Ransom to Rogers (Permanent Under-Secretary)

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.