No. 19

With reference to your Despatch No. 71 of the 17th May in which you
forwarded Ordinance No. 11 "To authorize a Loan of £75,000" and stating
reasons for preferring the course authorized by that Ordinance to the
scheme suggested by Mr. Julyan for readjusting the public debt of the
Colony, I have the honor to transmit to you a letter from that
gentleman, in which he offers various observations on your proposals.

The considerations urged by Mr. Julyan appear to demand very serious
attention, and the hope that your Government may be led to adopt a
scheme likely to be more successful in the operations than that proposed
in your Despatch of the 17th May. I have refrained for the present from
laying the Loan Ordinance before Her Majesty for Confirmation.