down the New Zealand Commissioners as going in for cutting the painter, he will turn us out into the cold too, as Sir George Grey has been; and I think it wd be far better for us to pack up our traps and be off at once. If, indeed, the Assembly seriously goes in for it, that will be another thing: but in my opinion the Assembly will do nothing of the sort. I believe on the contrary that if the question of Independence were raised now in the Colony (I dont mean as a newspaper talk but as something serious where men wd have to face the Supreme Court and make sacrifices) it would be dissipated into thin air in a moment. What we should try for is to get some help from England towards Immigration, and I believe a plan could be proposed which the Government might be inclined to look favourably upon: but I dont know whether anything can be hoped for unless we as Commissioners give up the troops question in the first instance. It has been a disappointment not to be able to write you anything about Emigration yet, but I hope that another mail will not pass without doing so. You would not believe how busy we are doing nothing. We have neither of us been to see a single friend or relation, have not even been able to find time to pay back the numerous visits made to us, and yet there is nothing to show for it. About the consolidation reopening I felt sure we should send you details by this mail, but we must put that off too. We have communicated with the Crown Agents, and are still engaged in considering the steps to be taken. We are especially wishful not to be or appear to be in a hurry. There are some large owners of the old debentures whom we want to getin, and then the rest will follow: for instance Larnach if the Bank of New South Wales holds more than 100,000 of the old Fives, and is rather anxious