Adverting to my despatch N 30 of the
14 Ultimo
and to Your Grace's despatch N 14 of the
12 March 1863
I have the honor to forward herewith a Statement shewing the
application![Manuscript image Manuscript image](https://hcmc.uvic.ca/~coldesp/jpg_scans/jpg_thumbnail/co_60_16/co_60_16_00012v.jpg)
application to the purposes of roads of the proceeds of the
£50,000 Loan of
1862.
2. With respect to the arrangements with the Contractors
for the roads, under which the guarantee of the local Government
was given for the sums advanced by the Bank of
British Columbia,
I beg to report that the sums so guaranteed are treated, as to
security![Manuscript image Manuscript image](https://hcmc.uvic.ca/~coldesp/jpg_scans/jpg_thumbnail/co_60_16/co_60_16_00013r.jpg)
security, precisely as Government Cash Advances, all liability
in respect thereof being charged on the Tolls, three fourths
of which are received by the Government untill both principal
and interest of all sums advanced be paid.