No. 4
New Westminster
3rd February 1868
My Lord Duke,
I have the honor to forward a letter from the Auditor General
suggesting that the sinking fund of the
British Columbia loans
should be invested in the purchase
of of our own Securities which
are now selling below par.
2. Unquestionably profit would be derived from this arrangement
in one way, but it is for your Grace to consider whether, on the
other hand, the Public Credit might not suffer by its being
carried out.
3. The ordinance referred to was forwarded in the late Acting
Governor's despatch No. 21 of the 17th March 1866.
4. Under
4. Under the strenuous efforts, I am now making to remit large
sums to the Colonial Agents, I allow myself to think that the
value of our Public Securities will soon rise. The debt is
perfectly safe. Were every white man to desert the Colony save
a few Public Officers, the amount of duty which could be
collected on Imports for Indian consumption would pay the
Interest and sinking fund.
5. I
5. I however believe that better times are approaching for the
Colony.
I have the honor to be,
My Lord Duke,
Your most obedient,
humble Servant.
Frederick Seymour
Minutes by CO staff
Sir. F. Rogers
Ordinance N
o 6 referred to was passed to enable the Agents to
invest the
B. Columbia Sinking Fund in the purchase of Columbia
Debentures, but on the condition only that the Debentures were
not cancelled—this was done after correspondence with the
T
y see to them
21 Oct. 1865 (9854) & their answer 10851—&
originated on a suggestion from the Crown Agents—9854.
When the Ordinance was
sanctioned it does not appear that any
communication was made to the Agents—but on the
7th
March 67 authority was given to them to make the investments
in the Securities of
Ceylon,
Mauritius,
New South Wales,
& the
Cape—see Agents 2309 of 67—this had T
y
sanction—see 11866.
Copy to Treasury for consideration with reference to previous
correspondence—or in the 1st instance ask the Crown Agents?
To Treasury. I wd make the investment recommended by the
Auditor.
Documents enclosed with the main document (not transcribed)
Minute,
Robert Ker, Auditor General, to Colonial Secretary,
19
December 1867, making proposal as per despatch.
Other documents included in the file
Rogers to Secretary to the Treasury,
16 April 1868, forwarding
copy of the despatch for consideration.