Sargeaunt to Elliot (Assistant Under-Secretary)
Offices of the Crowns Agents for the Colonies
Spring Gardens,
London, S.W.
21 December 1864
In reply to your letter of yesterdays date I have the honor to state, for the information of Mr Secretary Cardwell, that the amount due to the Crown Agents from the Government of British Columbia to the present date is £2362.5.11, and that the interest and Sinking Funds on the loans already raised in this Country for that Colony amount to £12,500 per annum,halfManuscript image half (£6250) becoming payable at this Office on the 1st January and 1st July in each year.
From a conversation I had with Mr Seymour, previous to his departure from this Country for British Columbia, I am aware that he is quite alive to the fact that the regular and punctual payment of this interest is essential to the credit of the Colony, and I attribute the non-arrival of remittances to the supposition that the Crown Agents would hold a large amount to thecreditManuscript image credit of the Colonial Government from the proceeds of the sale of fresh Debentures beyond the amount required (£20,000) to meet the bills referred to in your letter of the 2nd instant.
I have the honor to be,
Your most obedient servant,
W.C. Sargeaunt
Minutes by CO staff
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VJ 22 Decr
I would by no means use any terms to Governor Seymour which would imply a want of confidence in his regularity, but I think that the present affords a convenient occasion of taking care that the subject is not overlooked. Should Mr Cardwell approve, I will endeavour to frame for consideration a draft intended to keep the matter before the Governor, and to prevent any risk of failure in providing for the interest in July and subsequent half-years.
The Authorities in B. Columbia may naturally reckon on their £50000 loan as a grand resource in England, but they are rapidly consuming it. They have drawn bills for £20,000, there is the approaching interest of £6000, & a debt to the Agents of more than £2000, besides fresh requisitions which are not likely to cost less than something like £5000.
TFE 22 Decr
I entirely approve this very excellent suggestion.
EC 23
Other documents included in the file
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Draft reply, Cardwell to Seymour, No. 61, 31 December 1864, sending Sargeaunt’s report and reminding him to make regular payments on BC’s loans. .