__-,* far making the conversion beyond. a~ .■■SjSSRStfi Bank olEEngland that it _£Xt in the matter. When at your m •_SK_T«_ telegraphed to you the terms on to act, we considered e_oum«-nces with the view to deal as £J& _fpo_uble with the Government. The tbe acceptance of the un _!±_tls\ndthe issue of the short dated *??_£-.« would alone have amounted to **fg_ double the whole charge made of the loan. All con _L_ons were disregarded bnt the one of f!__zhl>erally with the Government, and -as made for any services St _« ms negociation of the loan, and for S_t the lowest rate was charged that ever W been paid. It was necessary, however, to _"«__ limit to the date covered by the pay- J*~gnd it seemed to us best to adopt the 2!_tirbiflb saw an end_ to the loan negocia- B__l The remuneration whioh you term s£__J in no sense covered any charge f *r con- B was, as we have said, at the rate Tf_B i_—est paid for simple negociation. It JL—Bjed no payment for the very exceptional special services to which we have fjSjjjj and it included the inscription up to May of over a million .of stock. «§_. whole machinery for carrying the in ____on hito effect had to be constructed !__e apart from the loan negociation, and 5_T agents were not even the same, did not consider strict rights, __i looked more to the convenience of the c After May let the conversion might IjJojled more or less vigorously, and at any __9 other loans beside the five million might be introduced. To have placed on different footings conversions after the Ist of May JoaM we thought, entail inconvenience and Wusion, and the amount at stake was a gtere bagatelle compared with the vast amount to which it related. Payments made for financial operations are not regulated by the tune they occupy or the physical labor __- entafl. They depend rather on the in fluence, judgment, experience, and knowledge wi&ch ere required to bricg them to a success ful oonclnsion. You will doubtless think it fair to ato place this letter before your Parlia ment if, as you state, the one of which it is a reply has been similarly treated. We osy add that the machinery for inscription is ffgjting into working order. 