Hamilton to Rogers (Permanent Under-Secretary)

With reference to Mr Elliott's letter of 27th Ultimo,
I am commanded by the Lords Commissioners of Her Majesty's
Treasury to acquaint you, for the information of the
Duke of Newcastle, that My Lords consent to a Law being passed,
similar to The British Columbia Loan Act of 1862, for
raising a further sum of £50,000 by Loan upon the Security
of the General Revenue of the Colony.

I am further commanded to state that it must be clearly
understood that Her Majesty's Government do not undertake
any responsibility in respect of such Loan any more than
in the case of the Loan authorized to be raised last year,
and that there is no Imperial Guarantee for either the
Interest or Principal of the Loan.

I am, at the same time, directed to request that the Governor's
attention may be drawn to the remarks contained in the letter
of this Board of 8th November 1862, on the subject of the
Sale of Debentures, and that a Statement may be furnished by
the Governor of the application of the Loan of 1862, and of
the arrangements with the Contractors for the Roads under
which the local Government gave its Guarantee for the sum
borrowed by them from the Bank of British Columbia.