about the conditions on which we shall reopen; and there is another man who holds between 40 and 50,000£ of Provincial Bonds, whom we should like to draw in first. In all these things there is nothing like not seeming to be too anxious, and we may find it worth while to delay the reopening for a few weeks more. It is far better to do this than to make a mistaken calculation; especially as if the bad news by this telegram is confirmed when the next mail comes in, we may find ourselves in a fix about a price, as everything will of course depend on the look of the market at the time. By the way I may mention that Larnach who was here the other day spoke about any agitation for separation as certain to cause a fall of from 10 to 20 % in our Bonds, in his case this would mean the loss of 10000£ or 20000£, so you will easily fancy he is dead against Colonial Independence. And we must all consider that this question of the result to private fortunes by our political action is an essential one to our credit even if we dont separate. The mere agitation, if countenanced or undertaken by the Government may bring down the N. Z. funds and hurt us greatly. I hope Cracroft Wilson will be satisfied more than he was when we left, when he heard Lord Napier's opinion about his Ghoorkas --- I dare say Gisborne and McLean will be especially pleased to get such a condemning opinion from aman of Napier's reputation. While I am writing McLean's name I should like to say that I did not get his long letter till some days after the arrival of month's mail; so some one must be to blame about posting it, as it was written at the end of December. You will have received an application from F. W Hamilton of Canterbury to let him carry on the Trust Company there while Carruthers is in England and I hope you have agreed to his