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 railways most successfully, and New Zealand has shown what a Colony can do in borrowing. But the Transvaal is not as yet a well-to-do Colony, and certainly could not go into the money market with any hope of success with the mere offer of her own security,—such as that security is at this moment. This is so manifestly the case that no one proposes to do so. Mr. Burgers went home for the purpose and succeeded only in getting a quantity of material,—for which, in the end, the British Government will have to pay probably more than twice the value.

I think I am justified in saying that the idea among those who are now managing the Colony is to induce the Government at home to guarantee a loan,—which means that the Transvaal should be enabled to borrow on the best security that the world has yet produced, that namely of the British nation. And perhaps there is something to warrant this expectation on their part. The annexation, distasteful as the idea is at home of a measure so high-handed and so apparently unwarrantable, has been well received. It has been approved by our Secretary of State, who is himself approved of in what he has caused to be done by Parliament and the nation. The Secretary of State must feel a tenderness for the Transvaal, as we all do for any belonging of our own which has turned out better than we expected. The annexation has turned out so well that they who are now concerned with its affairs seem to expect that the British Government and the British Parliament will assent to the giving of such security. It may be that they are right. Writing when and where I am now I have no