No. 24

I have the honor to transmit to you a statement furnished by my
desire, of the account between the Agents General for Crown Colonies and
Vancouver Island which exibits on the one hand receipts to the amount of
£42948-18-6 comprising £600 remitted from the Colony and £42348-18-6 the
proceeds of debentures issued or about to be issued by the Agents
General under the Vancouver Island Road and Harbour Loan Act of 1862.

And on the other hand payments to the extent of £667-1-4 and
liabilities to that of £27305-19-4 leaving an eventual balance of
&14,975-17-10.

The payments of £667-1-4 are covered as far as £600 by sums
remitted from the Colonly the remainder of £67-1-4 will have been met
out of the proceeds of the debentures, and the liability of £231-19-4
due to the Board of Trade as well as that of £74 which will be required
for incidental expenses will in the absence of funds remitted from the
Colony for the purpose, have to be defrayed from the same source.

When these liabilities together with those for the Bills now under
acceptance and for the steam tug which the Colonial Government is about
to purchase shall have been discharged, there will remain in the Agents'
hands, as above indicated, a balance of £14975-17-10.

Up to that limit (vizt of £1475-17-10) such Bills as may arrive
from you will be accepted and paid, but you must understand that you are
strictly prohibited from drawing any more, and that if Bills arrive from
you beyond the above mentioned amounts, so that there will be no
disposable funds in the Country to meet them, those Bills will be refused
and the Colonial Government will have to bear the consequences.