Sargeaunt to Elliot (Assistant Under-Secretary)
Offices of the Crown Agents for the Colonies
Spring Gardens, London, S.W.
May 24 1865
Referring to your letter of the 16th July 1864 I have the honor to report, for Mr Secretary Cardwell's information, that with a view of taking advantage of the favorable state of the Money Market the Crown Agents offered to public competition on the 13th ultimo the British Columbia Debentures authorized to be issued under Ordinance No 7 of that year on the conditions specified in the enclosed advertisement.
The total amount then allotted was only £10,900 at rates rangingfromManuscript image from 100 to 103, averaging £100.9.3.
The Crown Agents having expressed their readiness to receive offers at par for the remaining portion of the Loan until the 20th ultimo, have disposed of further Bonds to the amount of £16,700, making a total of £27,500 Debentures sold, which have realized £27,650.2.6.
This amount has enabled the Crown Agents to meet the following liabilities on behalf of the Government of British Columbia, vizt:
Bill drawn by Colonial Treasurer in favor of Bank of British Columbia adverted to in Mr Julyan's letter of 29th November 1864 £9,000    
Manuscript imageLoan from Bank of British Columbia raised under the authority of Mr Elliots letter of 2 Decr 1864 15,000.0.0
Interest on the above liabilities 263.5.2
Due to Sinking Funds since December last 3,250.0.0
There is therefore no provision at present for the debt due to Her Majesty's Treasury on account of the Barracks erected for the Royal Engineers, nor for the monies advanced, and liabilities incurred, by this Office on behalf of the Colonial Government, amounting inManuscript image amounting in all to about £14,000.
The Crown Agents have instructed their Brokers to effect sales at par as opportunities may offer, though there is but little ground to hope for the speedy realization of the residue of the Loan except at a sacrifice.
I have the honor to be
Your most obedient Servant
W.C. Sargeaunt
Minutes by CO staff
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Mr Elliot
The English money market is not so favorable to speculations in B. Columbia as it has been on previous occasions. But still the sale of the Debentures on the 13 ulto was effected at a small premium, though it is apprehended that premium may not continue.
I conceive we must send the Governor a copy of this letter for his infn & warn him that the C: Agents must be kept in funds: otherwise there will be no means of meeting the bills: & that he must remember that there are no other funds against which these bills can be drawn.
See 5046.
ABd 25 May
10,700 at an average premium of about 1/2 per cent & 16,700 at par. Send to Govr as proposed by Mr Blackwood—stating, I shd say, that as bills are arriving from the colony drawn against their 10,000£ debres the Agents will be necessarily forced to dispose of these debres at a sacrifice.
FR 25/5
CF 26
EC 27
Other documents included in the file
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Draft reply, Cardwell to Seymour, No. 28, 1 June 1865.