Julyan to Rogers (Permanent Under-Secretary)
Offices of the Crown Agents for the Colonies
Spring Gardens, London, S.W.
8 December 1868
I have the honor to acknowledge the receipt of your letter of the 30th ultimo forwarding for any suggestions or observations the Crown Agents may have to offer a copy of a despatch from the Governor of British Columbia, recommending that future remittances on account of Interest and Sinking Fund of the Loans of that Colony should be made through the Admiralty.
So far as the Crown Agents are concerned theyseeManuscript image see no objection whatever to the adoption of such a course, but from what is stated in the Colonial Secretarys Memorandum which accompany's the Governor's despatch, it appears to be expected that the Admiralty will give £100 in London for every £100 the Colonial Government may pay to the Naval department in the Colony, while in the same document it is stated that Bank Bills (less valuable than those of the Navy) are only to be obtained at a premium of 3 per cent.
It can hardly be expected therefore that the AdmiraltyManuscript image will consent to such terms at a cost of at least £750 per annum.
As a further reason why such an arrangement is considered desirable it is stated that the Banks and the local Government now compete for Navy Bills in the Market, and that if the Colony supplied the Naval department with money, "the charge of encroaching upon the legitimate business of the Banks would be removed."
Surely there must be some mistake in such asuppositionManuscript image supposition.
The Banks now have their fair chance of competing with the Government for Navy Bills, whereas under the proposed arrangement they would to the extent of the Government wants be entirely excluded from all chance of participation, and so far from allaying dissatisfaction it would be much more likely to increase it.
Still the two Governments have a perfect right to make such an arrangement for supplying themselves with money if they think fit without regard to theinterestsManuscript image interests of the local Banks, and if the Admiralty consent to do so, the Crown Agents recommend its being entered upon without loss of time.
I have the honor to be,
Your most obedient servant,
P.G. Julyan
Minutes by CO staff
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Sir F. Rogers
Now refer the Governor's despatch to the Admiralty & see what they say to the Governor's proposal.
CC 10/12
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At once.
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At once. I am ignorant of the functions of the Crown Agents.
G 12/12
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Memo annexed.
WR 15/11 [12]
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Sir F. Rogers
The functions of the Crown Agents
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This is an answer to a question implied in Ld Granville's Minute on 13520 B. Cola.
FR 16/12
are to transact commercial & financial business in this Country for certain Colonies a list of which will be found at page 10 of C.O. List.
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Draft herewith also.
They comply with all requisitions for Machinery, Medicines, Stationery, Books &c &c which may be forwarded to them by the Secy of State from the Colonies. RequisitionsManuscript image limited to very small amounts are complied with if sent direct from the Colonies.
With the exception of 2 or 3 Colonies the Agents assess a charge on the Colonies for which they perform business.
These charges are based partly on the relative amounts of the Colonial accounts & partly on the more or less laborious character of the duties which the Agents perform.
They pay the pensions & half Salaries of Coll officers in this Country, engage passages in cases where free passages are given &c &c.
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The most important & responsible business performed by the Agents is the raising in the London Market of Colonial Loans, paying the interest thereon & managing the Sinking funds for the redemption of those loans.
For this business special charges are made.
1st for negotiating Loans 1/4 per cent commission & 1/4 per cent brokerage.
2d for payment of interest 1/4 per cent.
3dly For paying off principal at maturity—1/2 percent.
All theseManuscript image charges & the assessments to which I have before referred go towards or rather cover the expense of the office & the Surplus is funded with a view of providing pensions for the Members of the Crown Agents office.
I trust this very hurried memo will be sufficient for Lord Granville.
WR 15/12/68
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The Railway business of Ceylon & Mauritius which is of an exceptional character has been entirely transactedbyManuscript image by the Agents and as regards remuneration forms the subject of special arrangements.
WM 16/12
G 16/12
Other documents included in the file
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Rogers to Secretary to the Admiralty, 19 December 1868, forwarding copy of Seymour's despatch and enclosure No. 110, 1 September 1868, describing a proposal relative to remittances on account of payment of interest and sinking fund, for consideration.