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On reference to our accounts you will find that the Colony has never been charged anything like 7 per cent.; in fact when that report was written 3 per cent. was the highest rate, except during eleven days in January, 1886, when it was 4 per cent.
The Colony, moreover, has never paid more than 5 per cent., and that only from the 16th December last to the 3rd instant.
I would add that if the report has been laid before the Council, it would appear but just to us that some explanation should be given, as we should regret that it should go forth uncontradicted that the Colony has, through us, been charged 7 per cent. for its loans.
I have the honour to be,
Sir,
Your obedient Servant,
W. C. SARGEAUNT.
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