Sargeaunt to Elliot (Assistant Under-Secretary)
Offices of the Crown Agents for the Colonies
Spring Gardens, London, S.W.
24th May 1865
Adverting to my letter of this days date on the subject of the British Columbia Loan of £100,000 to be raised under Ordinance No 7 of 1864 I have the honor to report, for the information of Mr Secretary Cardwell, that Bills amounting to £29,000 drawn by the Colonial Treasurer of that Colony and payable at 60 days sight part in favor of the Bank of British North America and part in favor of the Bank of British Columbia have been left at this office for acceptance, the Crown Agents have at present received no advice from the Colony with respecttoManuscript image to these Bills.
Taking into consideration however the respectability of the Banks in whose favor the Bills have been drawn, and by whom they are still held there is no reason to doubt that they are genuine, and I have therefore to apply for authority to accept them and to make provision for meeting them when due by the sale or hypothecation of British Columbia Debentures on the best terms the Crown Agents under the necessities of the case can obtain.
I have the honor to be
Your most obedient Servant
W.C. Sargeaunt
Minutes by CO staff
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Mr Elliot
Instruct the Agents to take the course they propose.
Copy to Govr informing him that Mr Cardwell has authorized the Agents to act as they suggest.
We have recd no advice from the Governor of these Bills.
The fact is that the local Govt is wanting money to push on theManuscript image public works during the summer, unluckily the moment is not propitious for putting the debentures out.
ABd 25 May
I think this letter should have contained a more specific statement that it will be possible to raise the required sum of money by hypothecation. I suppose however that it is clearly possible to raise £29,000 on the security of 100,000£.
Authorize acceptance if Agents are able to raise the requisite sum upon the securities in their hands.
FR 25/5
P.S. Vide 5048 from wh it appears that 27,500£ of the 100,000£ have been disposed of at a slightly above par. There is therefore no doubt that the remaining £72,500 are ample security for £29,000.
CF 26
EC 27
Other documents included in the file
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Elliot to Crown Agents, 31 May 1865, authorizing acceptance of the bills.