via Marseilles 3 Adelaide Place King Wm. Street, London 26 Augt. 1864 My dear Sir, Knowing how much you are interested in the present financial arrangements of the General Government I cannot help informing you of a circumstance that I am sure will give you satisfaction but I beg you will not take any notice of it until you receive the information from Auckland. The entire million of Debentures of the General Government is sold. Few here know of it. It is difficult to foresee what public opinion in the Colony will say but I am satisfied it is the best event that could have happened for the government. The Crown Agents could not dispose of £50000 and were even unable to get advances on them. The result was most unsatisfactory and serious but it has been my good fortune to get a friend to work out a sale, which from my position as a servant of Government I could not do myself. I hope that it may benefit the Colony in General and permit the Government with means to carry out their extensive operations. The money market continues on the same stringent state - the minimum rate of Discount being 8%. It is difficult to say how long it is likely to continue but in the meanwhile provincial securites are not to be negociated. The Union Bank of Australia offered another instalment of the Queensland Government 6% Bonds and had only £2600 applied for out of £250000 they are advertising the balance at a reduced price. It was some satisfaction to me to see that the Rangoon had reached Sydney for by last mail she is reported as having put into that port for water, and still more so to learn that the Emigrants were all well. This vessel has been a source of great anxiety to me. It is somewhat singular that the second direct ship to Napier should have met with a similar accident in the Downs but in the case of the "Strathallan" she was most expeditiously repaired. She is load home with Wool, and I hope will meet with quick dispatch. I have sent by her to Mr. Rhodes two of Mr. Kirhams Lincoln Rams and would like you to see them for it appears as if they are most serviceable animals. The wool sales are in progress. Owing to the advance - in price of money prices receded 1d. to 1½ per d/1b. Enclosed is a Report of the Sales which may prove of interest. Altho the highest price of N. Z. Wool is quoted 2/3d I obtained 2/5½ for some of Mr. Rhodes. In consequence of the financial difficulties the General Government Emigration proceeds but slowly the first ship will sail on the 15 proxo. You should arrange with the General Government to conduct the portion that is to be sent to Hawkes Bay send home some one to select the Emigrants and we will send some forthwith. But do not omit to arrange that the terms must be the same as offered to Emigrants proceeding to Auckland. I hear Wellington does not offer the same, it will be disappointed. I am my dear Sir faithfully yours, John Morrison