear: Specific]. And a third reason is the re-[unclear: able] industrial development that is on in many of the islands exploitation of the commercial [unclear: pities] of those portions of the earth's [unclear: had] till a few years ago proceeded slowly, but progress is now being [unclear: why] accelerated, and numerous com-have been, and are still bring, pro-[unclear: been] in Australia, in Great Britain, in [unclear: year], in France-almost everywhere New Zealand—for the cultivation [unclear: ber] and other products, for which [unclear: lands] are suited.

[unclear: The] Cook Group and half-n-dozen other [unclear: lds] in the neighbourhood have been an-[unclear: d] by us, and this would seem to im-[unclear: t] New Zealand recognises the posai-[unclear: s] of the islands, and that she means [unclear: play] some part in their future develop-But if that be so, there is little [unclear: bee] of that desire, and we are allowing which ought to be ours to be gar-[unclear: by] others. Australia sets a high [unclear: on] her island connection, which is to-[unclear: earth] over £2,000,000 per annum, and [unclear: ticipated], in consequence of the de-[unclear: presents] that are going on, that in a few [unclear: years] it will be worth £2,500,000 a and then be only in its infancy. Is not worth having? Compared with figures our island trade is insignificant, will continue to get smaller and smaller [unclear: s] our business people show a little [unclear: enterprise], and make some effort to [unclear: for] the requirements of these isles so to our shores.