With reference to your Despatch No. 71 of the 
17th May in which you
               forwarded Ordinance No. 11 "To authorize a Loan of £75,000" and stating
               reasons for preferring the course authorized by that Ordinance to the
               scheme suggested by 
Mr. Julyan for
readjusting
 readjusting the public debt of the
               Colony, I have the honor to transmit to you a letter from that
               gentleman, in which he offers various observations on your proposals.
               
               The considerations urged by 
Mr. Julyan appear to demand very serious
               attention, and the hope that your Government may be led to adopt a
               scheme likely to be more successful in the operations than that proposed
               in your Despatch of the 
17th May. I have refrained for the present from
               laying the
Loan
 Loan Ordinance before Her Majesty for Confirmation.