THE MILLION LOAN.

Hawke's Bay Times, Volume 16, Issue 808, 28 July 1870, Page 3

THE MILLION LOAN.

The following extract from the letter of a gentleman in London, written just prior to the departure of the mail, which relates to some of the proceedings of the Conrissioners, appears in the Otago Daily Times:—"The debate on the 26th showed a very strong feeling in New Zealand's favor, and at its close the Government were anxious to do something in the shape of material aid, but after much negotiation, would only do so to the extent of half a million for emigration and road making. This the Commissioners refused as insufficient for the quiet pacification of the North Island, and would take nothing under a million. The Government declared absolutely it would not budge, and most of New Zealand's influential friends in and out of Parliament urged the Commissioners to accept it, but they persistently refused. All seemed at an end this day week (Friday), and the Commissioners' mission seemed altogether to have failed; but on Saturday the Cabinet gave way, and agreed to guarantee the million, say £500,000 for emigration, and £500,000 for employment of new settlers and natives iu road making. The bill is not yet drafted, but the modus operandi will be somewhat- as follows—' The Bank of England will probably advance the money as required, say from £50,000 to £200,000 a year, at 3 or 3 \ per cent. At the expiration of seven or ten years, when the money is all advanced and spent, the loan (for thirty years) will be raised uuder Imperial guarantee, thus

saving 2 per cent., or about .£20,000 per annum for the 30 years, and a proportionate amount for the previous seven or ten years, according to the advances made.' The Government and the Commissioners have maintained a personally friendly J attitude throughout, by which they have been able to substitute confidential interviews for wearisome wrangling despatches. They went to the Queen's Ball the other night, and go to Lord Granville's State dinner on the Queen's Birthday. Sir George Grey has been invited, and has accepted the invitation so it is hoped that his little grievances may be considered at .an jend, and he will shake hands over Ithern."