No. 65
9th September 1865
I have the honor to acknowledge the receipt of your Despatch No. 47 of the 10th of May relating to the negotiation of the British Columbia Loan under the local Ordinance No. 7 of the 10th March 1864.
Having called upon the Crown Agents for a report of your Despatch I received one of which a copy is enclosed.
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It is quite obvious that better terms must be procurable in the money market of England than in a new Country where capital is scarce and interest very high; and I do not think that it would be justifiable to expose the Colony to the heavier charges which it must bear if its public loans are raised on the spot.
You must however be aware that even in this country interest has of late been high and that the raising of Colonial Loans has becomemoreManuscript image more difficult, and I do not think it proper that you should draw any further Bills upon the Crown Agents until after they shall have been able to raise and put to the credit of the Colony the funds by which those bills are to be met.
I have the honor to be
Your most obedient
humble servant
Edward Cardwell
Other documents included in the file
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Copy, Julyan to Elliot, 11 August 1865, negotiating the terms of a loan to BC.
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Copy, Julyan to Ransom, 3 August 1865, reporting that both the colony of BC and the Crown Agents may be mistaken in their calculations of the loan.
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Copy, Ransom to Julyan, 9 August 1865, confirming that Seymour was mistaken that arragengements for the disposal of the debentures of BC under the Loan Act of 1864.