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Colony from asking for complete relief by the Imperial Government. Individually, I think not. But now cmies a far more important question. The Committee'probably hope that the Imperial Parliament may be induced lo re-open the account between itself and the Company. lam persuaded that nothing of the sort will ever bo done ; and however distasteful it may dc to the Committee to hear my reasons for believing that their work will prove labour in vain, I must state them distinctly. Some of them were clearly stated by two of the members from Otago, in their proposal to the Committee that, on certain conditions, their Province alone should undertake to pay off the whole of the Company's Debt ; and I beg leave to refer the Committee to their communication on that subject. I will, however, state all the reasons which weigh with me. In the first place, the transfer, by the Constitution Act, to the people of New Zealand, of" the Crown's property in the Waste Lands was considered by every body as an unprecedented and most valuable boon ; and until then, the Crown, whether as a trustee for the public, or through a prerogative right limited by Act of Parliament, was considered to be, and actually was, at perfect liberty (supposing that justice did not forbid it), to make such a bargain with the Company as to the waste Lands of the Crown in New Zealand, as that to which Parliament gave its final sanction in 1852. When before under examination by this Committee, I stated how Parliament might have been induced in 1852 to postpone a final settlement of the Company's claim, provided the friends of the Colony at home would have consented to postpone that other and far more important settlement of a creat question of policy, which transferred the Waste Lands from the Crown to the" Colonists. I am persuaded, therefore, that if ever Parliament should be induced to re-open the Company's account with the Crown, it will only do so on condition that, until the matter'be settled, the Crown shall again have control over the waste lands so as to be sure of being able to satiify any ultimate award. Such a condition would be agreeable to the admission lhat the Company has some claim on the Co'ony but it would never be accepted by the Colony; and the more when the Colonial public shall know that a single province is disposed to charge itself with the whole Debt, on condition that its local government be permitted to dispose of its waste lands without any restriction. On this ground alone, then, I am of opinion, that the labours of the Committee will be fruitless of everything but vexation, with the addition of considerable expense, if the claims on the Company should be pursued by an agency at home. But further, this Debt has been created by a series of Acts of Parliament; and I need not dwell on the profound habitual respect of the British people towards obligations entered into by the Legislature, and therefore, held to involve the good faith and honour of the country. Neither must it be forgotten that the two members ofthe Imperial Parliament, who publicly objected to the Company s Claim at the time of the passing of the Constitution Act, when both of them were in opposition-1 mean the Duke of Newcastle and Sir Wi Ham Molesworth-ap-pear to have abandoned the subject as members ofthe Cabinet; the one by ceasing to think about it, as apppears by His Grace's Despatch to Governor Sir George Grey of the 30th December, 1853; the other by declaring in the House of Commons that in obtaining a certain Return (which is before this Committee as a House of Commons Blue Book), he had done all that he felt bound to do in the matter. That Return, at least, establishes beyond all question, that Lord Grey as the organ of the Crown in 1846 and 1847, and for several years afterwards, was most deliberately a party to the Act of Parliament which laid the foundation of this Debt; and it is not an insignificant fact with relation to this subject, that the Duke of Newcastle has ceased to be Colonial Minister, and is succeeded by Sir George Grey, the relative and close political friend of Lord Grey who is bound by every consideration of public honour to stand to his bargain with the Company. On the whole then, lam convinced, that let the Colony do what it may in hie way of complaint and reclamation, it will, in due time, as the money accrues, pay to the Company every shilling of this Debt. The time for successful reclamation has gone by. As is often the case, the call for re-opening a closed account would be made too late ; and I can sue profit for nobody in making it, except as persons here and at home would have to be paid for their services in pursuing the claim. The monstrous injustice of the matter of this burthen, and the cruel impolicy of the manner in which it operates, are, to my mind, unquestionable facts; and they