<persName ref="prs:douglas_j"><surname>Douglas</surname>, <forename>James</forename></persName> to <persName ref="prs:newcastle"><surname>Pelham-Clinton</surname>, <forename>Henry</forename> <forename>Pelham</forename> <forename>Fiennes</forename></persName> 28 July 1862, CO 60:13, no. 8837, 355. Douglas addressee Newcastle

Published by Jim Hendrickson and the University of Victoria.

Douglas, James to Pelham-Clinton, Henry Pelham Fiennes 28 July 1862, CO 60:13, no. 8837, 355.The Colonial Despatches of Vancouver Island and British Columbia 1846-1871, Edition 2.6, ed. James Hendrickson and the Colonial Despatches project. Victoria, B.C.: University of Victoria. https://bcgenesis.uvic.ca/B62035.html. CO 60:13 CO 60 13 8837 355 35 Legislative B.C. 1862 received 6 September co_60_13_00350r.jpg Transcribed from microfilm archives, marked up in Waterloo Script, then transformed into TEI P5 XML.

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Despatch to London. Minutes (3), Enclosures (untranscribed) (1), Other documents (1).

Douglas forwards Newcastle details of his plan to raise funds through a loan to address British Columbia's financial problems and facilitate the construction of roads in the colony.

Douglas, James Pelham-Clinton, Henry Pelham Fiennes Inserted revisionDesc. Added abstract.
No. 35, Legislative 8837, CO 60/13, p. 355; received 6 September 28 July 1862

With reference to your Despatch No 123, of the 13 May, and to mine of this date No 34, I have the honor to forward herewith for Her Majesty's Confirmation the "British Columbia Roads Loan Act 1862," accompanied bya a Report from the Colonial Attorney General.

2. The Attorney Generals report points out wherein this Act differs from the Act of 1861, which it repeals. The main features of difference exist in the Amount and in the rate of Interest. The sum to be raised is limited to Fifty thousand Pounds (£50,000), and the rate of interest the lowest at which that sum can be obtained, not exceeding 10 per Cent per annum.I I was induced to specify a Maximum rate of interest from the fact that I received an offer from the House of Henderson and Burnaby of London and Vancouver's Island, to furnish any sum that might be required as a Loan not less than £50,000, at interest of 10 per Cent per annum, but I trust that the continued intelligence of the vast auriferous wealth of the Colony, and the rapidly increasing confidence in its ultimate importanceand and prosperity, may justify the hope that we shall be able to obtain a more favorable rate of interest than 10 per Cent.

3. Your Grace's instructions respecting a priority being given to the Loan over all other Demands upon the Revenue, and for its redemption by means of a sinking fund, as well as for the Agents General being duly empowered to borrow the money, have been carefully followed.

4. The period ofredemption redemption has been fixed at Ten years, instead of Twenty as in the 1861 Act, as it was considered more desirable to terminate the liability in the shorter period.

I have the honor to be My Lord Duke Your Graces most obedient and humble Servant James Douglas
Mr Elliot See 8836/62.

This Loan Act is founded upon the Duke of Newcastle's desphdespatch of the 13 May, copy of which went to the Treasury. The Treasury Lr of the 13 June had not been recdreceived by the Governor when he wrote this desph.despatch

Copy to the Treasury where it will have to be decided whether this Act is sufficient or not for the purpose.

ABd 8 Sep
I think that this should be sent to the Treasury, with reference to their letter of the 13th of June, for their consideration; and with the expression of a hope that their Lordships may find the provisions of the Act to be such as will warrant the confirmation of this attempt to render the means of the Colony commensurate with the demands upon them. TFE 9 Sep
Yes certainly, recommending adoption. N 11
H.P.P. Crease, Attorney General, to Colonial Secretary, 25 July 1862, reporting on the ramifications of the act.
Draft, Elliot to G.A. Hamilton, Treasury, 17 September 1862, forwarding copy of the despatch and enclosure and recommending confirmation of the act.