the duty is granted.

"The States are bound to prove that they have complied with the
conditions of that Order; they did so comply, when wishing to erect a
new Market, they applied for and obtained the order of 10th October,
1820, which imposed on them, at their own request, the further
obligation of an annual payment of L450 for 10 years;

This sum began to be paid in 1822, and has been paid
for 8 years, during which the obligation amount to L3,600 0 0

The former obligation amounts, for the 10 years
now elapsed to L10,000 0 0
-------------
Total amount of the two obligations imposed L13,600 0 0

The debt at the commencement of the 10 years
elapsed amounted in rents and money, including
the cost of the Market, to L43,668 15 2

The Debt, Rents and Market included, has been
reduced to L27,740 0 0
-------------

Total amount of the sums actually applied to the
payment of the Debt L15,928 15 2

"The conditions of the second Order in Council have thus been more than
fulfilled, by the application of L2,328 15s. 2d. to the payment of the
debt over and above the obligations imposed. Those conditions,
incidentally introduced in the second Order, do not in any way form a
part of the third Order now in force.

"Though released from the positive conditions of the former Order, the
States have shown no intention, and do by no means desire to depart from
its general spirit; graciously offered by the third Order in Council to
continue their improvements, they came to the following resolution on
22nd November, 1826: 'That far from entertaining any wish of augmenting
the Debt the States recognise the principle that it should not exceed,
at the end of the 15 years for which the duty is further granted, the
sum to which the Debt shall amount at the end of the 10 years present
duty: they impose on themselves that obligation anew, and bind
themselves by the most solemn engagement not to increase the debt.'

* * * * *

"What cause of alarm can there then possibly exist? What prospect, on
the contrary, the States humbly ask, can be more gratifying than that of
remaining with our New College, n