Colonial Despatches

With reference to your letter of the 19th January 1866, authorizing the investment of the sums of £2,250 and £1,000, due to the British Columbia Sinking Fund, in Colonial Government Securities in lieu of Consols, I have now the honor to request the sanction of The Secretary of State to the investment of the following sums in the like securities namely: £1167.4.11 on account of Series 1873, and £2,740.9.0 on account of Series 1883, of the British Columbia Sinking Funds.

It would also save correspondence if the Trustees were furnished with a continuous authority to make theperiodical periodical investment in Colonial Government Securities, as provided for in the Loan Ordinances Nos 5 of 1862 & 3, without applying for a separate authority on each occasion.

The amount of 3 Per Cent Consols now invested on account of these Sinking Funds is £17679.2.5 and if this were sold and the proceeds applied in the purchase of the Ceylon Debentures, now about being disposed of, the benefit resulting to the Funds would be £360 per annum by the increased rate of interest received.

The Trustees therefore suggest that they should be authorized to sell the Consols now standing to the credit of these Funds and invest the proceeds in the Ceylon Debentures above referred to.