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. 5048, 51.
Abstract
Sargeaunt, William Charles to Elliot, Thomas Frederick 24 May 1865, CO 60:23, no. 5048, 51.
Public Offices document.
Minutes (2), Other documents (1).
Sargeaunt to Elliot (Assistant Under-Secretary)
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
rangingfrom
from 100 to 103, averaging £100.9.3.
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 |
 Loan 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 |
| £27,513.5.2 |
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 in
amounting in all to about £14,000.
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.
Minutes by CO staff
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.
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.
