documents are seldom inspected until the mischief against which they might have guarded is done, and are more useful in furnishing weapons for litigation than safeguards against loss. To declare unregistered documents to be null and void would be certain to produce much confusion and injustice; and yet without such a provision persons entering into questionable contracts and combinations would run the risk of actions or penalties rather than disclose matters which they have the greatest interest to conceal. It is, besides, easy for such persons to transport themselves beyond the jurisdiction of English courts, as the evidence taken before your Committee proves. Your Committee prefer to trust to the plan of requiring certain matters to be stated in the prospectus, which appears to afford the best security for full disclosure which the case admits of. The Companies Act of 1867 affords a precedent for requiring certain things to be stated in the prospectus, and for making false statements or wilful omission a ground for a civil action.

Your Committee think this principle might be applied in the case of a prospectus for a foreign loan.

They think the prospectus should state (among other things):-1. The authority from the borrowing State. 2. The public debt of the State. 3. The revenue of the State for the preceding three years. 4. In case of special hypothecation a full statement of the revenues, lands, forests, public works, or other property upon which the proposed loan is secured, and of prior charges, if any, upon such security. 5. A statement that no part of the proceeds of the loan is to be applied in buying back any of the stock, or, as the case may be, the amount,

if any, which the borrowing Government reserves to itself the right to purchase and cancel. 6. The funds out of which the interest is to be met during the next five years.

Your Committee have been much impressed, in the course of their inquiries, with the great importance of the functions exercised by the agent or contractor for a foreign loan. Considering that in several of the cases which they have examined there has been something closely resem bling repudiation, based upon the alleged misconduct of the agents in this country, they cannot escape the conviction that the proper discharge of these duties is a matter of importance, not only to the subscribers, but to the nation at large. They submit to the wisdom of Parliament whether it is proper that an office, on the due exercise of which depends in no small degree our good understanding with the borrowing country, and our reputation for honesty and good faith, should be exercised by any person who may choose

undertake it, or, worse still, to whom the representative of some petty or insolvent State may choose to entrust it.

In conclusion, your Committee feel bound to express their conviction that the best security against the recurrence of such evils as they have above described will be found not so much in legislative enactments as in the enlightenment of the public as to their real nature and origin. Your Committee hope that the history of the foreign loans embodied in this report will tend to enlighten the public, and to render it more difficult for unscrupulous persons to carry out schemes such as those which, in the cases on which it has been the duty of your Committee to report, have ended in so much discredit and disaster.

We

with the land ice and some bergs. tacked on the edge of the ice and stood to the north-west. On the 29th (lat. 61 N. and long. 50.43 W.) during the morning we steamed through a quantity of loose sailing ice. A strong breeze springing up from the eastward towards the afternoon, which freshened to a gale from the northward, obliged us to stand off the land amongst a great quantity of heavy field-ice; after laying to during the night, under close-reefed topsails, and occasionally nearing to avoid the driving pack, which was going to the southward in heavy streams at the rate of two or three knots; some of the ice, however, was loose enough to be sailed through, and, there being no opening into clear water, I got up steam on the morning of the 30th, and, under close-reefed topsails and reefed courses, beat to windward through it, with the object of reaching the land water. The weather moderating, this was accomplished in the evening of the same day, having passed through some heavy pack ice. On the 1st inst. we again steamed through some large fields of sailing ice. When abreast of Goathaab, on the 2nd inst., at seven p.m., we sighted the "Alert," and closed this morning, as per signal. With the exception of the loss of the one boat before-mentioned, I have no defects or damage to report, and have the honour to inclose a copy of the ship's log from June 13 to the 1st inst.

I have the honour to be, Sir,
Your obedient servant,
H. F. STEPHENSON,
Captain.

66

No. 2.

Alert," at Disco, July 15, 1875.

SIR, I have the honour to inform you that H.M. ships under my command left Bantry Bay on June 2. The "Valorous" arrived at this port on the 4th, and the

Alert" and "Discovery' on the 6th inst. After leaving the Irish coast, finding that the "Valorous" could not keep station while we were under sail alone, I directed her to part company, and make her voyage independently. During the passage we encountered three consecutive gales from the westward, and after passing Cape Farewell one from the northward, each accompanied with high seas. Owing to the heavy lading of the Arctic ships they were extremely wet and uneasy, which necessitated the hatchways to be frequently battened down; otherwise they behaved well. The "Alert"

The "Valorous," having economised her coal as much as possible, has been able to complete each of the Arctic ships with as much as they can carry, and has remaining for her return passage a quantity equal to that expended during her outward voyage. All the provisions and stores brought here by the "Valorous' for our use have been taken on board, and we are now complete in all respects for three years from July 1, 1875.

After passing Cape Farewell each ship fell in with loose pack ice from fifty to sixty miles south-west of Cape Desolation, with a clear sea to the westward of it-it was the débris of very thick ice, and had evidently been carried round Cape Farewell from the east coast of Greenland. The ice extended north as far as latitude 62 deg. 30 min., since which none has been sighted within sixty miles of the coast; there has also been a remarkable absence of icebergs.

Mr. Krarup Smith, the inspector of North Greenland, and the other Danish officials have been extremely obliging in giving me every information in their power and in providing for our wants. Mr. Smith has arranged for my being supplied with all the dogs we require. Twenty-five have been received from Disco, and twenty are to be ready on our arrival at Ritenbenk; the rest will be taken on board at Uppernivik. An Esquimaux accompanies the expedition from Disco, and I think it probable that Hans, who was in the "Polaris" with Captain Hall, and is now at Proven, will also be willing to join me. I would respectfully suggest that Mr. Smith should be officially thanked for his ready compliance with all our requirements and his courteous behaviour.

Finding that it was absolutely neces sary that at least one Assistant-Paymaster should accompany the expedition, I have ordered Mr. Thomas Mitchell, of the "Discovery," to remain on board that ship to superintend the victualling of the two vessels. I have ordered Mr. George Egerton, sub-lieutenant of the "Alert," to take charge of the provisions of this ship, with the same remuneration as the officer in charge of stores received.

I leave this port for Ritenbenk to-morrow, and intend to call at Proven and Uppernivik on my passage north.

Letters will be left at the latter settlement for conveyance to Europe, via Copenhagen.

It is reported that the last winter has been mild in this neighbourhood, but the spring very backward, which I trust will prove to have been caused by the early break up of the ice farther to the north.

The health of the expedition is excel. lent. There is no one sick on board either vessel, and the utmost hope and enthusiasm for the success of the work allotted to us prevails.

In the orders for the guidance of the expedition it is directed that documents are to be deposited due north of the cairn marking their position. As a mistake might arise in calculating the variation of the compass, I have issued directions that the documents are to be deposited magnetic north, and 20 ft. magnetic north of the cairns.

During my stay at Disco I inspected the store of provisions belonging to the American Government, but had not time to open any of the packages to ascertain if the contents were in good order; but, from the appearance of the outside, I should expect them to be in a fair state of preservation, considering the time they had been exposed. The store is dry, and each package is clear of the ground. As the United States Government may like to know what is in the store, I enclose a nominal list of the packages obtained from the Danish offi cials and inspected by the officers of this ship. The former have taken great trouble to prevent the stores deteriorating.

I have the honour to inclose a copy of the log and track-chart of H.M.S. "Alert" and proceedings of H.M.S. "Discovery" while absent, from June 13 to July 1, 1875.

I have the honour to be, Sir,
Your obedient servant,

J. S. NARES,

Captain.

H.M.S. "Pearl," at Sea.

(Lat. 25 deg. 2 min. S.; long. 159 deg. 7 min. E.)

Aug. 19, 1875.

SIR, I have the honour to report for the information of the Lords Commissioners of the Admiralty my proceedin_8 since the date of my last general letter, No. 212, dated July 31, 1875. I left St. Bartholomew Island on Aug. 2, and proceeded northward, calling at Cape Lisburn and St. Philip, and St. Iago Bay, in Espiritu Santo, on the 3rd and 4th, Mota on the 9th, and Vanikoro on the 11th, and arrived off Carlisle Bay, in Santa Cruz Island, on the 12th inst. I wished particularly to communicate with Carlisle Bay, where the "Sandfly' was attacked in September last year, in order, if possible, to open a friendly intercourse with the natives. I therefore steamed off the entrance of the bay in the "Pearl," and finding the harbour too small for the ship to enter, I took two cutters and a whaleboat into a village fronting the entrance. I landed with precaution, accompanied by several of

ficers, made some presents, and bartered with a few things the natives brought down. The natives were in good numbers; several of them had put off from different parts of the beach in canoes, some of which met the boats on their way to the shore. After remaining on shore three-quarters of an hour, and feeling satisfied with the advances which had been made, I ordered the party to prepare to leave for the ship. Every person was in or close to the boats except myself, Lieut. Harrison, R.M.L.I., and my secretary, Mr. Perry, when a man standing between two huts about four yards from me fired an arrow which struck me on the left side. I turned at once to the boats, which shoved off receiving at the same time two or three flights of arrows, which struck five of the men and myself a second time, on the head. To stop the attack a few shots from revolvers and rifles were fired, and the flights of arrows ceased, one native having been struck by our fire. I then proceeded on board. My first impulse was not to molest them; but, on con sidering the case, and being satisfied after

for His Royal Highness's departure from England and arrival in India, and of the numbers of the suite by which he will be attended. Your Excellency, as Viceroy, will represent Her Majesty in receiving His Royal Highness with all the honours befitting his exalted rank, and Her Majesty's Government feel assured of the earnest and loyal desire of your Excellency, and of all officers under your control, to omit no circumstance which can contribute to His Royal Highness's comfort in visiting, as far as time allows, all that is most interesting in those provinces of the British Empire in the East which are under your control. The sojourn which His Royal Highness purposes to make will only be sufficient to bring before him a small portion of the vast multitudes of various races who live directly under English rule. But he will doubtless have presented to him many of the most eminent officers, civil and military, European and native, who under your Excellency bear rule among them, and he will see some of the most important divisions of that great army to which the defence

of the Empire is confided, and in which His Royal Highness now bears the highest rank. His Royal Highness will have the opportunity, which he will highly value, of personally conveying to the chiefs and princes who rule in India under the paramount protection of the Queen of England the assurance of those gracious sentiments which have ever been entertained towards them by His Royal House. Her Majesty has been graciously pleased to mark her sense of the importance and dignity of the occasion by empowering His Royal Highness to hold a special investiture of the Order of the Star of India, of which your Excellency is Grand Master. At this and all other ceremonials, Her Majesty's Government feel assured that the supreme authority with which your Excellency is invested as Her Majesty's representative will enable you to show how highly you estimate the proof of Her Majesty's goodwill and her confidence in the loyalty of her Indian subjects which are afforded by her sanctioning the visit of the Prince to India. SALISBURY.

OFFICIAL REPORT OF THE OPERATIONS
AGAINST THE CONGO PIRATES.

H.M.S. "Active," in the River Congo,
September 18th.

SIR, I have the honour to report, for the information of the Lords Commissioners of the Admiralty, the steps that have been taken to punish the natives of the Congo for their piratical attack upon the British schooner "Geraldine."

On the 30th of August I moved the force at my disposal (Her Majesty's ships "Active," Encounter," Spiteful," "Merlin," "Foam," "Ariel," and Supply") from Shark's Point to above Bull Island, near to the scene of the outrage, and next morning the boats of the squadron conveyed a landing party, consisting of 150 seamen and 100 marines, with rocket apparatus and a 7-pounder boat's gun mounted for land service, a distance of from four to five miles up the Chango Creek, on the north side of the river, where they were disembarked and hostilities commenced.

The particulars of this day's work, and the subsequent operations of the expedition, are so fully narrated in the

enclosed reports from Captain Bradshaw, of Her Majesty's ship "Encounter," who commanded it, and Commander M. B. Medlycott, of the "Spiteful," who served under him as second in command, that beyond the information contained in the accompanying chart, which is forwarded to show the positions of the creeks, &c., there is scarcely anything to be added.

In reviewing these reports their lordships will observe that although we were well provided with guides, and the scouts throughout displayed the greatest activity, all endeavours to bring the landing party into personal contact with the pirates failed; and we invariably had to take satisfaction in bombarding and burning their villages and farms (in all 67), in the destruction of their canoes and growing crops, and in cutting down their palms and banana trees.

I, however, feel satisfied that the moral effect produced on these savages by three gunboats appearing in creeks which it has hitherto been believed no man-of-war could ascend, and the unexpected attack made upon them in their remotest habitations, will combine to render the punishment inflicted effectual to prevent a