—In pursuance of your Lordship's letter, I have sent to Mr. J. A. Smith a copy of the form of guarantee which is enclosed.

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It is in strict agreement with the Resolution passed by the Company, and with the Memorandum in Mr. Smith's writing which I handed to you at Charing Cross, and of which I enclose a copy.

I understand from Mr. FitzGerald that the guarantee is now much objected to by some of Godley's friends. They cannot object to it more than I did until after it was entertained: but if their objections should now prevail, I am persuaded that the Company will not give way (nor can I consistently now ask them to do so); and that the Association will practically come to an end on Tuesday next.

I have the honor to remain