Colonial Despatches
The colonial despatches of Vancouver Island and British Columbia 1846-1871
Public Offices document
Sargeaunt, William Charles to Rogers, Frederic 21 May 1868, CO 60:34, no. 5303, 71.
Abstract
Public Offices document.
Minutes (3), Other documents (1).
Sargeaunt reports
on the present state of the British Columbia account with the Crown Agents.Sargeaunt asks for confirmation whether British Columbia’s funds should pay the amount due to the
Sinking Fundsor should they be retained for dividends. Minutes by Cox, Rogers, and Buckingham agree that British Columbia’s funds should be retained for the dividends and discuss their reasons why. The included document describes correspondence between the Colonial Office and the Treasury regarding British Columbia’s payment due on the sinking fund.
Sargeaunt to Rogers (Permanent Under-Secretary)
Adverting to my letter of even date I have the honor to report
for the information of the Duke of Buckingham and Chandos on the
present state of the British Columbia account with this Office.
The amount of £2250 due to the Trustees of the Sinking Funds on
the 1st January has not been paid, nor has the further sum
of £1125 likewise due on the 1st proximo.
The funds at the disposal of the Crown Agents are, the cash
balances at the Bank of England £745 and Bills which will mature
on the 15th June for £2500.
The amount overdue is therefore£3375
£3375, the amount available on
the 15th proximo will be £3245.
£3375, the amount available on
the 15th proximo will be £3245.
The very irregular manner in which the contributions due to the
Sinking Funds have been paid over to the Trustees, besides
involving a breach of faith to the Debenture Holders is open to
the further objection that the amount of these Sinking Funds is
seriously diminished by the loss of a portion of the compound interest.
The amount overdue might be met by discounting the Bills for
£2500 and a small advance from "General account," but the Crown
Agents hesitate recommending such a course as further funds
will
be required in the month of July to pay interest.
will
be required in the month of July to pay interest.
The amount required to meet the interest due on the 1st &
15th July is £4200, when there will be a further sum due to
Sinking Funds of £3050.
It is true that some five or six weeks intervene between this
and that date, but if Bills should reach this country between
now and then, they will probably be at 30 or 60 days sight.
The Crown Agents would be glad to be informed whether under
these circumstances they are to pay over to the Trustees, the
amount due to the Sinking Funds since January & April last, and
trust to further remittancesfor
for meeting the large amount
(£7250) due in July, or whether the funds now available should
be retained to meet so far as they would go, the July dividends.
for meeting the large amount
(£7250) due in July, or whether the funds now available should
be retained to meet so far as they would go, the July dividends.
Minutes by CO staff
Sir F. Rogers
Whatever is done the interest on the Debentures must be paid, & I think it would not be safe to trust to further remittances to meet the interest due on 1 & 15 July i.e. £4200.
Whatever is done the interest on the Debentures must be paid, & I think it would not be safe to trust to further remittances to meet the interest due on 1 & 15 July i.e. £4200.
CC
22 May 68
I agree. It is a breach of faith & loss of
interest not to
invest in the Sinking funds, but when assets are less than
liabilities some liability or other must be left undercharged.
interest not to
invest in the Sinking funds, but when assets are less than
liabilities some liability or other must be left undercharged.
I wd therefore recommend to Treasy that HG shd
authe the Agents to retain the payment to the Sinking Fund.
Copies of correspondence to go to Governor.
Other documents included in the file
Elliot to Secretary to the Treasury, 30 May 1868, forwarding
copy of letter from Crown Agents and requesting authorization to
retain the amounts due the sinking fund and apply them to
payment of the July dividends.