CO129-130 - Sir MacDonnell - 1868 [4-5] — Page 357

353

#aquinst the most stringent

course that

ment could adopt.

Her Majesty's Government

17.

It

appears, however, that Her Majesty's Governmment hom the influential and

from

leading action taken by Your Grace's

Department and the Treasury in the establishment of the Meint,

partners in and

certainly

were mo

wvere en

morally

encouragers

of the speculation which must be regarded

having from first to last absorbed

at least $450,000 of

bolonial

amount

apets- that 'is to say,'

equivalent to nearly five years' Military Contribution. Therefore

an

the timporary insolvency of the bolony, which otherwise could have provided!

Jwhich

for all its liabilities, was due in some measure to the sanction and

e

encouragement

speculation

given by the Creditor to the

the debitor, Consequently, if it be true

of

that the Military Contribution ceused to

to be

Cu

time

paid for bolonial funds

were

merely because

exhausted.

the

from

the above cause, and if the debtor cxp

eschibited at the earliest moment when recovering from that Insolvency a proper

alacrity in making provision for payments by such taxation and Sacrifices peculiar local circumstances of this of

as the

community allowed. it might have

Suggested itself, that

through the "vi

arrears accumulated.

His Major" of circumstances

caused as above, should have been ope

allowed to

appropriately account allogether

drop out

of the