CO129-460 - Governor Sir Stubbs - 1920 [1-4] — Page 43

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and I consider that it is very deserving of assistance,

4.

At first on the receipt of this latter I instructed the Colonial Secretary to reply that, I regretted that I was unable to sanction a loan from public funds but subsequently I had an interview with the Bishop and the Honourable Mr. H. E.Pollock, K.C., at which I was satisfied that unless some assistance is given the work of the College is likely to be seriously embarrassed, a reault which would be opposed to the public interests. I therefore informed Mr. Pollock that, while I would not take the initiative in propos- -ing a loan to an institution which was associated with a particular religious denomination, I should be disposed to regard favourably any proposal which had the unanimous support of the Council and that if he could be sure of the support of the Unofficial Members I would, after obtaining the concurrence of the Executive Council, authorize him to propose to the Legislative Council that the Government should lend the College a sum of 850,000 on the security of the land and the building, (which has cost nearly $90,000) the conditions being that the loan should be repaid as early as possible and in any case

within three years, that no interest should be charged for the

first year and that after the first year 5% per annum should

be charged on any amounts outstanding.

5.

The Executive Council unanimously agreed

to the proposal provided that it received the support of all

the Unofficial Members of the Legislative Council and Mr.

Pollock has now ascertained that this support will be forth-

-coming. It is not convenient to allow Mr. Pollock to bring

forward the matter in Council until later in the year but I

should be glad if Your Lordship would accord your approval to

the proposed loan in order that the money may be paid over as

soon as the Council has formally consented to it.

Π

6.