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restrictions and regulations specified in the Act. 19x- periencc has proved that it is difficult, without causing pub- lic inconvenience, to make any extensive cash payments out of local funds for Lands purchased where the amount has to be remitted abroad. Lands, so purchased under the Statute above referred to, are sold outagain to the Tenants at a credit extending to ten years ; and, therefore, a long time must elapse before the funds coming in from such sales can be available to meet the payments of the original pur- chase money of Estates acquired by the Government, Where the same, or any considerable proportion thereof, has to be paid, either at once, or within a short period of time, in cash. This has been felt in the case of the purchase of what is known as the “ Cunard Estate,” embracing an area of 212,885 acres, acquired in the year 1866, at a cost of £79,500 currency, equivalent to £53,000 sterling money of Great Britain. By the terms of the purchase, £5,000 sterling had to be paid at the time, £7,166 13:5. 4d. sterling had to be paid in January last, £7,166 13s. 4d. sterling more has to be paid on lst July next; and, again, £7,106 13s. 4d. more has to be paid on 1st Janu- ary next (1868), with such interest, at the rate of six per cent. per annum, as may have accrued; all which will probably be remitted abroad, as the vendors are not resident in Prince Edward Island. The residue of the purchase money (£26,500 sterling) has to be paid in ten (10) years from the time of purchase, and meantime bears interest at the rate of five per cent. per annum, payable half-yearly. The present Act has for part of its object, the raising in London, or elesewhere out of Prince Edward Island, of the future instalments which have yet to be paid on the purchase of the “ Cunard Estate ”; and, also, the replace- ment in Prince Edward Island of such amounts as may already, or before any loan can be effected under it shall, have been paid for that purpose.

Another object is to enable the Government having cash to offer to deal on more advantageous terms than perhaps they otherwise could do with any other Proprietors of Lands who may be disposed from time to time to sell their property to the Government under the provisions of the Land Purchase Bill. It is the intention of the Govern- ment, if successful in raising funds abroad under this Act, to apply to such other Preprietors and ascertain the terms upon which they are willing to sell their Lands. It is not contemplated, in the first instance, to attempt to raise at the most more than one-half of the Loan authorized ; and the Government can, if this can be raised on advantageous terms, find at once profitable occupation for that amount by discharging a portion of the already existing Public Treasury Warrants or obligations of the Government of this

Island.

As to Whether the residue of the Loan will, or will not

be raised, or attempted to be raised, will depend upon fu- ture circumstances ; and it probably Will not be done un- less opportunities hereafter olfer of acquiring more lands

on advantageous terms.

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ROYAL GAZETTE EXTRA.

the negotiations for raising it abroad should not pr0\ e suc- ccssful.

The Act authorizes the appointment of Agents abroad to negotiate a Loan, and authorizes them to issue Bonds and Debentures bearing a rate of interest not exceeding six per cent pe' annum, which are to be disposed of at the highest price the money market will permit at the time. The an- nual interest is to be remitted to meet the payments in that respect required ; and where the money is raised in Great Britain, or elsewhere out of Prince Edward Island, the De- bentures are made redeemable in twenty years, as it has been thought that parties in Great Britain, willing to ad- vance money, would not probably be disposed to do so if the Debentures were made payable in any shorter time. A sinking fund of five per cent. per annum is required bythe Bill, to be provided so to accumulate a sufficient amount by yearly (JUI’ltl‘lbtlthllS to pay off the Loan at the time at- which the Act makes the Debentures redeemable. In case it should become necessary to raise the Loan in Prince Ed- ward Island, the Debenturos are to be payable in ten (10) years, as parties there will probably not object to loud for that short time.

The Public Funds, Monies and Securities of I’rinee~Ed~ ward Island are expressly pledged for the redemption of the Debentures or Bonds to be issued under this Act.

JOSEPH lil‘WSLEY, Attorney General. Prince Edward Island, 4th June, 1867.

(1}). PRINCE EDWARD Ismxn, Charlottetown, 330th May, 1867.

To

Andrew jlj'z'lc/zefl, Ear] , f. P., and

Thomas .I)cs13r£say,1§sq., Auditor of Public Accounts: GENTLEMEN,

I have to request that you will compile and furnish me with a Return and Statement of the Public Revenue and

Expenditure of Prince I‘JdWard Island, during the teni

years ending on the 31st January last. I wish to have

this made out in two different ways : 1st. The gross Revenue and the gross Expenditure, in-

cluding all liabilities incurred or amounts paid for Pur-

chases of Land by the Government during that period, un- v

der the Land Purchase Bill, or received by them on account of Lands sold thereunder.

2d» The ordinary Revenue and Expenditure of each of 1 r

the above years, irrespective of Lands bought or sold.

3d. Also a Statement for the above ten years of the Public Debt, its increase or decrease.

4th. Also a Statement of the value of Experts and Im- ports during the last Ten years, exclusive of Ships built.

5th. Also a Statement of the number of Ships built and Registered in Prince Edward Island during the last ten years, and the amount of their united Tonnage in each

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