No. 38
New Westminster
7th May 1868
My Lord Duke,
I have the honor to forward a correspondence shewing that the Bank of British Columbia intend to charge 18 per cent interest on our overdrawn account.
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2. It would be a very great assistance to us if Her Majestys Government could in any way enable us to close our account with the Bank and relieve ourselves, from the payment of the usurious rate of interest now charged.
3. I enclose a return which will shew the efforts we are making to get clear of the Bank.
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I have the honor to be,
My Lord Duke,
Your Grace's most obedient
humble Servant
Frederick Seymour
Minutes by CO staff
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Sir F. Rogers
As the Govr now sends the letter of the Bank of the 23 March—see minute on Bk of B.C./6632—this draft to the Govr may I think be cancelled.
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It appears that the debt to the Bank was reduced between the 1st Jan & 31 of March from $106,367 to $51,227—which is satisfactory. When Govr Seymour talks of the Colony being relieved from its debt to the Bank I conclude he means by paying them off with his proposed Imperial Loan.
CC 2 July
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Yes. Cancel draft. Mr Seymour has been told by us that the Bank have agree[d] to 12%.
FR 3/7
Documents enclosed with the main document (not transcribed)
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C. Ward, Manager, Bank of British Columbia, to W.A.G. Young, Colonial Secretary, 23 March 1868, confirming the Bank's intention to increase the interest rate charged to the colony.
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Young to Ward, 7 April 1868, advising that the governor would seek assistance from the home government to retire their debt.
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Statement "shewing year by year the indebtedness of the Government to the Bank of British Columbia beginning with 1864," signed by Robert Ker, Auditor General, 19 April 1868.