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The Chairman. It was decided locally that the loan was to be a gold loan. The Crown Agents had nothing to do with that. So far as the floating of the loan was concerned, it was very successful.
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By Mr. Shewan.-Do you think they are well enough connected in the bank- ing world to settle a loan?
A---I should say so, but I have never been in contact with them financially.. Q-It was in the papers the other day about a loan floated for Ceylon. That appears to be unsatisfactory too.
The Chairman.-I observe that that was flatly contradicted in the House of Commons. Some one stated it was impossible to procure forms from the Crown Agents in time to apply for a share of the loan. It was shown that that statement was incor- rect and that applicants had been afforded every opportunity of procuring forins. It is not at all an uncommon thing for the Crown Agents to be abused. I have heard such abuses frequently during my service of twenty-two years, but, in every instance where it has been possible to investigate an accusation, the Crown Agents have always come out on the right side. As regards floating loans, I am not able to speak with au- thority but I feel sure that the Secretary of State for the Colonies would not entrust anybody with the floating of a loan if he did not think them competent to discharge such an important and responsible duty.
A-I think that local loans would be better raised locally than at Home, but whether that is the fault of the Crown Agents or of the Colony, I cannot tell. The Crown Agents are instructed by the Secretary of State as to how to raise the loan.
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By the Chairman.- So far as our loan is concerned, they got us very good
terms.
Mr. Shewan.-There is no proof that we could not have got better.
The Chairman.-Perhaps we might have got worse.
Witness.-They give guarantees, and each Agent is bound in a large sum.
Q-Do you understand whether they have experience and training to go in for the raising of loans ?
A-I cannot say, I have never dealt with them financially.
By the Chairman.-Have you in the course of your varied experience, had any practical experience of making roads?
A-A little, but it is not my speciality.
Q-A good deal of attention has been paid to our roads lately with a view to get- ting them into a satisfactory condition, and I should like to ask whether you coul give us any opinion on that subject ?
A--I have not gone deeply into the subject but, as a general matter of principle, I have always found that ashphalt has done very well for roads. At Malta, the re- pairs have been nominal for years past.
Q-It has been suggested that we might try wood pavement here?
A—I think it would do. Of course, as you have got no horse traffic here, it would be free from the objection that it gets saturated with urine and horse dung, and it would be worthy of consideration.
By Mr. Master.-Conld we not try some new system by which the roads would not need to be turned up every week?
A-I should not do that until we attained some degree of finality.
Q--Could there not be some sort of tunnel constructed in which pipes could be got at easily?
A--In Malta arrangements were made which were, I believe, successful.
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