Colonial Despatches
The colonial despatches of Vancouver Island and British Columbia 1846-1871
Public Offices document
Sargeaunt, William Charles to Elliot, Thomas Frederick 6 February 1866, CO 305:30, no. 1278, 46.
Abstract
Sargeaunt, William Charles to Elliot, Thomas Frederick 6 February 1866, CO 305:30, no. 1278, 46.
Public Offices document.
Minutes (2), Other documents (1).
Sargeaunt to Elliot (Assistant Under-Secretary)
Adverting to your letters of the 16th November and the 14th
December last, conveying Mr Secretary Cardwell's authority for the
investment of the contributions to the British Columbia Sinking
funds on the Loans of that Colony in the securities either of
Ceylon, New South Wales, Mauritius, Victoria, or the Cape of Good
Hope as the Trustees may from time to time determine, due regard
being had to the prospects of the several Colonies mentioned, I
think it rightto
to bring under Mr Cardwell's consideration whether
the advantages thus granted to British Columbia, should not under
the same regulations be extended to Vancouver's Island.
to bring under Mr Cardwell's consideration whether
the advantages thus granted to British Columbia, should not under
the same regulations be extended to Vancouver's Island.
The Trustees to the Vancouver Island Sinking fund are Mr Gairdner and myself, appointed by your letter of the 1st July 1863 pursuant to Clause XIII of the Vancouver Island "Road and Harbour Loan Act,
1862," which vests also in the Secretary of State for the Colonies
the power to select the natureof
of the securities, whether Imperial
or Colonial.
of the securities, whether Imperial
or Colonial.
Below for the convenience of reference I annex an Extract from
Clause XIII.
All sums paid to the account of the Sinking fund and all interest
or dividends arising therefrom shall be vested in the names of
Trustees in the purchase of Imperial or Colonial Government
Securities, the nature of such securities, and the selection of
such Trustees shall be left to Her Majesty's Principal Secretary of
State for the Colonies.
Minutes by CO staff
Mr Elliot
In 1862 the V.C.I. Legre passed an Act for the purpose of raising £40,000 for road and Harbor improvements. A sinking fund for the Redemption of the Loan was created, & the investment thereof was by the 13th clause of the Act—extract of wh: is annexed by Mr Sargeaunt—left to the selection of the S.S. for the Colony. In /63 the T-y were consulted, & they suggested Consols and the new 3 p: cents. The Agents think, I suppose, that the sinking fund may be put into more profitable securities, & suggest, that the same securities should be made use of as in the case of the B. Columbia sinking fund. As the Authority for investment resides in the S.S., by the Act, & as we know the opinion of the T-y about the securities of Ceylon, Mauritius, & certain other Colonies I think we may instruct the Agents to pursue the same course as they have lately done with respect to the B.C. sinking fund without referring to the T-y.
In 1862 the V.C.I. Legre passed an Act for the purpose of raising £40,000 for road and Harbor improvements. A sinking fund for the Redemption of the Loan was created, & the investment thereof was by the 13th clause of the Act—extract of wh: is annexed by Mr Sargeaunt—left to the selection of the S.S. for the Colony. In /63 the T-y were consulted, & they suggested Consols and the new 3 p: cents. The Agents think, I suppose, that the sinking fund may be put into more profitable securities, & suggest, that the same securities should be made use of as in the case of the B. Columbia sinking fund. As the Authority for investment resides in the S.S., by the Act, & as we know the opinion of the T-y about the securities of Ceylon, Mauritius, & certain other Colonies I think we may instruct the Agents to pursue the same course as they have lately done with respect to the B.C. sinking fund without referring to the T-y.
ABd
7/2
We might take that course, but [one line off microfilm] fund should
be invested in consols, it may be safer and more regular to take
the Treasury along with us. I therefore annex a draft for the purpose.
TFE
10 Feb
Other documents included in the file
Elliot to G.A. Hamilton, Treasury, 13 February 1866,
forwarding copy of letter from crown agents for consideration.