Colonial Despatches
The colonial despatches of Vancouver Island and British Columbia 1846-1871
Public Offices document
Sargeaunt, William Charles to Elliot, Thomas Frederick 16 October 1866, CO 60:26, no. 9847, 55.
Abstract
Sargeaunt, William Charles to Elliot, Thomas Frederick 16 October 1866, CO 60:26, no. 9847, 55.
Public Offices document.
Minutes (3), Enclosures (untranscribed) (2), Other documents (3).
Sargeaunt to Elliot (Assistant Under-Secretary)
I transmit to you the enclosed copy of a letter from the
Colonial Secretary of British Columbia requesting the Crown
Agents in order to provide the sum of £4,125 for interest
and Sinking Fund due on the 1st inst: on the loans of that
Colony to draw a Bill at two months date on the Colonial
Government and present it at the Bank of British Columbia
to discount. I also annex copy of a reply received from
that Bank to the application made to it, in accordance
with the above instructions, stating that no advice having
been received from the Branch in the Colony on the subject
andthe
the Colonial Government being already very largely
indebted to the Bank, the Directors do not feel disposed
to increase the amount and therefore decline the proposed transaction.
the Colonial Government being already very largely
indebted to the Bank, the Directors do not feel disposed
to increase the amount and therefore decline the proposed transaction.
As any break down in the punctual payment of dividends
due at this Office would affect not only the interests of
the defaulting Colony, but those of other Colonies and
render all Colonial Debentures for the future much less
saleable, the Crown Agents have taken upon themselves the
responsibility under the circumstances of the case, of
satisfying the claims for interest which have been
presented, the result beingthat
that the British Columbia
account at this Office on the 13th instant stood as follows:
that the British Columbia
account at this Office on the 13th instant stood as follows:
| Amount overpaid on 13th October 1866 | £3,148. | 16.7 |
| Interest on Debentures due on 1st October but not yet claimed | £381. | |
| Sinking Fund due 1st Octr | £1,125. | |
| Mr Cooper half Salary for 9 mos | £150. | |
| Stores & Incidental | £245. | 3.5 |
| £5,050 |
I have to apply for the Earl of Carnarvon's approval
of the course taken by the Crown Agents and have only to add
that the necessity of making punctual remittances has been
repeatedly broughtunder
under the notice of the Colonial
Government by the Crown Agents, the amount required annually
to meet the interest and Sinking Funds payable at this
Office on account of British Columbia are:
under the notice of the Colonial
Government by the Crown Agents, the amount required annually
to meet the interest and Sinking Funds payable at this
Office on account of British Columbia are:
| 1st January | £6250 |
| 1st April | 4125 |
| 1st July | 6250 |
| 1st October | 4125 |
I have forwarded a copy of this letter to the Colonial
Secretary of British Columbia by this day's Mail.
Minutes by CO staff
Sir F. Rogers
Signify Lord Carnarvon's Approval of the course taken by the Crown Agents—say that the Govr of the Colony will be communicated with—and write to Mr Seymour instructing him to supply the Crown Agents with the means of maintaining the credit of the Colony, & to make an immediate remittance to the Agents in reimbursement of their advances.
Signify Lord Carnarvon's Approval of the course taken by the Crown Agents—say that the Govr of the Colony will be communicated with—and write to Mr Seymour instructing him to supply the Crown Agents with the means of maintaining the credit of the Colony, & to make an immediate remittance to the Agents in reimbursement of their advances.
ABd
17 Oct
I think that a strong censure shd be prepared on this
proceeding. I would send the Governor a copy of these
letters. I wd say that Lord C. had received with
extreme surprise an announcement that the Officer Admg the
Govt of B.C. had sent to the Cr Agents in payment
of claims wh it was urgently necessary to satisfy, a
draft upon a Bank with which the Colony had no assets
and by whom, as far as at present appears they had no sufficient
reason for supposing that the draft wd be honoured.
That Ld C. trusts that some explanation of this proceeding will be furnished. That he requests
that
remittce will at once be made sufficient to meet
this & future demands and that altho' he has authorized
the Crown Agents to meet this demand from funds in their
hands in order to save the Credit of the Colony he
can not presume that the same course will be taken hereafter.
I quite agree.
C
20 Oct
Documents enclosed with the main document (not transcribed)
Copy, H.M. Ball, Colonial Secretary's Office, to Crown Agents,
23 August 1866, authorizing them to draw a bill on the government
through the Bank of British Columbia for payment of interest and
sinking fund.
Henry E. Ransom, Manager, Bank of British Columbia, to Sargeaunt,
10 October 1866, declining the proposed transaction.
Other documents included in the file
Elliot to G.A Hamilton, Treasury, 26 October 1866, forwarding
correspondence on the subject of colonial finances.
Colonial Office to Crown Agents, 31 October 1866, conveying
approval of their actions and advising that the governor had been
instructed to rectify the situation.
