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190 are of very little use. Any calculation based upon them might very easily be upset to-morrow by a new discovery, the introduction of additional capital, or the landing of a few shiploads of emigrants. In fact, the whole position of affairs in New Zealand might be transformed in a very short time, and the situation very much improved, from a commercial point of view, by the landing of a small body of capitalists and a few thousand skilled workmen, together with a number of experts in various trades. I will confine myself, therefore, to general statements. The lines upon which improvement and