To the amazement of Australia, New South Wales has not
given Sir Henry Parkes a majority. The majority returned at recent elections is believed to be opposed to Federation, and in favour of particularism, though as the balance of power is held by the Labour candidates, who con- stitute nearly a fourth of the House, this is not quite certain. What is certain is that the majority is Protectionist, that it inclines towards large expenditure on public works, and that it will, if it can, prohibit or restrict the immigration of un- skilled labour from Europe. As New South Wales is the only Free-trade Colony in Australia, this is a victory for Protection, and shows how little the plainest arguments avail with workmen against their immediate self-interest. The corrective is the pressure of high prices ; but in a com- munity which imports no food, and can still borrow, this• of course works but slowly. The investing classes will do. well to note the change of policy, for it will directly lower the- security of all Sydney bonds, the public works on which money is to be lavishly spent being, for the most part, too- costly to return full interest on the outlay.
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