Julyan to Rogers (Permanent Under-Secretary)
6 Adelphi Terrace, London
1 July 1863
The Agents General for Crown Colonies have been requested by the Governor of British Columbia, in a letter of which copy is enclosed, to negotiate a Loan in London, on behalf of the Colony, by the issue of Six per Cent Government Debentures to the extent of £50,000 under "The British Columbia Loan Act of 1863."
The wants of the Colony render it necessary that the money should be raised with as little delay as possible, and I beg to submit for the consideration of His Grace the Duke of Newcastle that the Agents General should be authorized to take the necessarystepsManuscript image steps for placing the Debentures on the Market immediately the Act receives Her Majesty's confirmation.
The form of the Act itself appears to be such as will satisfy the reasonable expectations of lenders, and the forms of Bond and Coupon, lettered A and B in the Schedule, call for no material alterations in order to make them conform to the requirements of the Stock Exchange.
I have the honor to be,
Your most obedient Servant
Penrose G. Julyan
Minutes by CO staff
Manuscript image
Mr Elliot
Sir F. Rogers should see the Act in question—which arrived with Govr Douglas' despatch 6336/63—as soon as may be. When it is referred to the T-y, which I conclude will be its course, this communication shd accompany it—with an expression of theManuscript image Duke of Newcastle's opinion.
ABd 2 July
Sir F. Rogers
To Treasury, with the despatch & ordinance.
TFE 2 July
At once.
FR 3/7
Documents enclosed with the main document (transcribed)
Manuscript image
Young to Crown Agents

Colonial Secretary's Office
14 May 1863
I am directed by the Governor to acquaint you that Her Majesty's Government have sanctioned a further six per Cent Loan of £50,000 for the Colony of British Columbia, and that he accordingly passed the British Columbia Loan Act 1863 of which a copy is herewith enclosed for your information and guidance.
2. This Act will be transmitted by this Mail to the Secretary of State for the Colonies for Her Majesty's confirmation.
3. You will observe that the present Act varies from the Act of 1862 in so much as the Debentures are redeemable at the expiration of 20 years insteadofManuscript image of 10 and provision is made for cancelling the principal liability under "The Roads Bonds Act 1863" (an Act which was passed pending the question of a further Loan), so as virtually to constitute the present Loan a second mortgage upon the Revenue, until the redemption of the 1862 loan, and a first charge afterwards, an arrangement which it is considered will place the present Loan in as good if not in a better position in the market than the 1862 Loan.
4. By the 6 section of the Act, the Agent General for Crown Colonies are empowered to sign the Debentures on behalf of this Government, and the 10thsectionManuscript image section provides that the Governor may authorize the Agents General to negociate the whole or any portion of such Debentures.
5. I am in pursuance of these provisions desired by His Excellency to authorize you to take such steps as may be advisable for the immediate preparation of the Debentures and negociation of the Loan, which it is hoped may be realized at an early date, as money is just now most pressingly required for the important work of opening the communications of the Country.
6. His ExcellencyinManuscript image in accordance with the suggestions already thrown out by you, will shortly draw upon you at Thirty day's sight for a portion of the Loan which he doubts not will be realized before the Drafts come in course of payment.
I have &c &c
William A.G. Young
Col. Secy