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 means of knowing how far the need for such a loan and the undoubted utility of such a railway may induce those who have the power in their hands to depart from what I believe to be now the established usage of the mother country in regard to its Colonies,—viz., that of sanctioning loans only when they can be floated on the security of the Colony itself.

If I may venture to express an opinion on the subject, I think that that usage should be followed in this case. No doubt the making of the railway would be postponed in this way,—or rather would be accelerated if the British name and British credit were to be pawned for Transvaal purpose; but I doubt the justice of risking British money in such a cause. The Transvaal colonist in making such an application would in fact be asking for the use of capital at British rates of interest with the object of making colonial profits. The risk would attach wholly to the mother country. The profits, if profits should come, would belong wholly to the Colony.

Money, too, with nations and with colonies is valued and used on the same principles as with individuals. When it has been easily got, without personal labour, proffered lightly without requirement of responsibility or demand for security, it is spent as easily and too often is used foolishly. Lend a man money on security and he will know that every shilling that he spends must come at last out of his own pocket. If money for the purpose required were at once thrown into the Transvaal,—as might be the case to-morrow if the British Government were to secure the loan,—there