Object #1022847 from MS-Papers-0032-0266
From: Inward letters - I E Featherston, Reference Number MS-Papers-0032-0266 (62 digitised items). 62 letters written from Auckland, Wellington, Napier and London, 1859-1876.Includes several draft letters from McLean to Featherston
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Charing X Hotel
October 6 1870
My dear Fox
There is very little use writing, as I leave this on ar about the 26th to join the Steamer at Suez on the 13th Novr. and shall be with you about the 5th Jany. Bell proposes to start tomorrow night. I have given up the San Francisco route with very great reluctance but there seemed such an uncertainty about the service being continued, that I did not like to run the risk of being stuck up at Honolulu especially as I have already taxed the friendly feeling of the Council rather severely. I scarcely yet know how I shall reach Alexandria, The road from France to Marseilles is closed, I fancy I shall have to find my way
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through Vienna either to Brindisi or Constantinople. Morrison had taken me a berth from Southampton in the Bankers or Barbers -but this I couldn't stand. I think you will find that all possible arrangements have been made here for carrying out yr. comprehensive policy. You will receive a mass of evidence shewing that3 ft. 6 in. is the guage you must adopt for yr. railways - and that the cost (including rolling stock etc.) will not exceed £4000 a mile - You will also I trust receive an offer from Sir C. Fox's Company to execute yr. preliminary surveys. They assure me that if you
guarantee an interest of from 5 to 6 p. c. on the capital expended, they can get companies to undertake all yr. railways - in other words adopt the Indian system, and you need not borrow for yr. railroads - and will besides exercise a full controlling power upon the cost etc.
Emigration has been already started from Norway, Sweden etc. and can be increased to any extent on favourable terms- Similar
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arrangements have been provisionally made with agents here and in Glasgow. With respect to finance I see no reason to doubt that you will place your loan from time to time at a price not very much below the present quotations. The result of the present war has been to accumulate capital in England. Vogel complains that we have not arranged for a submarine cable between N. Z. and Australia - but we sent you out a distinct offer from Henley - and you havent accepted it. With Vogel's arrangement in Sydney, we could not do more - A good service via Francisco would have been established, had it not been for the contract with Hall - You have had all the information we could obtain respecting Flax - and I believe in it as an export (probably the most valuable we have) more firmly than ever. As for Meat preserving Australia and N.Zealand cannot possibly supply the demand - You all underrate the advantages of the Million quarantee - you forget that a guaranteed Loan of 4 p. c. would realize
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a premium of from 5 to 7Â½ p.c. and that there is no sinking fund attached to it until it has all been expended, or till the expiration of ten years - Besides the name of the Impl. Gov. to it, enhances yr. credit in the market for other loans. I only wish for the sake of the Colony, it had been received more graciously, and not in the snarling spirit of the ''Times's Correspondent'', who I must say has succeeded in writing most damaging letters to the Colony.
I dined with your Brother and Niece the other day at Durham, and enjoyed my visit amazingly -
I hope you have agreed to Morrison's claim, which is exceedingly moderate, and have given him an adequate salary for the future. I came home perhaps rather prejudiced against him - but I find he has been a most efficient, and faithful agent - and has often protected the credit of the Govt. by advances from his private funds. He has sometimes been out of pocket some three thousand pounds. We have now made arrangements to prevent this in future
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but this does not condone the past What with theexpense of offices, clerks etc. he can scarcely be said to have pocketed any portion of his salary - and we have now thrown increased responsibilities and burdens upon him - He is of course thoroughly up to the
English Emigration and as he accompanied me in my recent trip to Norway and Germany, he is thoroughly cognizant of all my arrangements, and is really the only person capable of carrying them out - During the whole of our various negotiations, we have taken him completely into our confidence, and he has rendered us very valuable assistance.
Consolidation of loans - altho closed, we have authorized Crown Agents to buy up on advantageous terms any Bonds that may be presented, i.e. if they see their way to making a profit of the transaction.
Levin sends his resignation - I would
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advise you to offer the seat to George Hunter - he ought to have been placed in the Council long ago.
Oct.7. I have just seen Henley in re Telegraph -the old story - this man has entirely upset everything so that there would be no chance of raising the capital without a guarantee of 6 p.c. - shares of telegraph companies have fallen frightfully - some on which 6 p. c. has been paid are being given away with a bonus of £1 - still matters may mend - but for the present they decline to adhere to the proposal. They will send out another offer by next Mail Q They see no objection to Vogel's stipulations - One of the boys has also been in with a draft proposal for preliminary surveys - I hope to have it before the Mail closes.
Inward letters - I E Featherston, Reference Number MS-Papers-0032-0266 (62 digitised items)
Series 1 Inward letters (English), Reference Number Series 1 Inward letters (English) (14501 digitised items)
McLean Papers, Reference Number MS-Group-1551 (30238 digitised items)
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