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trace this depression under which the colony is labouring to its primary causes. I am satisfied to fall in with the general opinion that we are suffering from the effect of previous overtrading and extravagance. This is no new thing. Young and vigorous communities like ours are peculiarly liable to fluctuations of this kind. Depression follows excitement as naturally in the body social as in the body physical, and I know of nothing in the climate or constitution of New South Wales which should exempt us from this law. A bank director told me the other day, that very few persons were sensible of the imminence of the crisis through which we had passed, aggravated as it was by the unexpected demands for assistance by our own Government, as well as that of Queensland. Luckily we have tided over the crisis in happy ignorance of the danger, feeling its effects only in a little temporary depression. But what we call "depression,"—how does it manifest itself? It seems to me that if the same state of things of which we are complaining were to exist in the older countries of Europe, it would be to them a season of comparative wealth and prosperity. Tell me what class is there amongst us which cannot command more of the comforts—aye, and luxuries too—of life than the denizens of most other countries enjoy. I ask you to go with me on any public holiday to the haunts of pleasure-seekers in and about our beautiful harbour—to
