8.—2

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make his permanent home in the colony. It would be vain to expect that all interests can be blended in mutual compromise, or to suppose that human nature can be changed to break down the lines of demarcation between the allies of resistance and the advocates of progress; but we can easily imagine a progressiveness arising from the constitutional conflict of both elements ; the common object being the welfare of the colony, and the difference only as to the means by which that object may, in the highest degree, be obtained. The policy I have the honor to submit on this occasion embraces questions of the largest interest to this colony, We have proposed to free commerce from unnecessary restrictions, and to relieve it from the ban of a system which offers a premium to dishonesty by making it difficult of detection. We have given direct encouragement to industries which are taking root in the colony, hy striking off the duty on articles used in manufactures. Foreign trade Avill be encouraged by the offer of reciprocity, which we advance without stipulations, leaving it to be determined by the mutual interest of those concerned. Some luxuries are brought further within the range of taxation. On articles of every day consumption, and among the necessaries of life, we haA^e proposed that the duty shall be either altogether remitted or substantially reduced. The accumulations of wealth in the form of real estate and joint-stock capital will be placed, for the first time, on the same level as tea and sugar, and be made to contribute a fair and not burdensome proportion of the revenue of the colony. We are convinced, Sir, that these proposals, if adopted, will give a fresh impetus to the march of progress in New Zealand, as they will show a country inviting labour as well as capital from all parts of the world by the justice and liberal character of its legislation. It cannot be doubted that the colony possesses inexhaustible resources : it is true that Nature has bestowed upon it the most lavish gifts; but the bounty of Nature must be matched by the beneficence of our institutions, and the equity of our public policy. To this end our purpose has been directed, and we ask the Assembly to give it form. Sir, the Committee has shoAAm great indulgence in permitting me to go through a labyrinth of figures, which is always trying to the patience, and only tolerable in a statement of the public accounts ; and I have to express my deepest thanks for the attention which has been accorded to me.