No. 91
16 November 1865
I transmit to you, for your information, the enclosed copies of a correspondence which has taken place with regard to the investment of the Sinking Fund of the Loan raised under the British Columbia Ordinance No. 7 of 1864, and to the appointment of Trustees for the management of the Fund.
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You will observe that I am unable to authorize the investment of the Sinking Fund in the manner proposed by the Crown Agents owing to a doubt which has arisen respecting the intention of the 12th Section of the Act. It is uncertain whether the word "thereof" in the 10th line of that section relates to additional moneys voted by the Legislature for the repurchase of the Debentures under the Loan or to the accumulation of the Sinking Fund itself, out of which latter fund it would be obviously imprudent to repurchasetheManuscript image the Debentures.
I have to request that you will acquaint me with the interpretation which your government considers should be placed upon this Clause, and the similar Clauses in the former Acts quoted in the Treasury letter, and that if necessary you will procure their amendment.
I have the honor to be
Your most obedient
humble servant
Edward Cardwell
The Officer Administering the Government
Other documents included in the file
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Copy, Under Secretary for the Colonies to the Crown Agents, 16 November 1865, forwarding correspondence on a £100,000 loan to BC.
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Copy, Childers to Rogers, 8 November 1865, stating that the Treasury agrees to appoint Julyan and Gairdner to be trustees of the loan.
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Copy, Rogers to Hamilton, 21 October 1865, forwarding the suggestion made by Cardwell for trustees on the loan. [Note: letter starts on page 405-408 and finishes 401-404.]
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Copy, Julyan to Elliot, 10 October 1865, reporting that the first payment for the loan is due.