No. 61

Having noticed in your Despatches by the last Mail various
requisitions for articles for the use of your Government, I thought it
expedient to call upon the Crown Agents for a report of the state of
their account with British Columbia and of the date and amount of the
periodical demands on them for interest on the debt. I have the honor
to enclose for your information, a copy of the letter addressed to the
Crown Agents and of their reply.

I can assure you that I feel no want of confidence in your sense of
importance of regularity in the pecuniary transactions of your
Government. You have doubtless abstained from sending any remittances
to meet the approaching half year's interest on the debt, from your
knowledge that the Crown Agents held for disposal an amount of
debentures far exceeding the amount required for this obligation. It
would involve a superfluous cost to remit money from the Colony to pay
interest in this Country so long as there are funds here belonging to
the Colony which can be applied to the same purpose. But the state of
the money Market during the past year has shown you that the power to
borrow cannot be reckoned upon as equivalent to the possession of the
money. You will have the best means on the spot of knowing the further
amount of Bills which you may from time to time have drawn against the
Loan or of supplies for which you shall have sent requisitions to the
Agents. But whenever the time may come at which such demands will have
exhausted the funds at your disposal here, I am sure that you will be
fully sensible of the necessity of making remittances in such ample time
as to ensure the periodical payment of the half yearly interest with the
punctuality which is essential to the credit of the Colony.