Colonial Despatches
The colonial despatches of Vancouver Island and British Columbia 1846-1871
Despatch to London
Seymour, Frederick to Grenville, Richard 7 May 1868, CO 60:32, no. 6947, 322.
Abstract
Despatch to London.
Minutes (2), Enclosures (untranscribed) (3), Marginalia (1).
Seymour forwards correspondence between Young and Ward, showing the Bank of British Columbia’s intention to charge the Government of British Columbia 18% interest on the government’s overdrawn account. Seymour asks for assistance from Britain in closing the Government of British Columbia’s account with the Bank of British Columbia. Seymour encloses the government’s returns with the Bank of British Columbia. Cox’s minute summarizes the contents of Seymour’s despatch and suggests that a draft despatch to Seymour can be cancelled. Included documents describe the Government of British Columbia’s debt with the Bank of British Columbia.
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.
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.
I
Minutes by CO staff
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.
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.
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
Documents enclosed with the main document (not transcribed)
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.
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.