 On the day the contract was due to be signed, 19 July 1870, France declared war on Prussia, an event that caused such uncertainty that the investors were no longer willing to commit to such an undertaking.Also, in June, it was revealed that the Colonial Treasurer, Sir Julius Vogel planned to borrow £10,000,000 over ten years to finance a public works programme.Despite a common aversion to public debt, and especially when figures in the millions were being bandied about, it was expected that well-funded government contracts would soon be available thus depriving the Nelson scheme of its former lustre for the private investor.