No. 60

I have the honor of transmitting herewith the Copies of Certain
Acts, eight in number, and entitled as per accompanying Schedule,
which have been duly passed by the Legislature of Vancouvers
Island Since the 20th day of April last, and the same are now
submitted for the approval of Her Majesty The Queen.

2. There is no provision in any of those Acts of an
Extraordinary nature, or which appears to be repugnant to the
Laws of England; but I nevertheless beg to request your
attention to the remarks of the Attorney General on the
character of the Act numbered 6 in the Schedule, relating to the
interest of money in the Colony of Vancouver's Island.

3. That Act was framed by the Attorney General, and essentially
altered in its passage through the House of Assembly as explained
in his report which accompanies the Act.

4. He is doubtful as to the expediency of the measure as it now
stands, though it appears that the Act has no other object in
view than to protect persons who have honestly advanced money on
the security of landed property in this Colony, under a Specific
agreement as to the rate of interest, and with the conviction
that the Laws of England were, and have always been, in force in
Vancouvers Island. It will be a serious hardship to such persons,
and a wide door will be opened to fraud should the Statute not
come into operation.

5. Though I have always been opposed to the high rates

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of interest charged for the use of capital in this Country, I am
convinced that the practice is one of those things which
legislation cannot with advantage control, and which it is
advisable to leave to the common sense of persons contracting
loans; for it may reasonably be supposed that men will not give
more in the shape of interest than the use of money is worth.

6. In the case of ordinary debts, and where no previous
stipulation as to rates of interest is made, the debtor is
protected by the English Statute which limits the charge for
interest to 5 per cent as is the practice in the Colony of
British Columbia.

7. Should there be no constitutional objection I therefore
think it would be advisable to yield to public opinion and to
sanction the Act as it now is.

8. The three Acts numbered 4, 5 and 8 in the Schedule, relating
to the representation of Vancouvers Island have been very
carefully considered, and the whole system assimilated as far as
the circumstances of the Colony would permit, to the practice of
popular representation in England.

9. The Attorney General's Report herewith forwarded, will
furnish more detailed information with reference to those
Statutes.