No. 40
19th September 1864
I have had the honor to receive Your despatch No. 21 of the 16th of July, informing me how unfavorable is the present state of the money market in England for the success of the British Columbian Loan.
2. I extremely regret that the present exigencies of the Colony render it indispensable that we should borrow money in EnglandorManuscript image or here. If here the lowest rate at which money can be procured from the Bank of British Columbia is 12 per cent. The lending money at that rate is considered a favor, and we are more in the power of the Bank already than I think right.
3. Enormous disbursements will have soon to be made on account of the two Expeditions against the Indians, and under these circumstances I trust you will not think that I am acting improperly in drawing upon the Crown Agents for twenty thousand pounds (£20,000).
4. The bills will be dated abouttheManuscript image the 1st of October and will be at sixty days' sight.
I have the honor to be
Your most obedient
humble Servant
Frederick Seymour
Minutes by CO staff
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Mr Elliot
The Govr seems to be in urgent need for the £20,000 for which he now asks. The Agents were instructed to raise the loan of £100,000 by degrees according to the State of the Money Market. I presume there is no alternative but to authorize them to raise sufficient to meet these Bills?
VJ 18 Nov
I circulate today a letter from the Agents asking leave to accept the Bills for £20,000. If Mr Cardwell approves, that decision will supply an answer to the present despatch.
TFE 30 Novr
Other documents included in the file
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Draft reply, Cardwell to Seymour, No. 54, 5 December 1864, informing Seymour he has authorized the Crown Agents to accept the bill as requested.