must be an effectual bar. Drainage and
navigation form only one problem out of a dozen facing a Home Rule
Government needing the raising of enormous capital. Probably the
Commissioners conducting the Canals inquiry, who were persons of all
shades of political opinion, were well aware that only under the present
system of State credit could the financial difficulties be overcome.
According to their report, the State (_i.e._ the Government of the United
Kingdom) were to acquire the control, which was to be carried out by an
Act of Parliament, naming the Waterways Commissioners, "who should be
persons disassociated from party politics."

The one dissentient out of twenty-one signatories, Lord Farrer,
significantly adds that he does not favour a "charge on the public purse
and new Boards of Management _until a purely Irish elected authority has
agreed to pay for them_." Precisely; Lord Farrer has looked ahead. Will
an Irish elected authority agree to pay for these boons, and will they
be able to pay? That is a question which will cause some searching of
hearts amongst all interested in Ireland's welfare;--in these pages we
have attempted to give an answer.

CONCLUSION.

The conclusion is in fact inevitable. Ireland cannot have it both ways.
She cannot have financial independence and financial dependence at the
same time. No Colony has ever claimed or been granted these inconsistent
conditions. If Colonial precedents are cited, their essential
limitations should also be borne in mind. Colonial loans are not charged
on the Consolidated Fund. Nor have Colonial railways been nationalised
with the money and credit of the United Kingdom, in order to favour
local exports at the expense of imports from England.

Our examination of the question brings us to the clear conclusion that
it is only under the existing system of a single Parliament and
Executive for the United Kingdom that the problems of transit and
transport in Ireland, or between Great Britain and Ireland, can be
satisfactorily solved, whether from the point of view of finance,
justice to shareholders, or advantage to the trade and convenience of
both countries.

NOTE.--It has been suggested, since the above was written, that the
balance in the Irish Post Office Savings Banks (now about
L12,500,000) might be available to the new Irish Government, for
advances to farmers and other public purposes. The suggestion
involves the applicabilit