8.—6.

generally will indorse this sentiment. There are extremists, of course, on both sides —some who will not recognise the rights of labour, and by so doing add to the difficulties. On the other hand, there are those who, by extreme agitation, make a complicated matter yet more difficult of adjustment or administration. What occurred in Canterbury a short time ago when some seven thousand farmers were cited at the instance of a' small minority, should not be possible under a well-organized system of conciliation and arbitration. The farmers, on the other hand, must recognise that the conditions under which we are living have greatly changed, and that what is fair and equitable and just should be done to the workers whom they employ. Ido not say that this has not been done in the past. On the other hand, the conditions under which the perishable products of our country are obtained require to be not only considered but respected in doing what' is right and just to the farmers engaged in our country life. If the whole matter is approached by all parties from the standpoint of improving the conciliation and arbitration system of the Dominion, and making the law of such a nature that it can be carried out to meet the requirements of the people, then I hope we will succeed in legislation, so as to make the future path a more even one for all concerned to tread upon. * LOANS MATURING. It will be of interest to honourable members to have some definite information regarding the maturity of loans during the current year. I have already pointed out that £2,582,900 were successfully renewed, converted, or paid off during last year. During the current year the total amount of loans that fell and are to fall due amount to £3,133,238. I am sure it will be gratifying to you to know that satisfactory arrangements have already been made for the renewal of £1,750,000, and at no higher rate of interest than existed previously. Already the conversion of £500,000 of our debentures has been effected at a reduction of the interest which they were formerly bearing. Thus £2,250,000 out of the total already matured or maturing this year have been fully provided for. This leaves a balance of £883,238, concerning which I anticipate no difficulty in arranging for when the payments become due. I desire to assure honourable members that these important matters have received most careful attention in every instance long before the time of their maturing arrives. In this respect I may say I have already looked ahead to the year 1910, and I feel confident that successful renewals and conversions for such loans as will be falling due in that year will be satisfactorily arranged. In important financial matters of this kind it does not do to wait, and I have been looking well ahead. WOOL MARKET. Regarding the position of the wool market.a few words may not be out of place: — The estimated population of the world in 1882 was 1,433,887,000, and the last information that I can get a fairly accurate estimate from is for 1902, when the population had risen to 1,600,000,000, an increase in the twenty years of 166,113,000. It is fair to calculate that from 1902 to 1908 the increase has been another 60,000,000. Honourable members will see that I have calculated this at a considerably less rate of increase than for the preceding twenty years, so that the world's population has increased in twenty-six years by fully 226,000,000 of people. iii—B. 6.

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