Colonial Despatches
The colonial despatches of Vancouver Island and British Columbia 1846-1871
Public Offices document
Julyan, Penrose Goodchild to Rogers, Frederic 1 July 1863, CO 60:17, no. 6440, 86.
Abstract
Public Offices document.
Minutes (3), Enclosures (transcribed) (1).
Julyan to Rogers (Permanent Under-Secretary)
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 necessarysteps
steps for placing the Debentures on the Market
immediately the Act receives Her Majesty's confirmation.
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.
Minutes by CO staff
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 the
Duke of Newcastle's opinion.
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 the
Duke of Newcastle's opinion.
ABd
2 July
Sir F. Rogers
To Treasury, with the despatch & ordinance.
To Treasury, with the despatch & ordinance.
TFE
2 July
At once.
FR
3/7
Documents enclosed with the main document (transcribed)
Young to Crown Agents
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 insteadof
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.
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 10thsection
section provides that the
Governor may authorize the Agents General to negociate the
whole or any portion of such Debentures.
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 Excellencyin
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.
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.