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.
Manuscript image
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.
IManuscript image
I have the honor to be,
My Lord Duke,
Your Grace's most obedient
humble Servant
Frederick Seymour
Minutes by CO staff
Manuscript image
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.
Manuscript image
Yes.
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
Manuscript image
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)
Manuscript image
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.
Manuscript image
Young to Ward, 7 April 1868, advising that the governor would seek assistance from the home government to retire their debt.
Manuscript image
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.
Seymour, Frederick to Grenville, Richard 7 May 1868, CO 60:32, no. 6947, 322. The Colonial Despatches of Vancouver Island and British Columbia 1846-1871, Edition 2.2, ed. James Hendrickson and the Colonial Despatches project. Victoria, B.C.: University of Victoria. https://bcgenesis.uvic.ca/B68038.html.

Last modified: 2020-12-02 13:40:34 -0800 (Wed, 02 Dec 2020) (SVN revision: 5008)