Colonial Despatches
The colonial despatches of Vancouver Island and British Columbia 1846-1871
Despatch to London
Douglas, James to Pelham-Clinton, Henry Pelham Fiennes 15 November 1861, CO 60:11, no. 406, 146.
Abstract
Despatch to London.
Minutes (5), Enclosures (untranscribed) (1), Other documents (1).
Douglas forwards Newcastle an
Act providing for the raising of the sum of One hundred thousand Pounds (£100,000) on the security of the Revenue of British Columbia,along with
a Precis by the Attorney General of the object and character of the Act,and information regarding the colony's financial situation.
No. 70, Financial
15 November 1861
With reference to my despatch No. 45 of the 7th August
last and to former correspondence, I have the honor to forward
herewith an Act providing for the raising of the sum of One
hundred thousand Pounds (£100,000) on the security of the Revenue of
British Columbia,together
together with a Precis by the Attorney General
of the object and character of the Act, which conveys my own
views so very fully that it is unnecessary to re-open the subject
in this despatch.
together with a Precis by the Attorney General
of the object and character of the Act, which conveys my own
views so very fully that it is unnecessary to re-open the subject
in this despatch.
2. The liabilities of the Colony in respect to securities
at present existing are as follows:
Road Bonds payable 31st December 1861 ...... £1600
" " " " " 1862 ...... £1650
" " " " " 1863 ...... £1500
Total ......£4750
as fully detailed in theaccompanying
accompanying Statement, which also
exhibits the liability originally incurred under this head,
and the amount of Bonds which have already been redeemed.
Road Bonds payable 31st December 1861 ...... £1600
" " " " " 1862 ...... £1650
" " " " " 1863 ...... £1500
Total ......£4750
as fully detailed in theaccompanying
accompanying Statement, which also
exhibits the liability originally incurred under this head,
and the amount of Bonds which have already been redeemed.
3. For further information I enclose a Statement of the
Revenue of the Colony for the nine months ended 30th September 1861.
4. I trust that these documents may be considered satisfactory,
and I would only further remark that we have not strictly adhered
to the plan proposed in my said despatchof
of the 7th August
either as respects the extent of the Loan or time of payment, for
owing to the increasing demands of the Country, I thought it was
better to increase the Loan, and to extend the period of repayment
to twenty years, all of which I hope will meet with your Grace's
concurrence and support.
of the 7th August
either as respects the extent of the Loan or time of payment, for
owing to the increasing demands of the Country, I thought it was
better to increase the Loan, and to extend the period of repayment
to twenty years, all of which I hope will meet with your Grace's
concurrence and support.
Minutes by CO staff
Mr Elliot
This question is at present under consideration. In the letter to the Treasury of the 12 of Octr last (see 8723) they were told that the Act for raising the proposed loan of £50,000 would be sent to them as soon as it arrived. The present Act authorizes a loan of £100,000, an increase which the Govr & the Attorney General consider is fully warranted by the improving state of the Revenue of the Colony.
This question is at present under consideration. In the letter to the Treasury of the 12 of Octr last (see 8723) they were told that the Act for raising the proposed loan of £50,000 would be sent to them as soon as it arrived. The present Act authorizes a loan of £100,000, an increase which the Govr & the Attorney General consider is fully warranted by the improving state of the Revenue of the Colony.
VJ
14 Jan
See separate minute.
TFE
16 Jany
Sir F. Rogers
The principle of raising a loan for British Columbia on account of roads was determined upon in the Minutes on the Governor's despatch 9924. I have so placed the Duke's minute as readily to catch the eye in case His Grace should desire to refresh his memory. The Treasury agreed in their letter of the 7th of Jany. The amount of loan at that time contemplated was £50,000. £100,000 is now proposed, but it is right to add that this does not mean an immediate loan to that extent, but a maximum to be raised by instalments from time to time as may be required.
The principle of raising a loan for British Columbia on account of roads was determined upon in the Minutes on the Governor's despatch 9924. I have so placed the Duke's minute as readily to catch the eye in case His Grace should desire to refresh his memory. The Treasury agreed in their letter of the 7th of Jany. The amount of loan at that time contemplated was £50,000. £100,000 is now proposed, but it is right to add that this does not mean an immediate loan to that extent, but a maximum to be raised by instalments from time to time as may be required.
The Revenue in 1860 was about £53,000 which afforded a
surplus of nearly £9000: the revenue of 1861 has in the first
three quarters increased at a rate which would bring it up to
about £62,000.
The first question will be whether the Duke of Newcastle
will be willing under the circumstances not to object to the
increased maximum of £100,000. As the principle of a large
loan has already been assented to, perhaps the increased
maximummay
may be acquiesced in, with an intimation to the Governor
that money must not be raised faster than the growing improvement
of the finances may show to be consistent with perfect security
for payment of the interest in addition to providing for current
public services.
may be acquiesced in, with an intimation to the Governor
that money must not be raised faster than the growing improvement
of the finances may show to be consistent with perfect security
for payment of the interest in addition to providing for current
public services.
If this should be the view adopted the next step would be,
I presume, to submit the Act to the Treasury with a recommendation
in it's favor.
As this is a question however of law, I pass the despatch
at once through Sir F. Rogers's hands for his inspection.
TFE
16 Jany
Duke of Newcastle
I have nothing to add. I see nothing wh calls for remark in the details—wh however are properly a matter for the consn of the Treasy & not of this department.
I have nothing to add. I see nothing wh calls for remark in the details—wh however are properly a matter for the consn of the Treasy & not of this department.
FR
16/1
I think it would have been better if the amount of the loan
originally proposed had been adhered to, and the question of a
further £50,000 reserved for a subsequent Ordinance. There may
however be local reasons why it may be advisable to take the
whole power at once, and I do not think it necessary to raise any
objections in sending this to the Treasury.
N
18
Documents enclosed with the main document (not transcribed)
Not in file.
Other documents included in the file
Draft, Elliot to G.A. Hamilton, Treasury, 28 January 1862,
forwarding copy of the despatch for consideration.