Enclosure 19th June, 1886.
I have the honour to transmit, for Your Lordship's consideration, copy of a letter from the Treasurer, to the last two paragraphs of which I beg to call Your Lordship's attention.
There was a very considerable amount of public feeling about the loan, which the Colony desired, as explained in Sir G. Bowen's despatch No. 417 of the Cir, November 1885, to have floated here. For some time I anticipated that a loan in England would be opposed by every one of the Unofficial Members of Council, and it seemed that in Finance Committee when it was at last reluctantly agreed to, it was only on condition that it was to be raised in the terms laid down in the Secretary of State's despatch No. 121 of 2nd February last. These terms are modified by the arrangements which have been sanctioned, and I beg to submit for Your Lordship's consideration