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 would immediately arise a feeling that wealth was being scattered about broadcast, and that a halcyon time had come in which parsimony and prudence were no longer needed. The thing would have been too easy,—and easy things are seldom useful and are never valued.

At the present moment Great Britain is paying the Transvaal bill. The marching to and fro of the soldiers, the salaries of the Governors and other officials, the debts of the late Government, the interests on loans already made, the sums necessary for the gradual redemption of loans, I fear even a pension for the late President, are provided or are to be provided out of British taxes. The country was annexed on 12th April. On 8th June a letter was written from the Colonial Office to the Treasury, showing that we had annexed an existing debt of £217,158 for which we were responsible, and that we had expended £25,000 in marching troops up to the Transvaal for the sake of giving safety to the inhabitants and their property. The report then goes on to its natural purpose. "Lord Carnarvon is of opinion that it may be possible to meet the more immediate requirements of the moment if their Lordships will make an advance of £100,000 in aid of the revenues of the Transvaal, to be repaid as soon as practicable. Unless aid is given at once the new province would be obliged to endeavour to borrow at a ruinously high rate of interest." I doubt whether the idea of repayment has taken so strong a hold of the people in the Transvaal, as it has of the officials in Downing Street. In a former paragraph of the report the Secretary of State thus excuses himself for making the appli