Sir F. Rogers
The functions of the
Crown Agents
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This is an answer to a question implied in
L Granville's
Minute on 13520 B. Col.
are to transact commercial &
financial business in this Country for certain Colonies a list
of which will be found at page 10 of C.O. List.
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Draft herewith also.
They comply with all requisitions for Machinery, Medicines,
Stationery, Books &c &c which may be forwarded to them by the
Sec of State from the Colonies. Requisitions
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limited to
very small amounts are complied with if sent direct from the Colonies.
With the exception of 2 or 3 Colonies the Agents assess a charge
on the Colonies for which they perform business.
These charges are based partly on the relative amounts of the
Colonial accounts & partly on the more or less laborious
character of the duties which the Agents perform.
They pay the pensions & half Salaries of Col officers in this
Country, engage passages in cases where free passages are given &c &c.
The most important & responsible business performed by the
Agents is the raising in the
London Market of Colonial Loans,
paying the interest thereon & managing the Sinking funds for the
redemption of those loans.
For this business special charges are made.
1 for negotiating Loans 1/4 per cent commission & 1/4 per
cent brokerage.
2 for payment of interest 1/4 per cent.
3 For paying off principal at maturity—1/2 percent.
All these
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charges & the assessments to which I have before
referred go towards or rather cover the expense of the office &
the Surplus is funded with a view of providing pensions for the
Members of the
Crown Agents office.