Colonial Despatches
The colonial despatches of Vancouver Island and British Columbia 1846-1871
Public Offices document
Sargeaunt, William Charles to Elliot, Thomas Frederick 24 May 1865, CO 60:23, no. 5046, 48.
Abstract
Sargeaunt, William Charles to Elliot, Thomas Frederick 24 May 1865, CO 60:23, no. 5046, 48.
Public Offices document.
Minutes (3), Other documents (1).
Sargeaunt to Elliot (Assistant Under-Secretary)
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 respectto
to these Bills.
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.
Minutes by CO staff
Mr Elliot
Instruct the Agents to take the course they propose.
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 the
public works during the summer,
unluckily the moment is not propitious for putting the debentures out.
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
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