Ransom, Henry Edward to Rogers, Baron Blachford Frederic 23 June 1868, CO 60:34, no. 6632, 264.

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Public Offices document
Ransom, Henry Edward to Rogers, Frederic 23 June 1868, CO 60:34, no. 6632, 264.

Abstract

Public Offices document. Minutes (3), Enclosures (untranscribed) (3), Other documents (2).

Ransom encloses correspondence between Young and Ward, the manager of the Bank of British Columbia in Victoria, regarding British Columbia’s government’s overdrawn account. Ransom discusses the contents of the previous despatch Ransom sent to the Colonial Office and expresses that the concession by the Bank of British Columbia’s directors will prove satisfactory. Cox’s minute states that the Bank of British Columbia has agreed to the interest rate of 12 percent and describes the state of correspondence regarding the government of British Columbia’s overdrawn account with the Bank of British Columbia. Rogers’s minute comments on Ransom’s despatch and how to proceed following Ransom’s despatch. Blake’s minute suggests seeing minute on 38-6947. Included documents describe correspondence regarding the government of British Columbia’s current banking relationship with the Bank of British Columbia.

Ransom to Rogers (Permanent Under-Secretary)

Bank of British Columbia
5, East India Avenue
Leadenhall Street, E.C.
London

23rd June 1868

Sir,

Referring to my letters to you of 9th & 23rd April last, I have the honor to enclose for the information of his Grace the Secretary of State for the Colonies copy of further 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.

My letter to you of 23rd April last enclosed a copy of a letter to our Manager at Victoria, dated 16th of that month, in which I informed him, that the Court of Directors of this Bank, relying on the assurance of the Colonial Government

"that the most strenuous exertions will be made during the coming season to reduce the liabilities of the Government to the Bank," were willing to allow the rate of interest to continue at twelve per cent per annum.

As this was the point contended for by the Colonial Government, it is hoped that its concession by the Directors will prove satisfactory.

I have the honor to be,
Sir,
Your most obedient Servant,
Henry Ed Ransom
General Manager

Minutes by CO staff

Sir F. Rogers
The Bank have agreed to the 12 per Cent.

The Colonial Secretary in his letter of the 7th April (last encl.) to the Manager of the Bank in the Colony says the Governor has forwarded a copy of the Manager's letter (encl. 2) to HM's Govt. It has not been so recd. Our latest dates from Govr Seymour are 5th May—he also says "with a view to this Govt being relieved from all

connexion with the Bank of B. Columbia"—having reference I suppose to Govr Seymour's application for an advance from the Imperial Treasury.

Ack. & thank?

CC 24 June

Yes. I shd be inclined to say that Gov. Seymour's threat had produced its effect.

And I think that I shd inform the Govr that these letters had been recd, but that the copy of the letter said in Mr Y's letter of 7 April to have been forwarded to HMG had not been received.

FR 25/6

CBA 26/6

B&C 27/6

Documents enclosed with the main document (not transcribed)

W.A.G. Young, Colonial Secretary, to W.C. Ward, Manager, Bank of British Columbia (Victoria), 9 March 1868, stating government's disagreement with increased interest charges and refusal in principle to pay them.

Ward to Young, 23 March 1868, defending and confirming increased charges.

Young to Ward, 7 April 1868, advising that the governor had written the home government "with a view to…being relieved from all connection with the Bank of British Columbia."