<persName ref="prs:mackean"><surname>Mackean</surname>, <forename>Thomas</forename> <forename>William</forename> <forename>Lockwood</forename></persName> to <persName ref="prs:rogers_f"><surname>Rogers</surname>, <forename>Frederic</forename></persName> 24 March 1868, CO 60:34, no. 2914, 217. MacKean addressee Rogers (Permanent Under-Secretary)

Published by Jim Hendrickson and the University of Victoria.

Mackean, Thomas William Lockwood to Rogers, Frederic 24 March 1868, CO 60:34, no. 2914, 217.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/B685MI02.html. CO 60:34 CO 60 34 2914 217 B.C. 1868 received 25 March co_60_34_00219r.jpg Transcribed from microfilm archives, marked up in Waterloo Script, then transformed into TEI P5 XML.

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Public Offices document. Minutes (3), Enclosures (untranscribed) (4), Other documents (1).

Mackean encloses correspondence between the Colonial Secretary of British Columbia, and the Manager of [the Bank of British Columbia] at Victoria, respecting the overdrawn account of the Colonial Government with the Bank. Mackean notes that the interest rate the Bank of British Columbia proposes is the usual rate charged on overdrawn accounts. Minutes by Cox and Rogers discuss the Bank of British Columbia’s interest rate and the colonial government’s reaction to the rate. Robinson’s minute relates how the proposed rate of interest to be charged was deferred until December 1867. Included documents describe the correspondence between the government of British Columbia and the Bank of British Columbia regarding the colonial government’s overdrawn account.

Mackean, Thomas William Lockwood
Bank of British Columbia 5, East India Avenue Leadenhall Street, E.C. London
Rogers, Frederic Added abstract. Inserted revisionDesc.
MacKean to Rogers (Permanent Under-Secretary) 2914, CO 60/34, p. 217; received 25 March
Bank of British Columbia 5, East India Avenue Leadenhall Street, E.C. London
24th March 1868 Sir,

Referring to the interview I had the honor of having with you on Thursday last, I now beg to enclose for the information of his Grace, the Secretary of State for the Colonies, 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.

This correspondence sufficiently explains itself, and the only remark I would make is, that the rate of interest proposed to be charged the Colonial Government, is the usual rate of interest in the Colony on overdrawn accounts.

I have the honor to be, Sir, Your obedient Servant Tho. W.L. MacKean Chairman
Sir F. Rogers 18 per Cent the Bank are charging the Colony—tho' the Bank hold out a hope is held out [sic] of making it 12. As you are aware the general question of the Financial state of the Colony is under consideration. CC 25/3
Mr MacKean called on me to shew me these papers—expressed regret that the GovtGovernment shdshould have adopted [word or words cut off microfilm] hostile tone (as if everyone was not hostile to 18% interest) and asked whether they had better send us the correspondence.

I rather encouraged him to do so simply because the papers shew the Duke of Buckm what is going on. Ackne with thanks.

FR 26/3 CBA 26/3 B&C 26/3
William C. Ward, Manager, Bank of British Columbia, to Colonial Secretary, 8 April 1867, warning that the colony must reduce its debt to the Bank or face increased interest charges.
Note—Upon the earnest representation of the Colonial Government the increased rate of interest proposed to be charged in the above letter, was deferred until 31st Dec/67. [WR]
*
Ward to Colonial Secretary, 2 January 1868, advising that interest charges of one and a half per cent per month were being charged on the overdrawn account as of the previous day.
W.A.G. Young, Colonial Secretary, to Ward, 17 January 1868, expressing regret at the bank's actions and attitudes and threatening to sever relations.
Ward to Young, 30 January 1868, declining to alter the terms stated in his previous letter, but offering to put the issue once more before the bank's Court of Directors.
Adderley to MacKean, 3 April 1868, acknowledging receipt of letter and enclosures, with thanks.