No. 4
New Westminster
3rd February 1868
My Lord Duke,
I have the honor to forward a letter from the Auditor General suggesting that the sinking fund of the British Columbia loans should be invested in the purchaseofManuscript image of our own Securities which are now selling below par.
2. Unquestionably profit would be derived from this arrangement in one way, but it is for your Grace to consider whether, on the other hand, the Public Credit might not suffer by its being carried out.
3. The ordinance referred to was forwarded in the late Acting Governor's despatch No. 21 of the 17th March 1866.
4. UnderManuscript image
4. Under the strenuous efforts, I am now making to remit large sums to the Colonial Agents, I allow myself to think that the value of our Public Securities will soon rise. The debt is perfectly safe. Were every white man to desert the Colony save a few Public Officers, the amount of duty which could be collected on Imports for Indian consumption would pay the Interest and sinking fund.
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5. I however believe that better times are approaching for the Colony.
I have the honor to be,
My Lord Duke,
Your most obedient,
humble Servant.
Frederick Seymour
Minutes by CO staff
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Sir. F. Rogers
Ordinance No 6 referred to was passed to enable the Agents to invest the B. Columbia Sinking Fund in the purchase of Columbia Debentures, but on the condition only that the Debentures were not cancelled—this was done after correspondence with the Ty see to them 21 Oct. 1865 (9854) & their answer 10851—& originated on a suggestion from the Crown Agents—9854.
When the Ordinance wasManuscript image sanctioned it does not appear that any communication was made to the Agents—but on the 7th March 67 authority was given to them to make the investments in the Securities of Ceylon, Mauritius, New South Wales, & the Cape—see Agents 2309 of 67—this had Ty sanction—see 11866.
Copy to Treasury for consideration with reference to previous correspondence—or in the 1st instance ask the Crown Agents?
CC 3/4
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To Treasury. I wd make the investment recommended by the Auditor.
FR 4/4
CBA 6/4
B&C 9/4
Documents enclosed with the main document (not transcribed)
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Minute, Robert Ker, Auditor General, to Colonial Secretary, 19 December 1867, making proposal as per despatch.
Other documents included in the file
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Rogers to Secretary to the Treasury, 16 April 1868, forwarding copy of the despatch for consideration.