State Leasing of Land.

Now, what would have happened if we had had a large portion of our lands leased! What will prevent your city from being overburdened with rates? You have city endowments leased. Had this colony begun a policy of State leasing we would have 'had just as prosperous colonists, less taxation, and far better chances of bearing additional burdens cast upon us if the progress of this colony is not to be stayed. What an advantage it would have been if we had been able to go to the money lender or capitalist in London and say, "You need not depend upon our Customs revenue or taxation, here we have millions of acres bringing in a certain rental per year. That page 5 is the best security in the world, and I hope as we have this leasing system in force to a very limited extent—only so far as goldfields and education reserves are concerned—we will have it extended. (Cheers).