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Rh is entirely due to the collapse of the land speculations of last year.'

The yield of the police, lighting, water and fire brigade rates rose in 1877 to $194,838, constituting an increase of $14,945 as compared with the year 1876. This increase is explained in the Blue Book as caused by an increase in the number of tenements. In 1878 there was a further small increase amounting to $7,060, followed in the year 1879 by a large decrease amounting to $26,583 which Sir John accounted for by a lower valuation having been fixed by the valuators for the year. Next year, in 1880, the yield of the rates rose again by $59,215, explained by the restoration of the former higher valuation. In 1881, the rates fell off slightly, there being a decrease of $8,761. There was therefore little development in respect of rates on tenements, as the yield of the rates, which in 1881 produced $221,796, was only $26,958 above the produce of the same rates in 1877.

As to the land revenue, the produce of land leases was $123,064 in 1877, constituting an increase of only $2,950 as compared with the results of the preceding year. Nor was there any more variation in subsequent years, for the yield of land leases in 1881 was $123,115, shewing an increase of $51. But as to the yield of premia on leases newly granted, the case is very different. From this source there was, in 1877, through extensive land sales arranged by order of the Governor, an increase amounting to $72,158. But in 1878 there followed a decrease amounting to $73,958, another decrease of $9,624 in 1879, and again a slight increase of $4,590 in 1880. Now considering that the premia on land newly granted amounted in 1878 to $11,031, in 1879 to $1,407 and in 1880 to $5,998, it is rather startling to find that these premia suddenly rose in 1881 to $203,659. Sir John, in his speeches and official documents, laboured hard to shew that this extraordinary increase of revenue was the sober result of the natural and healthy progress of the Colony. The mania for gambling in land, which was the rage all through the year 1881, is the real solution of the puzzle.