ir suggestion to further discuss the whole of the proposals
with Dr. Leyds upon the fact that the Government had stipulated that
they should become parties to the proposed settlement.

In your reply of March 18th, no exception is taken to these
statements; you tell us, on behalf of his Honour the State President,
'that the exchange of views can best take place direct with the
Government, and here, within the Republic,' pointing out the fact
'that the session of the Volksraad was close at hand, and that
therefore further delay is undesirable.'

You will thus see that we were perfectly justified in thinking that
the communications made to our European friends, embodied the
proposals of the Government of the South African Republic, were
cabled with the knowledge and approval of the Government, and that
we were requested to sign a declaration on behalf of ourselves and
our friends, which declaration had to be made public.

Our letter of the 27th March conveyed to you our opinion and that of
our friends, upon the subjects comprised in the programme which was
submitted to us, and it is unnecessary to go over them in detail
again. We beg only to offer a few remarks upon certain points raised
in your letter of 8th April:--Bewaarplaatsen: We suggest a basis for
the valuation of bewaarplaatsen, machine stands, and water-rights,
which in our opinion ought to be adopted, in order to have a uniform
and easy method of valuing these places.

Financier: Being fully aware of the complexity of financial problems
and questions of taxation in this State, we are anxious that the
financier appointed should be of such a standing as to command the
confidence of all, so that his recommendations cannot raise any
ulterior discussion. For that reason we expressed the opinion that,
before making the appointment, the Government should be guided in its
choice by someone belonging to a firm of well-known independent
standing. We have no desire to see this Government base its future
financial policy on any particular line, in the interest of, or
directed against, any special section of the people. We only wish to
see the financial policy established on sound recognized economic
principles, with fair and equitable taxation calculated according to
the proper requirements of the State.

Press Agitation--Political Organizations: We have already informed
you, that so far as we know, there has been no organized press
agitation, and that we should be wi