With reference to your letter of the 
27th ultimo,
               on the subject of the investment of the Sinking Fund of
               the 
British Columbia Loan of £100,000, I am directed by
               the Lords Commissioners of Her Majesty's Treasury to acquaint
               you, for the information of 
Mr Secretary Cardwell, that
               Their Lordships see no objection to the course proposed by
               the Crown Agents for the Colonies for the investment of the
               Sinking Fund of this Loan, viz
t to leave it to the
               Trustees of the Sinking Fund to select half-yearly such one
               or more of the Securities mentioned
in
 in 
Mr Julyan's letter
               of the 
20th of November, as shall appear to them at
               the time being the most desirable to purchase, having regard
               to the Price and the prospects of the several Colonies named.