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