Sargeaunt to Rogers (Permanent Under-Secretary)
Offices of the Crown Agents for the Colonies
Spring Gardens, London, S.W.
21st May 1868
I have to acknowledge the receipt of your letter of the 4th Instant, transmitting for any observations which may occur to the Crown Agents for the Colonies copy of a Despatch from the Governor of British Columbia, with a letter from the Auditor General, suggesting that the Sinking Fund of British Columbia Loans should be invested in the purchase of the Debentures of that Colony which he states are selling below par.
In reply I have the honor to state, for the information of the Duke of Buckingham and Chandos, thatitManuscript image it appears to the Crown Agents that the proposal of the Colonial Authorities might with advantage be sanctioned, and the Debentures of British Columbia added to the list of Colonial Government Securities in which the Sinking Funds of that Colony may be invested.
If His Grace should approve of this recommendation the Trustees should be authorized to purchase from time to time, subject to the provisions of Act No 6 of 1866, the Debentures either of Ceylon, Mauritius, New South Wales, Victoria, Cape of Good Hope or British Columbia, to which might be added those of New Zealand.
It is desirable to vest this discretionary power in the Trustees,becauseManuscript image because if the investments were in future to be confined to the re-purchase of British Columbia Debentures, the steady demand thus created would result in an increase of price and deprive the Colony of any profit from the arrangement.
The Crown Agents see no grounds to fear that the public credit of the Colony would suffer, even in the least degree, by the proposed re-purchase.
I have the honor to be,
Your most obedient Servant
W.C. Sargeaunt
Minutes by CO staff
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Sir F. Rogers
This information was asked for by the Treasury in 4244.
Send them a copy?
CC 22 May
FR 22/5
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At once.
CBA 23/5
Other documents included in the file
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Elliot to Secretary to the Treasury, 29 May 1868, forwarding copy of the letter from the Crown Agents for consideration.