Colonial Despatches
The colonial despatches of Vancouver Island and British Columbia 1846-1871
Public Offices document
Ransom, Henry Edward to Rogers, Frederic 9 April 1868, CO 60:34, no. 3581, 225.
Abstract
Public Offices document.
Minutes (2), Enclosures (untranscribed) (2), Other documents (2), Marginalia (1).
Ransom encloses further correspondence regarding British Columbia’s overdrawn account with the Bank of British Columbia. Minutes by Robinson and Rogers discuss the financial situation of British Columbia relating to business with the Bank of British Columbia. Rogers further minutes instructions on how to reply to Seymour. Included documents describe correspondence between the Government of British Columbia and the Bank of British Columbia regarding interest on loans.
Ransom to Rogers (Permanent Under-Secretary)
Referring to the letter of the Chairman of this Bank to you of
24th Ultimo, enclosing copy of a correspondence between the
Colonial Secretary of British Columbia, and the Manager of this
Bank at Victoria respecting the overdrawn account of the
Colonial Government with the Bank, I have now the honor to
enclose for the information of
his Grace the Secretary of State
for the Colonies, copy of further correspondence on the same
subject.
his Grace the Secretary of State
for the Colonies, copy of further correspondence on the same
subject.
Minutes by CO staff
Seeing that a temporary advance has lapsed into something very
like a permanent overdraft the line of argument adopted by the
Col Secy seems to me rather questionable,
notwithstanding 18 per cent interest which although
apparently a very high rate may not be an exorbitant one in B.C.
Simply acknowledge.
WR
9 Apl 68
18% interest must I shd imagine be on money lent to creditors
of uncertain solvency or on securities of questionable value.
It seems very high for a
loan to a Colonial Govt even in the position of B. Cola.
Ackne & inform the Govr that the Bank has communicated to H.G.
this correspondence giving titles of letters in a Schedule.
Documents enclosed with the main document (not transcribed)
W.A.G. Young, Colonial Secretary, to William C. Ward, Manager,
Bank of British Columbia, 10 February 1868, stating that the
Government will make strenuous efforts to reduce its debt but
"will not except upon compulsion, pay any further rate of
interest than that originally agreed upon viz. one per cent per
mensem."
Ward to Colonial Secretary, 17 February 1868, reiterating
the bank's position on the interest charges.
Other documents included in the file
Draft reply, Buckingham to Seymour, No. 24, 17 April 1868 informing Seymour that Ransom communicated to Buckingham further correspondence between the Government of British Columbia and the Bank of British Columbia.
