But as your agents must raise the money, I presume they did not like to run the risk of receiving few or no tenders for your loan by offering it at a higher rate. From a London stand point it does appear that colonists look upon financial affairs in a lighter and more careless way than we do here. I wish that anything I could urge would have the effect of causing some of your readers to take a more serious and matter of fact view of financial • transactions and operations in general, for the existing posture of affairs is prejudicial to you in the extreme. Still, however, discouraging the state of the credit of the whole of your colony may now be, the recent news of the probable termination of the war, if confirmed by advices to be received by the next two or three mails, will do a great deal to restore your credit in the English market. But, as I have stated on former occasions, much more depends upon the continued unity of your colony and on the financial legislation of your Parliament than upon anything else. Only let the English public see that you are able to meet your liabilities, and willing to do so, and that you hold together as one man to support the burden of your legitimate and inevitable responsibilities, incurred in common, and here after to be shared in common with all their advantages or disadvantages as the case may be. You will be glad to learn that the bank rate of discount is down to 6 per cent, and that money is more plentiful, and the price of wool higher. Still there is a good deal of depression at the present moment among the Joint Stock Companies in the city, and shares have gone down considerably. This is doubt less owing in a great measure to the recent failure of the Joint Stock Discount Com pany, which only a couple of months back was supposed to be in a flourishing condition, and which actually declared a respectable dividend last Christmas. 