i6 



plary degree, sallies of local opposition critics to the 

 contrary notwithstanding. 



The colony is practically free from debt, the amount it 

 owes, about ^^250,000, being covered by reserves. If 

 necessary every obligation could be promptly discharged. 

 The savings bank, a Government institution, holds ^300,000 

 sterling, the saved earnings of fishermen, on which three 

 per cent, interest is allowed. I may here observe that an 

 amount of fishermen's earnings almost equal to the sum in 

 the savings bank is lodged in the other banks of the colony 

 at the same rate of interest. The Government securities 

 bear interest at the rate of four per cent. They are entirely 

 confined to purposes of local investment, the colony never 

 having borrowed from outside sources 



Necessity for extended Employment, and means 

 for this purpose ; the railroad, etc. 



The state of things thus described was not, however 

 without its seasons in which suffering was experienced 

 owing to failures of the fisheries more or less extensive, 

 and the hazards of relying on the single pursuit were often 

 severely illustrated ; and at best the state of the colony 

 wanted those elements and conditions of advancement 

 which form a main attraction of colonial life. The 

 time had fully come when those charged with the ad- 

 ministration of aff'airs felt that a policy of progress had 

 become indispensable. Education was doing its work, and 

 gave the people aspirations beyond the normal condition 

 of a fishing community. Newfoundland is too near the 

 fast-growing United States and Canada to retain its 

 population, if they were left much in the rear of these 

 countries in social conditions and in regard to future 



