No. 25

With reference to my despatch No. 149 of the 12th of November last
communicating to you Her Majesty's approval of "The British
Columbia
Loan Act 1862" I have the honor to instruct you to remit to the Agents
General for Crown Colonies with the utmost punctuality the funds
provided by the 12th clause of the Act for the payment of the half
yearly interest on the Loan and for a sinking fund.

I take this opportunity of requesting your attention to the
statement in the enclosed letter from the Agents General that your
government is indebted to them to the amount of £1080, and of repeating
to you the peremptory instructions in my despatch No. 15 of the 14th of
March last to keep the Agents duly provided with funds for the execution
of the services referred by the Colony in this Country.

After you have had sufficient time to receive the despatches on
this subject no requisition whatever—however urgent it may be will be
attended to unless the money required for its execution is actually in
the hands of the Agents General.

With reference to my despatch No. 17
of the 31st of March directing you to leave the contemplated further
loan of £50,000 to be effected by the Colonial Agents in the money
market of this Country, I must appraize you that immediately upon
raising the money procured by that operation the Agents General will be
instructed to begin by reimbursing themselves in the whole amount due to
them which may not have been discharged by any remittances received in
the meantime from the Colony and that you will only be able to draw upon
them for the balance of the proceeds of the loan. Any Bills exceeding
that amount will be refused leaving the consequences to fall upon the
Colonial Treasury. I am in communication with the Lords of the Treasury
as to the nature of the securities in which to invest the sinking fund
and the selection of trustees for that purpose.