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miles from its mouth. Its upper waters have never yet been explored, but I feel little doubt that it will be found possible to take a light gunboat (for we must protect ourselves) to the outskirts of the Erewhonian country.

I propose, therefore, that one of those associations should be formed in which the risk of each of the members is confined to the amount of his stake in the concern. The first step would be to draw up a prospectus. In this I would advise that no mention should be made of the fact that the Erewhonians are the lost tribes. The discovery is one of absorbing interest to myself, but it is of a sentimental rather than commercial value, and business is business. The capital to be raised should not be less than fifty thousand pounds, and might be either in five or ten pound shares as hereafter determined. This should be amply sufficient for the expenses of an experimental voyage. When the money had been subscribed, it would be our duty to charter a steamer of some twelve or fourteen hundred tons burden, and with accommodation for a cargo of steerage passengers. She should carry two or three guns in case of her being attacked by savages at the mouth of the river. Boats of considerable size should be also provided, and I think it would be desirable that these also should carry two or three six-pounders. The ship should be taken up the river as far as was considered safe, and a picked party should then ascend in the boats. The presence both of Arowhena and myself would be necessary at this stage, inasmuch as our knowledge of the language would disarm suspicion, and facilitate negotiations.

We should begin by representing the advantages