loan no one knows; Sir Harry Johnston says £27,000; Ferguson (from whom we draw most of the particulars regarding this transaction) says £17,903. In return for it, at least £80,000 in bonds were issued--Sir Harry Johnston says perhaps the whole £100,000. The moment was one of political disturbance. In 1869 there had been an effort to amend the constitution so as to extend the office of President from a term of two years to one of four; the effort failed. In May, 1871, when his two years had elapsed, Roye attempted to continue himself in power for two years longer; a shadow of an excuse for this usurpation was found in this attempted passing of an amendment. This bold coup, together with the dissatisfaction regarding the loan, led to his being hurled from power. Notice of the disturbed condition of the Republic was at once sent to the representative of Liberia in London, and to the bondholders; the newly established government ordered all drafts, etc., for money received on account of the loan to be stopped, countermanded the orders for goods, and demanded a _statu quo_ until the Legislature should have a chance to act; legal proceedings were taken against Commissioners Johnson and Anderson; Chinery was discharged from his office as Liberian Consul in London; Mr. John Jackson was appointed Consul-General in his place and took charge of matters. So palpable was the mismanagement of this whole transaction in London, and so extravagant had been the charges and other outlays connected with it, that Consul Jackson took legal proceedings to protect the interests of the Republic. Through a period of almost thirty years, the matter of this loan was constantly agitated, and it was only in 1898 that the Liberian Consul, Henry Hayman, was able to bring about a final arrangement of the unhappy affair. At that time the Liberian Government recognized its responsibility to the amount of £80,000; it agreed to begin payment at once upon the bonds--paying interest at the rate of 3 per cent the first three years, 4 per cent for the following three years, and 5 per cent thereafter until both the principal and interest be fully paid; after that, the back interests would be assumed at 5 per cent. Since this adjustment, the Liberian Government has regularly and honorably met its interest payments. Sir Harry Johnston, in his great work on Liberia, speaks vigorously and frankly regarding this loan of 1870, which was a disgraceful operation for British financiers. THE LOAN OF 1906.