Mr. Fellows has addressed a second letter on the "Finances
of New Zealand" to the Pall Mall Gazette, and has also written to us, in reference to our note on the subject, a very long letter, for which we have no room, even if we were inclined to widen tke area of the controversy. Mr. Fellows does not complain that we misre- presented his argu.ment, but only that we gave inadequate expression to it. That may well be, but our columns are limited, and he has had ample opportunity of expressing his views elsewhere. His views, it seems to us, were probably very sound views two or three years ago; but the advance of an Australasian colony in two or three years is often equal to that of an old country in twenty or thirty. We recommend Mr. Fellows to study Mr. Vogel's last financial state- ment, which shows a surplus of upwards of £200,000 ; and with it proposes to make "revenue aid loans, instead of loans revenue ;" and which also puts an end to provincial borrowing. Is not Mr. Fellows writing a little after date?
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