The Honble. Sir Donald McLean, If it is desired to answer this paragraph it would be proper to say that the Loan was taken up as such Loans always are partly by permanent investors and partly by persons buying for the market - that no engagement was made prohibiting the Govt. from negotiating further loans within a specified time - and that the price realised after taking into account the dividend accrued and the dates at which the several instalments of the purchase money were payable is equal to borrowing at a rate of £4.15.1 per ct. Looking to the necessarily short notice under which this Loan was negotiated it is satisfactory to note that it has been obtained at a price which though somewhat higher than on previous occasions has yet placed a million and a half in the Treasury at a rate of Interest equal to £4.15.1 per cent, or rather in conjunction with the terms on which the preceding Pub. Works loans have been raised at an average rate as stated by Mr.Vogel in his Budget Speech of £4.14.9 per ct. C. I. Parkin, 28.9.74.