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[Page 470]

would at present advance to you at the same rate, on my my guarentee.

My arrangement with the Bank is to pay 1 per cent over Bank of England rate, (which at present is 2½%) but with a minimum of 3½% so that if the Bank rate fell below 2½% I still would pay 3½% but I would have to pay 1% above the highest Bank rate - however high it might be - but on an average the Bank rate is from 2½ to 3 per cent, and with the high price of consols the rate of interest is likely to be low generally for the future.  I need not say that I will be glad to guarantee your

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