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B U DGET 
 
 SPEECH 
 
 — OF — 
 
 HON. J. H. TURNER. 
 
 Hon. Mr. Tiunku inovcd tluit tlu; lioii.se 
 go into ('iiiiiniiltco of .supply, antl jirocutMled 
 to (Iclivei- till! iiniiiial liiulget Sjicecli. Ht! 
 .sail I : In moving tlic rosoliition forgoing 
 into ('oinniittei! of MU|)|ily I pro])ose to fol- 
 low lie nii'tlioil tliat lia.s lioon a<io)>toil f(»r 
 sevuial yt-ars past, as, though that nictlioil 
 may he open to eensiire on the groiinil that 
 there is much .sameness in it yet taking 
 inti> consiileratioii the suhjeet uiulei' review, 
 I think it is the most straight forwanl anil 
 simple, anil jilaces the matter which we 
 shall consiiler in a clear way liefore this 
 house and the coiiiitry. This metlioil is to 
 take up first the I'ulilic Accounts report to 
 .'{((th .hilie last the end of the last liscal 
 year : passing tlii\se accounts in review, 
 then taking a glance at tin, liiisine.ss of the 
 present year, which will terminate on the 
 '.H)l\\ .luiK! next, with a view especially to 
 considering what resources will lie left over 
 at the em! of this year for tiie work of the 
 future. We shiili then tuin to the suhject 
 which is more particiilary the husiness of 
 the committee of supply which we iiropose 
 to go into, that is the expeiidiliire for the 
 coming lisc.il year commencing on the 1st 
 ■ I Illy next, anil the revenue hy which that 
 expenditure will lie provided for. 
 
 'I'd turn n>w to the I'lililic Accmiiits for 
 the past year. U'e see that the revtniue 
 amim .ted' to .SI.OI'.l.liiMi. or .S'Jli.'-'.'iH le.ss 
 than 'he estimite we made of it at the eoin- 
 meni'enicnt of IH1I2. and which was voted 
 in this liou.se during that session. It will be 
 noticed on referring to the accounts that 
 tiiei-e was a fall otl' of reveiiim from the esti- 
 mate under the heads of wild land ta.x 
 §;J7,<)I«», provincial leveinie tax, $10,(«K), 
 real property lax, !<I!),(MM», timl)er royalties, 
 .'«i;r»,(KM», tin'ihcr leases, etc., .*!l'2,()<Mt, land 
 sales, 82(),<M»I). The declension under the 
 head of wild lain' tax and real property tax 
 is to lit! mainly accounted for l>y the fact 
 that new township iiiunicijialities were 
 formed and these taxes liecaine the revenue 
 of the munici])alities, and the fall otl' under 
 ri'veniu! tax l»y that tax now going to the 
 citii^s for school |)iir])oses. At the time the 
 estimates were made the municipalities liad 
 not heen formed, consei(Uently this fall oil' 
 could not he provided against. It |)oints, 
 however, to the fact that it is of the utmost 
 iiiiporlance in the formation of municipali- 
 ties that they Hhoiild come into existeneu at 
 
 such a time of year as would prevent the 
 
 collection of taxes within their limits eon- 
 
 tlicting with the (iovernnient tussessment. 
 
 It is to he noted that asthi'se muiiiei])alities 
 
 get into thoiongh working they will, as a 
 
 contra to ahsorhing j)roviii(^ial revenue, pay 
 
 j for their own pulilic woi'ks, thus reducing 
 
 ' the provincial expenditure to that extent. 
 
 I The loss of revenue, however, must he felt 
 
 I hefore the gain from decreased expenditure 
 
 is exjierienced. 
 ! The reduction undei- tiniher licenses and 
 ' royalties is accounted for hy the very had 
 ] state of the tiniher trade during the h>sl two 
 years. It was felt that if the (iovernnient 
 I jire.ssed the lumhering industry for the jiay- 
 i ment of their licenses ami royalties it niigiil 
 j have the ell'ect, in the deju'essed state of 
 ' trade, of seriously cripjiling this most iinpor- 
 ! tant industry, and possih'.y (dosing .several of 
 I the mills, which for some time have only 
 ' heen kept open to ])revent the loss arising 
 i from closing, and not for any profit they 
 I could make. Any .severe action of the 
 tJovernment at such a time might have heen 
 ! the means of throwing many men out of 
 eni]ili)yiiient. 
 
 The.se charges, however, stand agrinst 
 the various |iropei'lieH and are good as.sets, 
 and w ill no douht he paid as trade improves, 
 of whicli tiicrc are good indications. The 
 fall ofl' umU'r the head of land sales, it is 
 liardiy necessary to state, is aiteounfed for 
 hy the chang(! in the land act, 'vhich jire- 
 vents the sale of wild lands. The ((ueation 
 of the lK!st method of dealing with puhlie 
 lands we find is giving troiihle in other 
 provinces, and it is ii suhject of vital ini- 
 jiortaiice to new countries. Some have 
 adopted ihv plan of |)ei'|ietual leases, and it 
 is said that very great suceeas has attended 
 this movement. 'J'hei-e are, however, many 
 who ilispute this, and assert that it has not 
 heen in force long enough to he jiroved, and 
 that if it is a success in some colonies still 
 the condiMons of Ihitisli Columhia are so 
 vai'ied and .so difTerent from those, for 
 instance of New Zealand, that it is douhtful 
 if success would attend such an experiment 
 here. 
 
 It will he ohserved that the sums that 1 
 have referri^d to greatly exceed the total 
 fall oH' in the revenue from the amount esti- 
 mated. To account for this we have to 
 turn to the other side, where we find that 
 
tliere are vei'V coiiHidcrulili' incroiisi's of j 
 rcvfiuie oviT the uihount fNtiiiuiti-il. I 
 AnioiigHt tliesi: ii|>|M>iir iiiiniiiL; recciptH iii I 
 excess liy .SHi,(MH), rejjistrv tees, glS.lKM), 
 judliate tees, .S:{,(M»1», liciMises, JjH.mH). anil 
 iiict'eiiso of siilisiily t'roin tiif Doiniiiioii, 
 $S,(((M(, iukI scvcriil other iiicreisi-s of minor 
 iinportiiiice. 'IMutsc iiirreiisi's aiisin;^ iiniU.'r 
 thelicails of miiiiiiij; arc vcit satisfai'toi v. 
 'I'hey arc caused l>v very iinporlaiit ilcvcloji- 
 meats Itciiig made in our niiniii^ distriits. 
 |>articidarly in Kootcnay. Similar dcvchip- 
 inelils are also now licing extended to other 
 parts of the province, notalily in tlie direc- 
 tion of ohl Carilioo, wliere a large aniount of ' 
 ca]iital is now liein;,' expended for the 
 placing of apji.iratiis anil plant foi' the 
 carrying on of lari;e hydraidic mines, and 
 there is a very gooil ]ii-os])cct that that j)or- 
 lion of om' province will again he contrilmt- 
 ing an important amount of gold to the 
 woi-ld. The inci(!ase under li<'enses is also 
 an indication of new settlements in the i)rov- j 
 inci!. 'I'heie is a large increase, however, ] 
 of ([uite another natiiie, and one which proli- i 
 alily will he repugnant to many of our citi- | 
 /ens I refer to S2r>,0(»(> umler the head of 
 (jhinc-e restriction tax. I think, however, 
 that although this indicates a lai'gc arrival 
 of Chinese in the province, it does not at all 
 prove that there is any increase of that ele- 
 ment in the poi)ulation, as we have every 
 reason to lielieve that fully as many, or pos- 
 sil)ly a good many more, havt; left the prov- 
 ince than have entoriMl it. \V(^ lielieve 
 that Washington TerT-itory and Oregon ar(^ 
 to IX great extent sujijilied through this 
 channel. We know that there are a very 
 large numlier on the (Jolnndiia river, as 
 there are twenty-three salmon cannei-ies on 
 that river, every one of which is I'un hy 
 Chinese contractors.; The two or three 
 canneries that formerly em])loyed white 
 lalxiur ha\e heen co u|)elled to close, owing 
 to tiie fact that they coidd not compete with 
 the Alaska jiack undtM' such con litions. 
 
 Turning now to the ex|)endittn(' in the 
 same year, we find that thci'stimate made of 
 it was .*<l, ;<(>!). (i;{4, whilst the actual expendi- 
 tui-e amounted to .'j<l,4.'{|,4.'{H an excess ovei' 
 the estimates of .'?()I,S()4. 'I'liis excess of 
 expenditure over what it was estiuuited at 
 arose very lai-gely from jiulilic works, some 
 !S4'J,(MH> heing ovei- expendeil on roails, 
 streets, ai.d bridges, and 81 ">,00()on surveys, 
 these works lieing rendered necessary hy the 
 condition of the liountry and the desir'e of 
 the (iovernment to ])ronuite the welfare of 
 t he. people. There was also a very considera- 
 lile in(M-ease undelthe heail of miscellaneous. 
 This arose largely in connection «ith the 
 luNilth act. As you are awai't.-. the (iovern- 
 ment took very active measures to prevent 
 the introduction of disease int(< tlu^ province, 
 and its etl'orts proved eminently sui^'cssful. 
 The over expenditure under this iiead was 
 ^1H,0(M). There wert; .some otiier heads of 
 0X0088 of expeniliture of minor importance. 
 
 On the other hanii .some votes were no! fidly 
 expended. 1 havi! said that the total 
 i-eveinu! was ^l,OI!l,"JO(i and the total expen 
 diture .S|,4.SI,4:<S, an excess ot expendi 
 ture ovei' revenue of .'j'4l'J,±S2, and I know 
 some of our friends v. ho are so very anxious 
 to show that this (Government is r^pidly 
 running the country into cK^Itt will point to 
 this as a i-onlirmation of their widely pro 
 "•laimcd statement. Hut, sir, they must hear 
 in mind thai at the connuenca'un'nt of thai 
 liscal year to which we are retelling we had 
 on hand some $7~)<l,0<)l), which had liciin lior 
 iowimI to he ex]iendeil on such piiWIic works 
 as it has lieeii applied to, iinil that at the 
 end of (he year tliere was still a satisfai'tory 
 lialaiii:e to the good. 
 
 We will now turn to the present tis(-al 
 year, commencing 1st duly last. At that 
 time we had in cash at hank oi- in agents" 
 hands an amount availalde of .^•<7'>.~()<i to 
 commence the year, lieing thelialance I have 
 just referred to. .Since that time \\v. have 
 rectiived from the Nakiisp it .Slocan railroad 
 a tieposit of 8II<S,40(), and in addition to 
 this simr we have? tin^ I'evcmu.' for the year' 
 tei'miiiatiiig .'U)th •liim^ next, estiniat(Ml at 
 .'j!|,(l,"iH,i;ti2, or a total of .SI,.">,VJ,.TiS to carry 
 on the work of the pr-esent year. Against 
 this tircre is the expenilitirie as voted for 
 this year- to .'{Oth dune next. 81 ,-77, l.">7, and 
 the su]iplcmentar'v to he voteil for' spt'cial 
 warrants. .'>sSl,|Hil; total of .8l.;US.;i:W : 
 showing a lialance to good of .'>l'.(l,0"il. To 
 ilediict, howev(!r', from this will he tin' 
 addition to supplementary estimates for 
 pulilic wiirks. to lie now vote.!, which are in 
 your hands, amounting, after allowing for 
 lapsed halances, in aliout 8.SH,H2() more, ami 
 the payments for intercjsl on railway guaran- 
 tees ahoiit to ). • jirovided for', .8(i(>,(Hi(l. After- 
 these deductions are made tliere is > 11 a 
 lialance mi the credit side for' the .'{dlh .iiic 
 next ot aliout SI00,(HH). If we now, .Mr'. 
 S])eakei', r'cfer' to the estimates for that 
 year, wiiicli are in your hands, (Mimmeiu'irrg 
 1st July next, it w ill he seen that the ri^venuc 
 is placed at .•>!|. I7S, I4!».4.'). In mldition to 
 this We ha\t! the funds availahle at the end 
 of this year', estimated, as hefore stated, at 
 8100, (KM), hut ill oi'iler t<i jiioviile tor con- 
 tingencies we ha\ e jilaced this aniount at 
 orrly 800.(100, thus giving us total availahle 
 funds of S|,i>(iS,l40. J'hese e.stimates of 
 I'eceipts have heeii very cai'efully gone into. 
 It will he ohserved that there is n slight 
 incr'case under the head of per capita 
 grant, amounting to some .'?"i,400. We 
 estiniate, al.'<o. that there will he an increase 
 over the |»ast year''s receipts from mining 
 revenues, aniountiiig t<i aliout !<4,(KH»: 
 under liieiises, some .S'J.OOO, anil irnder 
 the headings of real and piMsonal pi'o|K;r'ty. 
 wild land and rev<Miire tax an increase 
 of .8."iO,000. These, with the exception 
 of the r'cvcnire tax. are actual as.sess 
 liients. On the other hand there will In 
 a dcdiiii' under the head of laiitl sales, ol 
 
It tlic 
 
 l<'llM\- 
 
 HMiiie .*2!(,(l'*<' fioiM till! iirtiiiil ricciptM of last 
 year, ariHiiig fioiii tlii^ chiihc.-i alrculy iinli 
 rated, ami on tlir rt'j.'istry tVos, wliifli 
 (lf|i(Mi(l largflv (III hiliil Miles, a dcciuawi' iif 
 sdliK; 8H,(K)(». We alnii calciilati' a ronsidpr- 
 altli: fall otl' iiiidci' the liaiid nt' CliiiicHi' 
 I'CHtrictioii. IiicIiiiIimI ill tills levciitii' is the 
 Hiiiii <if !«!|;W),(MMI, ariHiiifj tmiii tin! rcuviTsioii 
 of tlie loans of IS77 and |SM7, wliiiii 
 amount and (lossilily iiiorc will lie at our 
 disposal on .'<()( Ii .Innc next. I shall alliidt' 
 to this siilijcct ii^ain fiii-tlier on. W'l' taki' 
 up now tilt' tixpcndiliiic for tin- .same year, 
 and lind lliat it is |tlaeed iit s|,'i;<7.<)4.S, 
 iiielui.(!d in this hein^ IIk! siiiii of 
 ?!«.'M.S,!I.")(» for puhlic works in addition to the 
 pulilie works to lie Voted in the siip|ile- 
 meiitaiy estimate, aiiiouiitiiij; to .'<r>7, 011(1, 
 which we lia\ f alreiuly taken consideration 
 of in the expenditure for the present liiian- 
 eial year. It is hardly necessary, i think, 
 to go tliroii^h all the aiiioiints of expeiidi 
 tlire. I may very hrietly refer to them 
 under their heMdiiij.{s in the siimmaiy. I'lidt^r 
 puMie delit there is an increase o\er the 
 aiiioiiiit estimated for the present year of 
 some .SHO.tXMI. This arises pjirtly from an 
 underestimate last year respecting coiiver- 
 aioii, and !*'J.'{,!lit7 of it on account of new loan. 
 Umlercivil governnieiit salaries the expend- 
 iture is estimated at ahoilt .'>!|*_*.(I(K) under 
 that of the pr<'st III year. I'lider administra 
 tion of justice salaries there is a reduction of 
 aliout .'<(!, (HM(. These reiluctioiis have lieeii 
 made after most careful consideration of the 
 ciri'iimstanees. It is of the utmost iiiipoi- 
 taiiee that the husiness of the country 
 Hlionld he cairieil on in an ellicient manner, 
 and in ord'^r to etl'cct this it is alisoliitely 
 iieceHsary tli.it good men should In; em- 
 ployed, and that they should lie pro|)erly 
 paid. The expenses under tliese hemls 
 must l.'e large in jiroportion to that of other 
 countries, owing to the character of the 
 country, its vast extent and small )io)iula- 
 tion, and the nature of its iinluslries. Wher- 
 ever new mining camps are opened it is 
 imperative to have ( lovernmeiit ollieers to 
 take charge of the liiisiness. and ollieers of 
 justice to look after the safety of the <lis- 
 trict, and the expenditure on these to a 
 great extent prec<'des any revenue tliat the 
 country can o'otain from the opening of new 
 mines. Hut though the cost of civil govern- 
 ment salaries and administration of justice 
 salaries .seems large, we find on examination 
 that it is less in propnrtion now to the work 
 <loiie and the revenue than it was some years 
 since, that is, tin' luisinc-ts of tli ' country is 
 cari'i(Ml on at a cheajier rate. It has cost 
 for the last four years for the avei-age of 
 salaricH f.ir that time 14.4:? ])er cent, in tlic! 
 average rDvonue in the same tiiiu?, and in 
 conqiarison with the cost of conducting husi- 
 iieHS enterprises, such as inaiiraiice and other 
 companies, this looks very reasonalile, as the 
 €()st for life iiisuran-'o companies is ahont I'.t.^ 
 yivv cent, to income, and tire and marine 
 
 S2oS4 
 
 ahoul :<:( per cent. I'lidi'r legislation tlnTe 
 is an increase of some !5!(,()00. This arises 
 mainly from the sums to he ii-ied in eoinieetion 
 uitli tlie approaching election. For puhlic 
 institutions, liosjiitals, and charities the ex- 
 pendiiiire is ahont the same for the present 
 year. .Administration of justice we have 
 estiniatid at some .*."i,niMI under, hut this is 
 a suhjeet that we cannot control and whi(!h 
 it is very diliiciilt to estimate. It may Ik. 
 largely under our (estimate or it may he 
 coii-iideralily over. For education, il will 
 lie seen, we have provided ahoiit .'*.■<, (Mtl» 
 mon? than for the current year, 'i'his lint; 
 of (•xpeudillire is one that is steailily going 
 up. We lind that children are rapidly 
 increasing in the provincts and the demand 
 f.r schools keeps pace with this inertsise. 
 Under the head <if puhlic works there is a 
 coiisiderahle increase of expenditure for 
 roads, hridges, etc., and to this are to he 
 addeil coiisiilerahle slims, which appt^ar in 
 the supplementary estimate. This largt? 
 vote is for cariyiiig out the (Jovernnu'iit 
 policy of opening up tlu; country. We are 
 |iersuaded that it is only hy such means that 
 we can incrca.se our population and add to 
 the w(!alth of the province, ami we feel con- 
 tident that every dollar expcded in this 
 way will, in a few years, he returning very 
 good interest into the Provincial treasury, 
 and eiiahh; succeeding (lovcrnments to still 
 further prosecute this work of developing 
 the resources of Uritish t'oluinhia. It will 
 lu! ohservcd that this exjiemlilure is very 
 large in the Kootenay District, which is now 
 so ra]iidly going ahead. Fur several years 
 ;mst we have lieeii di ving trails ami roads 
 through this section of the province. Owing 
 tothechaiaeter of the count ry tln^seworktari! 
 very costly, hut it is already evidenced liy the 
 increase in revenue from that district that 
 it was wise to execute them. We may refer 
 in passing to the actual increase of revenue 
 in that' district. In 188t> it amounted to 
 •':<4."i,O.V2, whilst Inst year the amount 
 riceived from Kootenay was !j«!ll,(l.")l». 
 U hilst making this large (expenditure in 
 this district, it will he seen that all other 
 districts in the province are carefully looked 
 after, the detcrinination being to do justice 
 to all. 
 
 .\s already stated, the available fnnds for 
 next year amount to ."?! ,'-'()8,l4'.>, and the 
 expenditure to 81 ,'2;i7,t)4.S, showing that we 
 are still well within our means, and that tins 
 loan which was raised in 1801, and which 
 honourable gentlemen on the opjiosite side 
 Were convinced would all b;- expended 
 before the end of 18!f2, has really been very 
 carefully apiirojiriated, and it must lie 
 gratifying to those gentlemen to know that 
 it has lasted well through their time. 1 
 will now, Mr. Speaker, review the general 
 linancial position of the province as shown 
 by our public accounts, and in doing so I 
 tiiink it only right to consider the amount 
 of niuiiey that 1ms been borrowed by the 
 
prc8(tiit nn<l iirowMling Cioveriiuicnt, tlio 
 purpoHOH for wlii(.'li it was Ixirrctwctl, and tlie 
 wiiy in wliiuli it lias liccn ox|K'nilc<l. In 
 1.SM7, <hiriiijj; tlio (iovi'rnnii-nt of lli<! ilon. 
 John l{(i1)Hon, it was uv(;iir'iI lulvi.-iuhle to 
 raise a loan for carrying on tliti puitlic 
 works of till! province, ami tli« Hnin of 
 .i;2(M),40<t Htcrlinj5 wiiH tiii-n IxhtowoiI at tho 
 lowetit ratt' of interest olttainalile at tlie 
 time, viz., 4.|. pir cent. In IHOJ, with a 
 view to Htill fiirtliei' pro-ccnting tiu'.sc motst 
 important woika tliroiigli tiio country, it 
 was (leuniod advisable liy tlii.s HouNe to 
 raise a fdrtlier loan, and it was conHicU^rcd 
 desiraUle that an t ti'ort shonld lie made at 
 the Kame time to oonHolidate oim' two 
 previons loanH, one of which lioro inteicHtat 
 ({ per cent., and the otiier at 4.], ]ii'r cent., 
 and endeavour, if jxmHilile, to arrange our 
 lialiilities in hu<:1i a manner that the pio- 
 vincc would he aide to borrow in future at a 
 lower rate of interest. It is ipiite unneces- 
 sary foi' nie to go over the ctlect of that 
 decision, as it is well known that satisfac- 
 tory arraiigeinents were made with a view 
 to consolidating the old delits and reducing 
 onr rate of interest to tliree per cent., and a 
 new h)an of some ,i;'20"i,4(H) was raised at 
 this rate of interest. The net proc^eeds of 
 this loan wei'e .*>7!>*2,!(."»8. As 1 said befoie, 
 these loans were raised for the [lurpose of 
 being expeniled on public works, and I now 
 propose to lay before you a statement of the 
 work that has been done since the 1st July, 
 IS87, with this money. 
 
 There have been built 110 scliool-h'U.ses, 
 at a cost of !*I74,44I ; 10 jails and lock-ui>s, 
 4'-'(i,!»8."» ; 12 court hou.ses, .?l!»0,l)!l-_> ; .■>!r>,0()0 
 acres of lanil surveyed, .'i<8.S,4'i4 : 1,'JOO miles 
 of road, >S(K) nules of trail, (ilK) bridges, and 
 5,000 miles of roads and bridges ke])t in 
 rejjair, at a cost of .*>l,."i,'ll,ti8I{, making a 
 total of §2,(K)7,'2'2r), or a total expenditure 
 on i)ublic works during this pei'iod of over 
 .<i!-2,000,(H)0. If we deduct from this .sMO(>,0()0 
 for repairs, wc have still an exi)enditure of 
 Some .li>l,7(XJ,0(M) on public works, which are 
 now reprc^sented by assets that are fully 
 eijual to the expenditure that has l)een made 
 on them. We might value the r>!l."),(H)0 
 acres of land alone at least at one dollar ]ter 
 acre, and this is now open foi'settlementaiid 
 is being plotted and mapped so that the 
 immigrant may be thoroughly informed 
 r.'speeting itat tiie Land Office. Bi\twehave 
 to add to these assets the j)ul)lic woi'ks that 
 will result from the expenditure which has 
 now to be vt)ted, amounting to considerably 
 over .M(X),000. This shows that the funds 
 which we obtained from the loans referred 
 to have been carefully expended in a manner 
 in which the country desired ami which it 
 expressed its own opinion of through tho 
 House at tlu tinu; these loans were voted on 
 for the purpose of public works. 
 
 I know, sir, from certain indications, tiiat 
 there are some who will assert that the <lebt 
 pf the Province has very largely increased 
 
 during tii^ 1;. t six or seven years. Well, 
 sir, the funded debt of the pi-ovince !m.- 
 siniply been increased by the gross amount 
 of tliese loans. If we turn to the baiam r 
 sheet, we shall see that the ))ubli<: debt foi 
 all loans amounts to .$.'{,r)(»'2,r)l'2, le.ss sinking 
 fund and other available assets, ;^I,4.'{.'{,.TM. 
 showing a total net debt of jy^, I'2!t,l78, not 
 more than some of oui' cities' debts, and thi~ 
 includes the lean for tin? public buildings, 
 the i)roceeds of which are still on hand, and 
 bringing mi interest at 4 per cent. It is true, 
 sir, that tli(! debt of the province liii> 
 increased under the authority of the vote ol 
 the Legislature, but this increase is nion 
 than com]ieiisateil by the enormous inerea.-*' 
 in our as.si'ts in the form of )Miblic woi'ks, 
 which I have ah'endy shown to amount In 
 considerably over .'*'2,(MH),0(Mt, exclusive ol 
 the assets of sann^ nature which were on 
 hand ln'fore these lo.i'is were raisi'd. Now. 
 I judge by the ruinitlings in certain ipiartt'is 
 and liy the statements published in ii cutalii 
 section of the press tliat exce[itioii will l.c 
 taken to th(! cost of raising our last loaii> 
 and to the jilau of conversion adopted. .An 
 endeavour was nmile to show tliut the p|:iii 
 adopted was a very expensive one fer the 
 country, and that we should have rested 
 content with our old fashioned loans at a 
 heavy rate of interest. I propo e to show 
 that the metlicd ailopted has been a chei|i 
 one for, the country, and in every w.iy 
 advantiigeoiis. I think that if I can shew 
 that wi! hiive hail the use of .'^1,700,0(11) more 
 money, and are paying I'cally less than we 
 did before, I sliall have proved that the 
 operatifiii is a good one. I will turn first, 
 sir, to the ell'ect of conversion of loans. Tlir 
 total interest jiaid by us now on all of oni 
 loans is.SI'2S,.V2S. The total sinking fund |)niil 
 now on all loans is .^4.'}, 887 a grand total nt 
 .<<17'2,410. If no e(mversion of 1877 an.i 
 IS87 had taken jilace we should be payiiij; 
 now on all loans interest SsL'id.it:?*!, ainl 
 sinking fund .':;4.S,'2.V2, eijual to .^l>."),'2'_'ii, 
 showing a saving Ihromjh partidl co/nv /s/i/i 
 o;//;/ of .*!|'2,8I!) per annum. This sum euin 
 pounded will amount to fully as much as tli 
 )>reinium we have to )iay on eonveision "t 
 tluMe loans, and, in addition, it leave- u> 
 at the ]ire^e>it time with about .'j'l.'tO.iHHi, 
 tliij proportionate amount of the sinkmi; 
 fund for the pait of the two loans e.ii 
 verted. This amount we ca.i add to I'lir 
 revenue for the ''oming year, and as con\( \- 
 sion goes oil a still greater saving annually 
 will be made. We may still further illus 
 trate this: In 1887 the total loans anioiiiiteii 
 to !jl,74;{,(i't(J. The actual net cash we h nl 
 received from these loans was abi'Ht 
 «l,0!)l,0O0. On this we paid annually t .i 
 interest anil sinking fund .'J I '2*2, Kl 1 , eipi i! m 
 nearly 7-i. Jier cent, jter annum, 
 date we have borrowed and 
 ing on public works a total net i i^li 
 amount of §1,317,1*28, and we now piv 
 for interest and sinking fund on ill 
 
 Since ti.it 
 are expeni- 
 
 I'lrs gun 
 same ciiii 
 
 MS to g 
 
 »e olhci 
 this loan 
 interest 
 sinkiii;. 
 tiirity, II 
 III easi 
 tliat We 
 ah-(ad\ b 
 iiNo sho 
 ^atiie gi-( 
 list loans 
 i"st us III 
 
 I "u\ niced 
 Use speaki 
 As to tl 
 "t the 
 ■Acconiils 
 i'lK, as it 
 '"■low par 
 lilt. W 
 !il, what 
 •^:i|, but V 
 t' be paid 
 >*ords we I 
 
 HBIHHPr 
 
•8. Wdl. 
 
 viiK'i- hii.- 
 H aiuouni 
 (! luviauit 
 : iltilit for 
 Si* siiikiii^i 
 
 i,4.T{,:<:w. 
 It, ITS, iKii 
 H, anil tlii- 
 liiiil<liii^^-<. 
 Iiiiiiil, mill 
 It is trill . 
 iviiiri! Iiii> 
 lie votv! lit 
 ■m is iiiiin- 
 IS iiicreas'' 
 iliu wink-*, 
 iiiiiiiinit to 
 iiliwivir 111 
 
 ll WlTl) III! 
 
 ii'il. Nii«. 
 in iiuiirtcis 
 in a ci itaiii 
 iiiii will !"■ 
 r last loaii^ 
 i>|iteil. All 
 »t tlui l>laii 
 mil! fi'i' til' 
 liavo riistril 
 
 Inaiis at II 
 i;c to slluW 
 ion a clic;!]! 
 
 every wiy 
 
 I call slirw 
 O0,00l>iiiipit' 
 'ss than «•• 
 >.il that till' 
 11 turn lii>t. 
 
 liiaus. Tlir 
 11 all iif oiii 
 
 tlj{ fuilll [lillil 
 
 iiiiiil total ii> 
 if IHTT an. I 
 ll lie iiayi'i;^ 
 I. •«;,'.»:?(>, "aii'l 
 
 ,,) .SI >*»:», -J-Jii. 
 
 ft/ (•((/(/'' /■•-■'"» 
 
 lis Hlllll flllll 
 
 ■1 iiiiicli as I ll 
 loiivi'isioii "I 
 
 it leave- ii-> 
 .lit *i:t().IHMl, 
 
 the siiiUiiii; 
 •() loaiiH fi'ii- 
 \ add to I '111' 
 lid as eoiiM 1- 
 ing aliiiUiillv 
 further ill'is 
 aiis atiioiiiii' ll 
 t eadi we linl 
 was ali"iii 
 
 annually !"i' 
 ,i:il, ein'lil t" 
 I. Since tiiiit 
 
 are ixixnl- 
 ;al net ei-<li 
 we now ii'iv 
 fuml on 'ill 
 
 Inans, inelniliiijj these last, .'?172,410 aniiii- 
 illy, or only .st!t,!(7!* iimii- than we jiaid he- 
 fore lioriowiiij^ lliese last sums. 'I'huH wo 
 ^'et the lift eash |)i'iiee'ils of the last two 
 liia:is .SI,;<l7,riH, for an annual |iayiii<-nt of 
 ■•r'4!t,!l7!>, or just over ;{/ per eent. ; and hear 
 111 liiilid that this not niily |)ay.-< the interest 
 liut alio pays oil' the j^io-s anionnt of the 
 loan, iiieliidiiii{ all lioniises, ; t maturity 
 and ill Iliii I have als<i taken into eonsider- 
 ilioii all the I'xpfiises attelidiii)^ til" ll'atiny 
 III these loans. 
 
 Now, sir, we will turn to the aetii:il eosl 
 of the last two loans. That of IH!(I pro- 
 dueed us a net eaOi anioiint of !::7!I-,!I")S. Kor 
 
 I his we jiay total interest per aniiuni ?<'Jil, - 
 JitO, or under ;{•(' per eent. In aildition we 
 pay I per cent, [ler aniiiim sinking fund, 
 and this 1 p^r eent. in lifty yeais jiays oil 
 the griMS amoiiiii of the loan. On tlie last 
 loan raised, that of hSil.'t, owing to the 
 ill'orts of I'crtain [larlio.i to lUery the eredit 
 of the proviiiee, the e.xpeli.ses ineiii'red were 
 a little hi/lier in proportion than for the 
 liiaii of IH!M, hut in spite of all their elloits 
 it sold at a higlu'i' rate than hifoie, rrali/.ing 
 111. It WHS e.ypeeted that we should have 
 
 II en aide to raise this loan without 
 having it iinderwiitteii or guarai'teed, and 
 we uiidoiilitedly should liavelieeiialiletod().s<i, 
 hut for the fact that niaikets were in a very 
 iineertain eondition last yi ar, and that just 
 at the eritieal time some enemies, I miglit 
 say traitors to the proviiiee, used tli ir ef- 
 forts to deery our eharai'ter and the melliod 
 ipf eondueting the hiisiiiess of the piovinee. 
 
 III the faet: ot this we tluiiight it would he 
 unsafe to issue tlie loan without a gtiarantet'. 
 This guarantee eost 2 jter cent. Hut at the 
 .same time the guarantee prohahly eiiahled 
 IIS to g t a point higher on the market than 
 we otherwise should. The iii't amount of 
 this loan was .S.VJ4, I7<>, and this eosis us for 
 iiitere.st ali.iut .'{j| per ie;it. or, iiieludiiig 
 sinking fund, which [lays oil' the loan at nia- 
 liirity, under 4.j per eent. on the net amount 
 lit cash reeei\e<l. 1 liav(v thus shown, sir, 
 tliat we have made a lai'ne annual Miving 
 iilread v hy the eonveision of the delit. 1 have 
 iiho shown, though I have gone over the 
 same ground on pre\ ious ueiNisioii.s, that our 
 lint loans, taking the net pioeeedr of (hem, 
 cost us under 3}, per (;ent. interest, and we 
 have to eoinpari- that with the eost in IS87 
 of4.\ per eent. interest. I am quite awaie 
 that there are some persons who wdl not he 
 iiiiiviiieed on this sultjeet, and it is of little 
 use sjieakiiig to tli ■m. 
 
 As to the e.xiieiises attending the lloatiiig 
 of the loans the report of the I'uldie 
 .\eeouiits eoinmittee is soiU'wliat mislead- 
 ing, as it plae'S the diseouiit of i( per cent. 
 Iii'iow par as an e.\i)e;i.se, whieli it really is 
 Hot. \Vheii w.- hoirow, as in l iiea>'e, at 
 !M, what we horrow is not really .^lOO hut 
 •'Jill, hut we make ouiselve-i l:ahle for !# I (Id, 
 to he paid at the end of lifty years ; in other 
 Words we got theusoof-Sfl for fifty years, at 
 
 a eost of little over ',\ per eciit. interest, hut 
 at the end of the time when we pay off the 
 loan we give, in addition, a hciiiisof :|I1). In 
 order, however, that the repayineiit should 
 he liiirne hiirly hy more than oiii' generation 
 ; we deposit .Nil yearly, and this invested at 
 I 4 ]»■!• <;eiit. pays oil" loan and honus in little 
 I under .")( I years. I say, therefon?, that this 
 I diseoiint is not an expense of lloatiiig the 
 ' lo.'in it is simply an entry to show the total 
 iiidehtcdiKMs. hediietiiig this !>!.'i;i,!M(,') from 
 the e'xp uses in given in tlu! report .S77,IS()-, 
 it leaves the aetual eost at $'23,S(i7, or under 
 four per eeiit., and this ineludes two per 
 cent, for guarantees, « liieh, hut for eireiiin- 
 stanees I have already alluded to, would 
 not ha\'e heeii iiieiirred. It also includes 
 eost for remitlanee from London to Vie- 
 toria, ."<'2,(l8ti, and the ])ayiiieiit to the ISritish 
 government of eoinmutation stamp. This 
 litter pavmiMit, however, enahles the stock 
 to he sold at a hotter price asall transfers are 
 afterwards made free. The highest expense 
 pidiiortioiiately is that for printing, adver- 
 tising and solieitiirs' fees, .^^JVU, hut had 
 the loan heeii for ilouMe the amount it was, 
 this charge would have lieen very little more. 
 I have heard a gentleman during thi.s .se.s^ioll 
 i|Uestioiiiiig the value of the tinancial plan 
 that «e have adopted, hut he was evidently 
 very niueh hefogged on the situation as he 
 asked if eonversion of the deht was eo i- 
 V r.sion of the sinking fund. Now what 
 that (juestion meant, or what that gentle- 
 man thought it meant, I have not yet found 
 out. There are some, however, who still 
 say tint it is h-ttur to liorrow at a higher 
 rate of interest and get par value. They 
 say you get so iiiueh more money at the 
 time. When at jiar instead of receiving 
 .S!M you reireive .$10(1. We will hrielly con- 
 sider this matter once more. I have just 
 shown that our .S per etMit. loan eost us 
 really something under IVj per cent, interest, 
 that is we make our.selves liahle for .*>I00 at 
 (he end ot fifty years, and we receive only 
 •Sill, .'{ pel- cent, on §10(1 including exneiists 
 h/iiig ii"iier 'Mj per eent. on .'50I, hut in 
 order to horrow at ])a'.' we should have to 
 pay at least .■(•(' per cunt, interest, and pos- 
 sihly nior.'. Is'ow suppoe a farmer wanted 
 to horrow, say $.5,(X)0, and wc will 
 assume that he could do so on the 
 same terms that the government does. 
 In order to horrow at par he would have to 
 pay four pjr cent, interest and one per cent. 
 ^inkillg fund, which would ainouiit to .ifi'JSO 
 a year, whereas if he hoirow. d at the low 
 rate of three per cent, and one per eent. 
 sinking fund he woiihl at tJio rate 
 of ninety-one in order to get net 
 cash of !ij<r),()0(l have to uinke himself 
 liahle for .ii!."), 4!!."). His interest and sinking 
 fund on this would amount to only !?"21!)..S(), 
 tliiis showing nil actual saving hy the last 
 method of .'JHO.tiO ]ier yejir, which would 
 amount to a very handsome sum if com- 
 pounded at four per cent, foi' fifty years ; 
 
6 
 
 that JH, lit! wiiiilil liorrow 9r),(MKI cttHli iiiiil 
 1,'ivc a iKitc <liif ill lifty ytiiis for !>!.">, ^'^') iiihI 
 Have .•*.■{((.('•() aiiiMially. i f( I'l 'citiiin, Imw 
 «'vi'f, til. it this mat I IT is very (greatly iiii<- 
 uiiilt'i'MtiKiil, am! there are ccitiiiii ^ciiIIciih n 
 who I liclieve lid limit rstaini it Imt who aii' 
 tiyiii^; III ili'tfivf the piililif. I coiilil not 
 hut notice i'e|iiii'ts that ha\ c a|i]ifai'fi| in the 
 [inlilie newsinipei'.-i. 1 nfe.' to the 'riliiei* of 
 Siitunlay, the lOlli {''eliiuary ; an artiele 
 ll|llleal^' there heailetl "This i^t the 
 way the iimney j,'oeH iiniither liateh of 
 voiieher.s for expenses of ininistiiiiil tonis "' 
 Anil then folluxN's the foni'th repnrt 
 of the seleet'eonmiittee on I'lihlie Aet omits, 
 a |ioitliin of whieli is in follows : " Pre 
 miuilis oil eoiiveision of Slol ,ri(K), i^lllt. 
 577. "tC. Bonus for reijeinption s,")7, l.'>7.-.">. 
 Uiseount mi C'J<(.'{,(1(),") issiieil therefor, in- 
 seriln'il .':i<7!l,7 1 l.tHi. IvxpeiHi's in eonnec 
 tion uilh eiiiisoljilatioii, eoiiMMission, ete. , 
 !?I»,.">«.").-J7. Total, ,s-.'(i»,<l!i;{,S,S. Now, 
 
 8ir, I till not know whether tiie eilitor of 
 that papi'i' WHS entirely iiiiiorant of the 
 ineanin^j; of this staleiiieiit. 1 feel eoiiliihnt 
 that the ;j[eiitlenian who Inriiisheil him with 
 it was not so, liut yet tlii^ liea'Iint{ of tiu' \ 
 artiele is an enilea\our to mnkc the piililie ' 
 think that >^J(;4, !»!•.'! is easli spent liy this 
 government which, nir, iw entirely fiiUe. 
 'I'he cash jiaiil out tif t'l.at amount is 
 .SI4,r)t."). The othi'r tij^nres ari^ 8ini|>ly | 
 liook keepiiijj;. No cash has ht'eii I'eeeiveil : 
 or paiil oiU for tlii'in. They merely n^in- 
 seiit the liiiiiiis anil the liiseoiint on the emi' ' 
 version of the loan. Thi^ provinee makes ' 
 itself lialile for tlit^se siinis to lie paiil at the | 
 eiitl of lifty years, anil for this payment, [ 
 whieli is etl'eeteil liy the sinking 
 fiiiiil uf unu p. r cunt, annually, it has 
 the use of the net eash reeeiveil, us 
 1 iiiivu hIidwii before, for less than .S.^ per 
 cent., ami has elleeteil an aetiial .saving of 
 iiitCM'st iiml sinking fiiml, ineliuliiig ill this | 
 lionus, of over iJI'J.OOl) aninmlly. Of eoiirse. 
 thi-* re])ort is pulilisheil with a view to 
 emleavouring to inakt' peojile think that we 
 have expemleil that vast sum of iiioni'V. 
 I can harilly lielieve that tiie p.vities' eon- 
 necteil with the pulilishing of it eali have 
 been so ignorant as not to know that liiiir 
 .stateni' lit gave a false impression. Tlii'se 
 genileinen must know that in the eonvi r- 
 sion of say the (i per cent, loan that we 
 have to give the proportionate \aliie for 
 that loan in 'A per eent. tleln-ntuies. For 
 i^lOII of the (i ]ter eiMit. loan we give a tie 
 lient nil' pay able in ."id year* foi' $140; but 
 this 5!1 K) is at 'A pa' eent. instiMul of (i pel- 
 cent. \o money jiasses whatever, anil it 
 will bf observeil that we iiave ."lO year.-i in 
 whieli to jiay this extra $M) wliieh, a-t I 
 have shown hc^fore, is eflV-eteil liy a 1 
 ])er cent, sinking fuiiil. It will be 
 •seen, therefore, that wc now have to 
 ]iiiy annually on this origiiml iSlOO 
 for interest ami sinking fiiml live and 
 tliree-fifths per cent, whereas before 
 
 it was ehangeil we paiil S per eent., 
 anil ill aililition to this we liuv> le- 
 leaseil the sinking fiinil representing this 
 .<i(|(M) which has been aeeiimulatiiig for sev- 
 eral years for the 1m nelit of the provinee. 
 The other mattt rs which appean il in this 
 report of the Tillies, aiitl are simply in relation 
 to the travelling expeeses of Sliiiisters, are 
 HO paltry I ilo not propose 'o refer fnither 
 ti» thein. I e:iiinot, liowt ver, let the siibjeet 
 pass without alhiiling to the remarkable 
 inetlioil wliii'h is being piirsueil by the pub- 
 lie aeeouiils (tiinmittee, or rather, 1 hIioiiIiI 
 say, a portion of the piiblii^ aeeoiints eoin- 
 iiiiltee. As I iinilerHtaml it the object of 
 .such a eomniittec is to exaniini^ geneially 
 into the public accounts of the province in a 
 fair anil straightforwaril manner, ami if any 
 thing is fouiiil that is wrong to report the 
 same ; the icports shoiihl be maile in an im 
 partial inauner, simply sitting forth the 
 actual statt! ot atl'airs, which in fact is 
 alreaily before the public in the public 
 iiec'oiints. I till not think, .Mr. Speaker, 
 that it Ih right for any iiieiii- 
 ber of this eoiiiniittee to emleavonr 
 til publish any re]iort v hich wouhi havi; the 
 ell'ect ot misleailing the public. 1 refer to 
 this, sir, because the reports so far issueil, 
 similar to tiu^ one I have noticeil as being 
 |iiiblisheil in the 'I'imes, though they art; 
 ab-oliilely correct, are issueil in such a tle- 
 liuheil manner as to be entirely misleailing. 
 Of course! know, Mr. Spt^aker, that there 
 are three meiiitieis of that coniiuittec who 
 have no tlesire to mislead. They are hon- 
 ourable gentlemen, and they art- iiuite will 
 ing that any statenunts wiiieh arc 
 vouehetl for by the accounts shoiiltl ap]ieai'. 
 I notice, however, sir, that :i report tlated 
 .")th Kebrnary, I.S!t>, istlrawn up in the liaiiii 
 writing of the Hon. the Leader of the Opjio 
 sitioii, and though its statements are cor- 
 rect, !w far as they go, they are so carefully 
 worded as to entirely inisleail the public, one 
 of the objects being to show that on the .Sis' 
 Deceip.ber last tiie (toveriiment liati an 
 overdraft at the bank of some ■*.");{, 77 1.:{"<. 
 but no mention is made of tin; fact thai 
 must be known to the lion, compiler of lie 
 report, that on the "21111 .lanuary, twti da>s 
 after, the Doiniiiion subsidy of .*I'J(>,(KM> wa- 
 dt'positi d. The actual facts of the case be 
 ing that on the 'MhI December there was a 
 sjiecial deposit at the liank of i^.'iD.tKIO bear 
 ing iiilerest at 4 jier cent. If this snin had 
 bci!n witiiilrawn, inti rest on it would haxc 
 been lost for one mouth. It was jiieferred, 
 therefore, to have , -in overdraft at the bank 
 for two tlays without interest, knowing thai 
 the subsidy woiilil be here on the 1st .Ian 
 nary. The actual o\erilraft at bank wa- 
 only .S'_>."),.'!4."), a number of checks not beiiiL; 
 presented. Thttre was also a special tleposil 
 at bank of the I'ublie IJuiltlings loan, 
 .<r2."),<.tO!t, ilrawing 4 per cent, interest, 
 'i'hen, sir, in this report as ilrawn 
 up by the {..eader of the Opposition apeeial 
 
proinineiicc in ^ivcii to tln' fait lliiit tlir 
 (fiivcriiiiiriit liiiil cxiicliilcil timii llic iHt 
 .Inly to tli.:M»t Dic.'ii.liir. I.S'.IM. .^7'.l4,."i^7. 
 and that tlic rrciiiitHilniin^ the Nanii pfrioil 
 wt'iT only ?<."U-<,-4l, ainl it >{och on to Htate 
 tlwit tiii'i'ffoii' <'\ii(iiilitnrt' WMNovcr I'ci'fiptH 
 .'it4(>(l,.1(r). Now this in peiftttly coirrot, 
 Init it in to l>t! noticnl tinit the rfpoi-l 
 iravcs otr jnHt at tiir |)lai >' \N lici'i' it wonlil 
 }l'\\v a f.iiNt' inipi'is.Hion to tlir pulilii'. It 
 (Iocs not );o on to Miat' that tlnct' loin'tlih of 
 till' total i'\pcnililni'( foi' the yeai' to tlif 
 IMhI .Inni! next liuil IxM'n inailo lit'l'oii- tli<: 
 .■{1st hcccinlu'r la.st, not' that of tin: ri-vinnr 
 only a Hinall ])oi'tion had lict-n ciillt'ctcd. 
 tluTj! lifin^ still to follcrt Hoiiic ?<7-4,'J7tl 
 lirforc tli(! .'iOtli .Inn ■ next, and as is wt-ll 
 known tlu' lai^csi part of this ispaiil diJiiiij; 
 ■Iniii' ; tioi' do'H the I'cpoi't say that at tho 
 coninioiux'incnt of tin; linani'iid yeiir then' 
 wa.s Home .5.'<M),(H)I) in hand to nrovidi! foi- 
 tin Hf over cxpcnditnivH. I think, sir, it in 
 iiu Muforlnnatc thinj^ that any ;;<'Mlli'inaii 
 shontd havL- this tcniicni'v of t(illing halt tin' 
 trnth. Till! rorrci-l showinji woidd Irivr 
 ht'i'n that tlii' ( Jovcrnincnt had t'Xpcndcd of 
 the anionnt vott^d ."!!7!M,.'>47, up to Ihc.'Mst 
 iKtccnihcr last, and wonhl havi' t'< I'Xpi'nd, 
 according to the tv-titnatt's, .*!4S'.*,."iS(( liefori- 
 thu end of till! fiscal ytnr, whilst it had 
 received of till! revenue .<{:M,I'JI , ami had 
 to reeeive liefore the end of tlm fiscal year 
 .'!i7lf4,27l> niort!. This repoit, howevi'i, as 
 <lrauii up hy tln^ hMiler of the oppoOtion, 
 was of eonrse not presented to the house 
 in till' way it was originally drawn. It 
 was amendeil eviilently hy one of the 
 nienihers of the committee from the 
 (iovernnient side of tiie house. 'I'h se 
 gentlemen, we all know, had allowed the 
 U^atler of the opposition to liiing in a 
 rep(nt, expecting, of course, it would lie 
 a fair one stating actual facts anil in sncli 
 a way as not. to mislead, hut they Vf'ie 
 I vidently mistaken. The i'e|iott as pre- 
 pared liy the leailcr of tiie o])poNition told 
 pait of the truth and wiis \eiy misleading. 
 It was, in fact, as so prepart'd. an elec- 
 tioneering document, so hefore lieing pre- 
 sented it was amended, the iiniendment 
 lieing in a diH(!rcnt handwriting frorn that 
 of the hody of the <locument, which, as 
 I have liefore said, was writt<,'n hy the 
 Hon. Mr. lieaven. Tiie auieinlment reads 
 as follows : 
 
 " It must he taken into consideration that 
 the expenditures during the first six months 
 iif the liscal yeai' are always the heaviest, 
 ;dso the receipts for taxes are vei'y small, 
 the real estate, pcr.sonal property, wild land, 
 iiieomu and ))rovincial revcmuc taxes are 
 ^'cnerally paid into the treasury during the 
 month of .luin'. Besides this we would 
 ihaw yonr attention to tlic fact that the 
 .'ihove I'xpenditure includes the sum of 
 >:.-..S,<IO.">.t)r), being the discount on .SI •_*:{, 7<K» 
 Cif in.serilicd stock sold in London." 
 
 This amendment gives tin entirely ditTer- 
 
 ent ciiniplexion to tin- report. The (liiicount, 
 I may remark, has already licen shown to 
 have not lieeii expenditure at all. The 
 rest of the leport, rispettting i xpenses of 
 ndnitters' travelling, would all appear iu 
 the pidilic accounts in regular cours(>. I 
 notice hy it, however, that the t'rovineial 
 Secretivry recjiivcd an allowanei! for oidy 
 a portion of the time he was away, viz., 
 Ii7 days. His alisence really exiendcd over 
 I'JO days. I Iia\i. rc^fcri'ed licfori' to the, 
 I might s.iy, scandaluns and triacherons 
 eli'oi t made to damage the cri dit of the 
 province when the parliament Imilding 
 loan was to he ll.iated. It was, of course, 
 well known that a nundier of the extreme 
 sectional men in the provinc ', men who are 
 constantly fiinn ngtlie II inie of sectionalism, 
 and who, when they have got up an ex- 
 citcmi nt ahout it, get frighlem'd and try to 
 withdraw and then accuse otln rs of cinsiiig 
 the tl'ouhle ; I say it was well know n that 
 th(!se men, the men who got up the nov.' 
 celehratcd separ.iiion petition, Imt who are 
 now so .ishanu' I of it, and who ha\ e lieen 
 all this sosioM trying to excuse themsehes 
 for tluiir action, hut without succe s the 
 ciinntry does not excuse them it is well 
 known that some conmcled with these 
 parties have puhlicly stated that iheywoidd 
 do all that they could lo injure the 
 lloating of th' loan. I rcgi'ct to ^ay that 
 tiieir etl'. .ris had some ell'.ct. 'i"he Provincial 
 .■^ecrclaiy who was in London at the time 
 heard of thcii' eti'orts and did what he could 
 to counteract them. I have heard the iilca 
 that their evil endeavours had any ellect 
 ridiculed in this liou.se. Hut gcntlcuu'n who 
 douht this forget the extreme sensiliveness 
 of the nuirktt, to have it rejjorted that the 
 ministers cari'ying on the government were 
 drunk ami lying round N'anconver hotels, 
 anil lliat they were running the (irovince in 
 ihht, and that tiie revenue was slcadily tU'- 
 dining, was likely to he damag ug. 1 have 
 lii'en stnu'k with an article on this very 
 sulijcct in till! .lournal of the Institute of 
 Hankers of New .South Wales, IHth duly, 
 KSIIH, entitled "(ilim)>ses of the London 
 mon(!y market." It reads as follows : 
 
 " C)f the sensitiveness of the London 
 market it is almost impossihle to give an 
 exaggerated description ; and this is not to 
 he wondered at when it is reniemliered that 
 the world's monetary dealings are settled 
 within a space over which n stone might 
 almost he thrown. A hreath sullies and a 
 whisper tarnishes ihe hesl of stocks ; nay it 
 nuiy almost he said the nion; excellent the 
 stock the easi( r it is to sully it. Hardy old 
 stocks like those of Turkey, well used to 
 kicks and huft'etings, are not to l-.c further 
 ilamaged, for the rea.son that they are too 
 low •triced ali'eady very well to go lower. 
 This sensitivt-nesK is not hy any means con- 
 lined to the .Stock Kxch.ingc, hut it is inti- 
 mately associated with the other great 
 divisions of the monetary world, viz., the 
 
(liiMKinitt iiiiii'kot, tliu hIidi'I loiiii inarkot iiiiil 
 'CliiiiiKc (tliii |iliu:i> wlici'o iiH-rcliiiiitH ' iiiiiHt 
 do I'liiigrcg^itit' for the ixii'clmMc uiul hhIc of 
 foroit^n fxisiiiir.j;") in r)tlu!r wonln tin- 
 iiiiirkul for till! ailjiiHtiiK!iit of tin* collciitivo 
 ili'iiliiiKH of (iix-iit Itritiiiii witli tliu forivgn 
 coiiiitrioH of llm world." 
 
 Tlu! iiKitatoi'H liiHt, year uHm-rtt'il that tlm 
 I'uvciuii' waM deidiiiiii){, iiml I oliservt; timt 
 till' iiu'iiili r for Ni'W WcMtiiiiiistt-r rt'in'iitK 
 tlir HHHi^rtioti liku a piirrot. Ah to tlif 
 reVv'iiiU! di'i-iiiiiiii;, I nay in tlu-ir rase tlie 
 wiHJi is futiit-r to tlu! tlioii^lit. \Vu liavo 
 only to planet' at tlut piililic aut^oiiiitM fv n 
 IHH(J to IWC*. Tlii'V Htaiid an kKa^.^: 
 li|t.W,.'W"i, iJWOS.'.Ti-i, ■ Jjill'.W.d.Vi, *l)5!t,'2»S, 
 !|I,0'2(M)0'-' and *l,()!2,-_'." iiis d<.iildiiig 
 in «ix years. Do tlic-te ti^ure.s, Mr. S|ii'akt'r, 
 look like a falling oti ? 'i'lie only deeline 
 iippearH in the IhnI year. It is K'>inetiiiiig 
 nntler .'<ltM,(MK), and iH nior.^ tliaii aeeininte'l 
 for l>y tile fact that the noveiiiinent gave np 
 tnxii.t in that >ear to r 'rently forineil iniiiii 
 eipaiitieM of ov(!r ijtDa.OiMI. Tliix hIiows tiiat 
 even lust year tli(;re wan an increase in Hpitc? 
 of till! very depreH.sed state of hn.sini'MH, and 
 it is further to Im! eonsidereil that the nnini- 
 ei|>alitioH ilrawing that hiiiii from us will 
 now oxeente their own puhlie work.s and 
 correH|M>ndingly reduce the ( lovoriiiiient ex- 
 pendituH!. I liavo H|)okeii hefore of tlie net 
 dulit of the province, some .>>2,l'2!l, I7M. .Vs 
 a Het-ofrajiaiimt this we have tix'onsidi'r tin- 
 assetH. 1 have referred to iheiu arising from 
 the woi'ka done the last s"ven years, amount- 
 ing to over ."*:i,(HH),(K)(l, hut we l.ave, sir, 
 beyond this the vast donr.iin of th- province 
 still t<i hu utilised, sohie 'itXI million acres : 
 and the revenue to come from all the risiiiv' 
 industries of the province. We havi', too, 
 in addition to onr annual revenue of sonic 
 !Jii|,O0<),(K)l), II large! amount of urriiais of 
 taxation, probably .*!."»(),( HM». As Icis been 
 already siiowii, we have l)orrowed in the 
 last seven years some .y2,:*(H>,()(K). Of th s 
 .*!r)7">,(Mtll is on hand ilrawiug interi'st at 1 
 per cent. Wo liavi! exjiendcd on public 
 works during that time over two million 
 dollars, the works resulting from this 
 expenditure standing as valuable assets. 
 These works have proved reprodii',;tivo as 
 is indicated by the increased revenue. In 
 
 aildition we have assistc!!!, by land graii'-'j 
 and Hubsidies, various railwiiys, and we liavei 
 the satisf M'tion of knowing that through the' 
 asMistanci thus given we iiave already the 
 Shiiswai) andOkanagan, the Nelton ami Fort] 
 Sheppard, and the ('ohiinbia and Kootenay] 
 railways running ; and tlie NakiiH)) ft S*oim' 
 and the Victoria and Sidm y are well under: 
 way. Tliise are piililie works of a naturul 
 to open up the country, inducing settlement ' 
 and so increasing rcveiiui'. These piibbi 
 wol•k^ have been e;;rried out in the I .■itl 
 seven years witlunit additional taxatiou of] 
 any importance, and in addition, our educa 
 tioiia' syst(!m \\m been kept fully up to the 
 times, coHti :g annually now iib iiit .'i<iS(>,0(tii. ' 
 And our charitable institiitions ,tiid hnspitaist 
 have never been forgotten. Taking all liiese' 
 matters into consideration, I am iinpri'ssedi 
 with the fact that much good work has U'ciij 
 done by this and the previous ( loveriiiiicnt. 
 I am eontiileiit that tjie TroviiK^e has beeli| 
 greatly elii-ichi^d and iii.proveil by thesi 
 «orks, ami they ar.' altouether inde]ieiid(!iit 
 of the legislative work, which has been vast 
 during that period, but that 1 le;iv(! to the 
 Attorney ■•Jeiieral. 
 
 Tliis, .Ml. Speaker, is the last session ofl 
 this Legislature, and it ishanlly likt!ly thatl 
 we shall all meet here again. For my owiil 
 part I have had nboiit eight years' experience j 
 111 this house, during wliicli period 1 liavei 
 found many friends amongst the ii'eiiiliers, 
 and, 1 regret also to say that I have lost [ 
 some friends. I may say we have all lost 
 some gooil friends tnun amongst us ; wei 
 treat th" memory of these di parted friends j 
 wilii reverence. This is the eighth time,! 
 Mr. Speaker, that i havi^ had the honour toj 
 move this resubition, and it may be the last,r 
 as we have a gener.al cU^clion ti face slir)rtly| 
 and who knows wliat wil'l be the result. 
 i 1 feel coiilideut, however, that whatever 
 c!iaiig(! there may b.' in the imlividiials tliatl 
 the present (iovernni. lit will be thoroughly [ 
 sustained. 1 hav(! to thank yon, Mr. Speaker! 
 and all the membi'is of this iimise, for tluT 
 coiKideralion and patience they have alwuysl 
 extended to me, and have now the lionoui toj 
 move that you do leave the chair, ((irtiatj 
 ai>planse. )