Colonial Despatches
The colonial despatches of Vancouver Island and British Columbia 1846-1871
Public Offices document
Sargeaunt, William Charles to Elliot, Thomas Frederick 1 June 1863, CO 60:17, no. 5424, 77.
Abstract
Public Offices document.
Minutes (3), Other documents (2).
Sargeaunt to Elliot (Assistant Under-Secretary)
Adverting to your Letter of the 13 November last on the
subject of the British Columbia Loan of £50,000 and to clause
XIII of the Loan Act of 1862, I have the honor to request that
you will move the Duke of Newcastle to determine the nature
of the securities in which the Sums paid on account of the
Sinking Fund are to be invested and to select the Trustees for the same.
I would suggest that the Governor of British Columbia, to
meet the requirement of clause XII[I] of the Act before referred
to, should be instructed to remit punctually to the Agents
General the sum of £3,750 in time for the payment of the Half Yearsinterest
interest and Sinking Fund due on the 1 July and 1 January in each year.
interest and Sinking Fund due on the 1 July and 1 January in each year.
At the present date the Colony of British Columbia is in
debt to the Agents General to the Amount of £1080.
Minutes by CO staff
Mr Elliot
I shd suggest that one of the Agents General and the Chief Clerk of this Office should be the Trustees.
I shd suggest that one of the Agents General and the Chief Clerk of this Office should be the Trustees.
As to the investment of the Sinking Fund I think we had
better ask the Treasury what will be the best security for the money.
Instruct the Governor to remit funds for the payment of
the 1/2 yearly interest and sinking fund—& remind him that
he is at this date in debt to the Agents to the amount of £1080.
ABd
3 June
I agree with
Mr Blackwood. I should forward a copy of this
letter to the Treasury, and request to be favored with their
Lordship's opinion on the proper investment of the Sinking
Fund of the B. Columbia Loan, and also to be informed whether
they see any objection to naming one of the Agents General
and the Chief Clerk of this Office to be the Trustees.
Mr Blackwood. I should forward a copy of this
letter to the Treasury, and request to be favored with their
Lordship's opinion on the proper investment of the Sinking
Fund of the B. Columbia Loan, and also to be informed whether
they see any objection to naming one of the Agents General
and the Chief Clerk of this Office to be the Trustees.
The Governor should of course be instructed to remit funds
with the utmost punctuality for the payment of the half yearly
interest and of the Sinking Fund. The opportunity should be
taken of drawing attention to the statement of Mr Sargeaunt
in the present letter that the debt of British Columbia to the
Agents General now amounts to £1080; and with reference to
the peremptory instructions given to him in the recent despatch
No 15 of the 14th of March to keep the Agents duly provided
with funds for the execution of the services required by the
Colony in this Country, I should repeat the same directions to
him, and should warn him that after he has had sufficient time
to receive the despatches on this subject no requisition
whatever from him, however urgent it may be, will be attended
to unless the money required for it's execution is actually
in the hands of the Agents General.
With reference also to another recent despatch No 17 of
the 31st of March in which he was ordered to leave the new
loan to be effected
by the Colonial Agents in the money market
of this Country, I should apprize him that immediately upon
raising the money procured by that operation, the Agents General
would be instructed to begin by reimbursing themselves in the
whole amount due to them which may not have been discharged by
any remittances received in the meantime from the Colony. The
Governor will only be able to draw upon them for the balance
of the proceeds of the loan; and any Bills exceeding that amount
will be refused, leaving the consequences to fall upon the
Colonial Treasury.
by the Colonial Agents in the money market
of this Country, I should apprize him that immediately upon
raising the money procured by that operation, the Agents General
would be instructed to begin by reimbursing themselves in the
whole amount due to them which may not have been discharged by
any remittances received in the meantime from the Colony. The
Governor will only be able to draw upon them for the balance
of the proceeds of the loan; and any Bills exceeding that amount
will be refused, leaving the consequences to fall upon the
Colonial Treasury.
TFE
5 June
Other documents included in the file
Elliot to G.A. Hamilton, Treasury, 19 June 1863, forwarding
copy of the Agent's letter, and requesting investment and other
financial advice.
