Taylor to Newcastle

In reference to the application of Messrs Gray & Easterby for a
grant of Mining ground in Queen Charlotte's Island, Your Grace will
perhaps permit me to state that it has not originated with a view to
speculating on the Stock Exchange, but to prosecute a more thorough
investigation of the Mines and an effectual working of them should they
be found equal to the expectations formed.

I would beg to state that altho' the mere Mining operations would
not be very costly, yet that from the length of the voyage in
transporting the quartz as at present proposed to England, occupying as
it would nearly twelve months out 
and home, and the number of vessels
which must be chartered if not purchased, a large amount of floating
Capital must necessarily be provided, probably amounting to 40,000 or
50,000; a capital such as may exceed what a few individuals would feel
inclined to risk. Therefore should Her Majesty's Government be pleased
to make a grant upon such terms as are suggested in my letter to Your
Grace of the 7 ulto, Mr Easterby and the gentlemen who would
associate themselves with him, would immediately cause some further
preliminary exploration to be made under the direction of an experienced
Miner; and should his report prove favorable, would at once 
proceed to
raise the necessary Captial for working the Mines on an effectual scale.

Having been informed by Mr Easterby that Your Grace requires the
names of some responsible persons resident in England as grantees, I beg
to observe that although as I stated in my first application, I only
acted professionally and had no intention of becoming otherwise
interested in the matter; my abstaining from taking any share in it does
not arise from any doubt of the bona fides of the undertaking, or of the
respectability of the parties on whose behalf I have applied; and that I
do not doubt that Mr Easterby will be able to propose to Your Grace
the names of such persons as 
may be safely accepted by Your Grace as
Lessees.