- cation. "It is with great unwillingness that Lord Carnarvon
feels himself compelled to have recourse to the assistance of the Imperial Treasury in this matter, but he is satisfied that the Lords Commissioners of Her Majesty's Treasury will readily acknowledge that in this most difficult case he has had no alternative. The annexation of the Transvaal with all its consequent liabilities, political as well as financial, has been neither coveted nor sought by him;"—the italics here and above are my own;—"and it is only a sincere conviction that this step was necessary in order to prevent most serious danger to Her Majesty's Colonies in South Africa which has persuaded him to approve the late action of Sir T. Shepstone."
The £100,000 was advanced, if not without a scruple at least without a doubt, whatever might be the expectations of the Treasury as to speedy repayment; and there can be little doubt, I fear, that further advances will be needed and made before the resources of the country in the shape of collected taxes will suffice to pay the expenses of the country, including the gradual redemption of the Dutch loans. But if the country cannot do this soon the annexation will certainly have been a failure. Great as is the parliamentary strength of the present Ministry, Parliament would hardly endure the idea of paying permanently for the stability and security of a Dutch population out of the British pocket. I do believe myself that the country will be able to pay its way in the course of some years;—but I do not believe that the influx of a large loan on easy terms, the expenditure of which must to a great measure be entrusted to the
