It is curious that, in connection with the next financial undertaking of the Republic, which was little, if any, more satisfactory than the loan of 1870, Sir Harry himself should have played a significant part. When President Barclay and his companions were in London in 1906, they made arrangements for a new loan, also of £100,000. An interview was held at the office of Consul-General Hayman, at which were present Sir Harry H. Johnston, chairman of the Liberian Development Co., Limited, together with some of this company’s officers, Mr. Clark of the Foreign Office, Emil Erlanger, and Consul Hayman. Mr. Erlanger represented the brokers through whom the Liberian Development Co. were to secure a loan of £100,000 for the benefit of Liberia. Excellent discussions of this loan by Mr. Ellis, who was so long connected with our Legation at Monrovia, and Mr. Scott, who was a member of the United States Commission in 1909, have been printed. It is from these articles that we draw our details. The proceeds of the loan of 1906 were to be applied in the following manner: (a) $25,000 was to be used for pressing Liberian obligations; (b) $125,000 was to be employed in the payment of domestic debts; (c) $35,000 was to be loaned to the Liberian Development Co.; (d) the balance was to be devoted to the development of banking, and for road schemes by the Liberian Development Co. in Liberia. As security for this loan, two British officials, as chief and assistant inspectors of customs, were to have charge of the Liberian customs revenue; the chief inspector was to act also as financial adviser to the Republic; $30,000 annually (in semi-annual payments) was to be turned in as interest until the whole loan was repaid; 10 per cent of any excess over $250,000 in customs revenue per year was to be received by the Liberian Development Co. The “company was charged with the responsibility of returning the loan to Erlanger and Co. by the payment of 50 per cent of the net profits derived from the exercise of the powers and privileges of the charter of the former company, together with profits from the banking and road schemes to be undertaken in Liberia.” The loan was actually applied as follows: (a) to the extinguishment of domestic debts, £30,000; (b) loaned to the Liberian Development Co., £7000; (c) in carrying out road schemes, £32,776.11.3; (d) obtained by Liberia on ratification of tripartite agreement of 1908, £30,223.8.9; total, £100,000.