Confidential

Since addressing you on the [blank] of last March, with respect
to your Confidential Despatch of the 10th Decr last,
acquainting me that Her Majesty's Government can only guarantee
me a Salary of £1800 per Annum as Governor of the two Colonies of
British Columbia and Vancouver's Island, I have received Despatches
from the Governor and Directors of the Hudson's Bay Company upon
the subject of the instructions I had forwarded to them to dispose of
my entire interest, both directly and indirectly in
connection with that Company.

2. From these advices I find that had the purport of my
instructions been strictly adhered to, I should have been involved
in a considerable pecuniary sacrifice, so much so, indeed, that the
Governor and Directors actually placed themselves in communication
with Her Majesty's Government to ascertain whether some arrangement
less disadvantageous to myself could not be entered into, and
finding that rigid adherence to the conditions laid down is
insisted upon, have paused to address me before completing the
final steps, and subjecting me to a most serious loss.

3. Under such circumstances, you cannot fail, Sir, to be
sensible of the extremely embarrassing position in which I am
placed. On the one hand liable to a heavy pecuniary loss; on the
other, if sustaining such a loss, committed to a Salary which is
neither befitting to my position, nor sufficient for my proper support.

4. I have devoted the most anxious thought to the subject.
I unhesitatingly submitted to the conditions required of me in
full confidence that in placing myself and case in the hands of
Her Majesty's Government I should not be required to sustain any
actual loss; but, now, seeing no way by which I can with true
honesty of purpose comply with such conditions except by an entire
abandonment of the benefits resulting to me from my many years of
Service in the Hudson's Bay Company, a sacrifice which I beg most
respectfully to submit it is hardly just should be required, and
which, indeed, I cannot afford to make for the inadequate Salary
attached to the Offices I hold, I beg to submit the following
proposal for the consideration of Her Majesty's Government.

5. I tender the whole of my actual and prospective interests
in the Fur Trade for a fair equivalent in Money, leaving the
proceeds of my interest therein to be paid over annually to the
Colonial Office.

6. I estimate the value of my retiring interest in the Fur
Trade as follows, basing my calculation upon the average profits
of the Company's Trade, for the last seven years, which I, submit,
is fair, and reasonable.

Average profit of 1/85 share for the 7

years ending with outfit 1855........ £437.15s.0d

One year on Furlough..2/85.............. £875.10s.0d

Retire with 1 June 1860, one year

full interest......2/85.............. £875.10s.0d

Six years half interest, 1/85th each

at £437.15.0........................ £2626.10s.0d

£4,377.10s.0d

This interest I now propose to transfer into the hands of Her
Majesty's Government for the sum of £3,500 in Money.

7. If Her Majesty's Government decline to accord me in this
assistance & protection from loss, I have no alternative than,
with heartfelt thanks for past favours, to tender my respectful
resignation, & to request I may be relieved in the Offices I
now hold under the Government so soon as may be convenient.

8. For further information I beg to forward the Copy of the
Letter which I have addressed to the Directors of the Hudson Bay
Company upon the subject.