—To my great surprise, the idea of a guarantee was not scouted, but seriously considered and deemed possible to be realised, provided it should not bear hard as to time; that is, provided the Company, being quite secured ultimately, should allow ample time for putting an and to the guarantee by means of selling the land. But I must tell you that two or three of those whom one should expect to join were not present. Their view of the subject will be ascertained before Friday next, when it is proposed that a meeting of some on both sides shall take place at the New Zealand House. I have therefore to suggest, that it would be very useful if the Directors could, before that meeting, put their notion of the sort of guarantee into vriting, and in such words as to make it as little onerous as possible with respect to time.

The entertainment of the guarantee proposal was spontaneous; nay, in spite of my view of its unreasonableness, which I fully expressed. So, Godley has rare friends, who are also rare backers of their opinion.