Object #1025585 from MS-Papers-0032-0482

3 pages written 15 Nov 1868 by John Davies Ormond in Wallingford to Sir Donald McLean

From: Inward letters - J D Ormond, Reference Number MS-Papers-0032-0482 (74 digitised items). 72 letters written from Wallingford, Wellington & Napier, 1866-1868Includes piece-level inventory.

A transcription/translation of this document (by ATL) appears below.

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English (ATL)


Novr. 15th /68

Dear McLean

I have a little spare time this evening so will reply to what business matters require reply in yours of the 9th. I return the New Zealand Bank Mem. respecting the interest on our Loan - The terms named are very illiberal - Canterbury pays only 6 p.c. for her advances pending realization of their Loan and the Bank allows them 6 p.c. for deposits up to the time the same are drawn by the Prov. Govt. - In their case it is all fixed deposit bearing 6 p.c. interest - When they draw any sum out then the interest on it ceases - These are very different terms to what they offer us - So long as we hold any of the Loan we shall be paying 6 p.c. for it to the holders of our bonds and we shall be getting 4 - This is a very bad transaction - I shd. say - See first if the N. Z. Bank Will give us 6 p.c. on what we leave in their hands. If they will not very likely the other Bank will. I expect a hint that the other Bank must be dealt with wd. settle the business - the N. Z. Bank wd. not like to hand over a large cash balance to their rivals - Some step ought to be taken to settle this matter at once - It is as it stands a very bad transaction for us and unfair besides -

I have read Curtis' remarks about us - at first I thought we might answer what he said but I am not sure if it wd. be wise to do so - after all it is but an electioneering speech and if we begin to do battle in the Press there is no end to it. We had better perhaps let it pass. About the Debt Apportionment - I have not yet seen the Bill there is a batch of Bills to hand by last mail but I have not yet had time to look into them. When I have I will again refer to this and we can talk it over when we meet which will be shortly - I shall be writing abt. other things before this goes.

Yours always
J.D. Ormond

Part of:
Inward letters - J D Ormond, Reference Number MS-Papers-0032-0482 (74 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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