Ransom to Rogers (Permanent Under-Secretary)
Bank of British Columbia
5, East India Avenue
Leadenhall Street, E.C.
9th April 1868
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 ofManuscript image his Grace the Secretary of State for the Colonies, copy of further correspondence on the same subject.
I have the honor to be,
Your obedient Servant
Henry Ed. Ransom
General Manager
Minutes by CO staff
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Sir F. Rogers
Further as to debt of the Govt to the Bank of B Columbia.
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,
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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
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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.
FR 11/4
CBA 13/4
B&C 14/4
Documents enclosed with the main document (not transcribed)
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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."
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Ward to Colonial Secretary, 17 February 1868, reiterating the bank's position on the interest charges.
Other documents included in the file
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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.
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Rogers to Ransom, 20 April 1868, acknowledging receipt of letter and enclosures, with thanks.