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 right off, rump and stump; and not even a scrap is salted down to eke out the scanty fare that must inevitably follow, when the evil days of the lean kine come upon us.

I believe that while there is a certain amount of depression in New Zealand at present, it is but temporary. The resources of the country are only in the birth throes of their exploitation. Well for all concerned if the lessons of thrift, self-denial, frugality, and the necessity for hard continuous effort, be learned now, from a temporary depression, than from the dry rot and stagnation of a widespread national deterioration and exhaustion.

Christchurch has stirring times, and a bright busy future before it yet, beyond a doubt, else the Anglo-Saxon is played out, and there is no more virtue in beef, wool, and grain. So long as grass grows and water flows, and industry merits success, so long will Canterbury flourish, and the cry of bad times from lazy croakers will have as much effect as the idle wind that wastes its energies on the sands of the desert.