[Page 93]

From the Memorandum (B) you will observe that a large portion of the present debt to the Bank has been occasioned by Investments for the permanent improvements not only of our own property but of the Colony at large, & which are only now beginning to make a return. The remainder is the unfortunate consequence of losses sustained during the crisis of 1840-3 which we ought not to have incurred & to the recurrence of which from similar coures we shall take care never again to expose ourselves.

I shall write to Col. Macarthur by the Julinclan to apprise him of the communication I am now making to you, in order that he may be prepared when necessary

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