I observe the Crown agents report that, in their opinion, such a loan could be raised in London at 4½ or 5% interest with a sinking fund of 1%. These gentlemen doubtless possess more information on the subject than I do, but I much doubt if par could be obtained under 5% interest, and then there would be considerable charges for commission, etc., which would reduce by so much the actual amount received by the Government here. In my opinion a sterling loan, as compared with a Dollar loan, has just one very serious disadvantage, and that is, that, while Gold is the standard, and the Colony's Revenues are collected in Silver, the latter has, of late years, depreciated in value as compared with the former, and appearances undoubtedly point to a still farther and steady depreciation. On this assumption – and I daresay the Crown Agents will admit its correctness - were the Colony to raise a sterling loan, it would cost the Colony