The £100,000 was advanced, if not without a scruple at least without a doubt, whatever might be the expectations of the Treasury as to speedy repayment; and there can be little doubt, I fear, that further advances will be needed and made before the resources of the country in the shape of collected taxes will suffice to pay the expenses of the country, including the gradual redemption of the Dutch loans. But if the country cannot do this soon the annexation will certainly have been a failure. Great as is the parliamentary strength of the present Ministry, Parliament would hardly endure the idea of paying permanently for the stability and security of a Dutch population out of the British pocket. I do believe myself that the country will be able to pay its way in the course of some years;--but I do not believe that the influx of a large loan on easy terms, the expenditure of which must to a great measure be entrusted to the Colony, would hasten the coming of this desirable condition. There would be a feeling engendered,--if that can be said to be engendered which to some extent already exists,--that “nunky pays for all.” Neither for Colony nor for Mother Country can it be well that nunky should either pay or be supposed to pay through the nose. When it shall once be known that the Transvaal is paying its own bill, governing itself and protecting itself out of its own revenues, then the raising of a sufficient loan for its railway on its own security will not be difficult. It may even then,--when that day comes,--have to pay a percentage something higher than it would have to give under a British guarantee; but the money will be its own, brought into use on its own security, and will then be treated with respect and used with care. The Transvaal no doubt wants a railway sorely, but it has no right to expect that a railway shall be raised for it, as by a magician’s wand. Like other people, and other countries the Transvaal should struggle hard to get what it wants, and if it struggles honestly no doubt will have its railway and will enjoy it when it has it.