M Elliot
This question is at present under consideration. In the
letter to
the Treasury of the 12 of Oct 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
Gov
& the Attorney General consider is fully warranted by the
improving state of the Revenue of the Colony.
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
7 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
maximum
may![Manuscript image Manuscript image](https://hcmc.uvic.ca/~coldesp/jpg_scans/jpg_thumbnail/co_60_11/co_60_11_00146v.jpg)
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.