That the time chosen for going on the money market was not opportune may be gathered from the fact that in 1889 Queensland 31/2 per cent. stock had brought L96 0s. 11d. per L100, and in 1894--three years after the forced sale at L87 6s. 1d. in 1891--an issue of our stock of the same denomination brought L98 14s. 01/4d. per L100. It may be noted that the Queensland loan of 1890-91 was the first underwritten Government loan issued by an Australian colony, though since that time all Government loans have been underwritten. Heavy as our sacrifice in 1891 may have been, it was infinitely less disastrous than making default must have proved; and perhaps after all the experience gained was worth its cost, for, although the colony staggered under the blow, its progress was checked only for the time. In 1890 an amending Audit Act was passed--Sir Thomas McIlwraith being then Treasurer--section 4 of which made the important provision that it should not be lawful for the Colonial Treasurer to expend any moneys standing to the credit of the Loan Fund Account except under the authority of an annual or special Appropriation Act, in like manner as moneys were expended out of the Consolidated Revenue Fund for the current expenses of government. By section 6 it was provided that, when it was necessary to expend for any work money in excess of the appropriation, then, if such sum were included in any Appropriation Act, the Governor in Council might authorise the additional expenditure from the Loan Fund. By section 8, annual Loan Estimates, specifying the nature of the work proposed, were to be submitted, as in the case of the Estimates of ordinary expenditure. This Act was passed to avoid the evil of placing large amounts of borrowed money at the uncontrolled disposal of the Ministry of the day. CHAPTER IV. PUBLIC FINANCE (1893-1898). Sir Hugh Nelson at the Treasury.--Credit of Colony Restored. --Assistance to Financial Institutions and Primary Industries. --Savings Bank Stock Act.--Public Debt Reduction Fund. --Treasurer's Cautious and Prudent Administration.--Money Obtained in London at a Record Price.