unquestionably onerous and unequal in its incidence—unless in the extreme case
no other mode
of there being open to the Government of supplying the deficiency.
The Committee, however,
is able to point to the colonial
accounts as
year in
showing not only
in excess
an
ordinary revenue, and
increasing ordinary expenditure but also large cash accumulation in the Treasury, which cannot be expended on the public works
in progress or projected for some years to come. The Committee
altogether concurs in the views expressed by His Excellency in the 8th paragraph of his published reply to the deputation to which I have already alluded, that the cost of public works of a permanent character should be met by a colonial loan and desires to add the expression of its opinion
that such a loan might be raised either here or in London on comparatively favourable terms and would be a great convenience to certain classes of investors.