With reference to your letter dated 
17th Instant enclosing
               copy of a Despatch from the Governor of 
British Columbia with a
               Proclamation which provides for raising a Loan not exceeding
               £50,000, I am commanded by the Lords Commissioners of Her Majesty's
               Treasury to transmit to you copy of certain Observations by
               
Mr Julyan, Agent General for Crown Colonies, on this Proclamation,
               and I am to request that you will state to the 
Duke of Newcastle
               that it appears to My Lords very probable that on the receipt of
               the Despatch of 
16 June last, founded on the Treasury letter of
               the same date, the Governor
may
 may have taken steps in conformity with
               the precise instructions conveyed to him, whereby most of the
               objections raised by 
Mr Julyan will have been removed, and that
               it will be better to defer any proceedings on this Proclamation
               until a further communication shall have been received from the
               Governor.
               
               In the meanwhile the substance of the Observations might be
               communicated to the Governor, and he might be informed that as
               the money is to be raised in England it will be necessary that
               the Agents General should be advised regularly of the Local Rates
               of Exchange on 
London, in order that they may
be
 be enabled to judge
               of the most advantageous mode of remitting the money to the Colony.