for less than 5 per cent, and have lately been costing 10 per cent, on such security Bills referred to aforesaid.
may
as the six months
Whilst on this subject,
I think I should also point out another objectionable practice which prevails with regard to Bills of Exchange drawn from India by the Emigration Agents of Jamaica, and British Guiana, on the Crown Agents in London. Both these Colonies keep the funds to meet such Bills with London Bankers, the former with Prescott & Co., and the latter with Thomson Hankey & Co.. But as the Indian Government, from whom Emigration Agents find it convenient to obtain the money in the several Presidencies, decline to accept drafts on any Government Departments of this Country, the Bills are drawn on the Crown Agents, who have to run the risk of acceptance without being first placed in possession of the means of retiring the Bills. So that if the Bank, to whom they are eventually to look for the money, were to fail before the maturity of the Bill, the liability would fall upon the Crown Agents.
The financial crisis through which we are now passing will serve to show the danger of such practice, and I would suggest that all Colonies requiring such accommodation should be directed