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Maps, plates, cherts, etc., may be filmed at different reduction ratios. Those too large to be entirely included in one exposure are filmed beginning in the upper le^ hand corner, left to right and top to bottom, as mrny frames as required. The following diagraris illustrate the method: Les cartes, planches, tableaux, etc., peuvent dtre film6s d des taux de reduction diff brents. Lorsque le document est trop grand pour dtre reproduit en un soul cliche, il est film6 A partir de Tangle supirieur gauche, de gauche A droite, et de haut en bas. en prenant le nombre d'imeges nAcessaire. Les diagrammes suivants illustrent la mAthode. 1 2 3 1 2 3 4 5 6 32X CANADIAN RAILWAYS. v L>^ V*'^*"^ CORRESPONDENOB ON INTERCOLONIAL RAILWAY LOAN- FURTHER PAPERS RELATING TO. Treasury Chamber^,! 17 June 1869. j ACTON S. AYBTON. CORRESPONDENCE relative to Intercolonial Railway Loan, &c., laid before Parliament by command of his Excellency the Governor General. INDEX. j1.— CorresponJeuee with the Secretary of State for the Colnnii*, and the Minister of Finance, on the suhject of the Loan, ami also respecling the route, and the claims of thi- Intercolonial Contract (.'onpany to hare their contracts rccogniMd. £.— Correspondence with the Chancellor of the Kxclie(|uer on the subject of the conditions of the Loan, and transmittug copies of Debentures to be settled by the Treasury. C. — Correspondence with the Financial Agents (Messrs. Haring Brothrri it Co., and .Messrt. Olyn, Mills, Currie, & Co., London, England), respecting the Loan, and containing lists of bids th. .efor. D. — Corre8;<-)ndencc with the Bank of Montreal, respectin:: the renewal uf Loan in June I8(J8, and the terms on which \\ity would make the deposits on account of the Intercolonial Loan, in Enghuid, available to the GoTcminent in Canada. E. — Keports of the Minister of France to Council, dated the Hth ,ind 2~th August IR68, retpecting his proceedings for the negotiation of the Intercolonial Loan, and arrangements for the sale uf excnaoge with the Bank of Montreal, together with the Order of Council thereon. (Intercolonial.) My Lord Duke, London, June 1868. YouK Grace will already have been apprised that the Government of Canada have had under consideration the ({ucstion of determining the line of railway between Kivii^re du Loup and Truro, to be submitted for the approval of Her Majesty's Government, in accordance with the provisions of "The Canada Railway Loan Act, 1867." Three lines presented themselves for discussion ; the first, proceeding to and crossing over to the right or southern bank of the St. John River, at \Vooi^ent low rate of interest, to place the loan, or a [Nirtion of it, on the market at iit* curly a day a» ]>oi4i>ible, and I have, arconlingly, Uy "olicit the sanntion of Her Majesty's Government to that pro- ceeding. I have, &c. Ilin Grace (aigncd) John Rose, M. F. The Duke of Buckingham and Chandox, Sec. &c. (Copy Memo.) iNTKEf'OLONIAL RAILWAY. My Lord Duke, On the letter from the Nova Scotia and New Brunswick Intercolonial Railway Com- pany, Limited, of the 9tli inst., addressed to his Grace the Duke of Buckingham a \i\ ChandoH, I heg to xuy tliat the only arraugcmcntH now existing for the construction of tiie IntcreoKmial Railway are to be found in the Imperial Act, ."lOth Vict. c. 16, and in tliut of the Parliament i)f Canada, .'Jlst Vict, c l.l. The j)reviou8 negotiitions which had, for a number of year.s. taken place between the several Provinces now conipoi-ing the Dominion of Canada arc tible, and I to that pro- e, M. F. ailway Com- (ingham a id uetion of tiie I, and in that bctwecu the )y the j>rovi- it 8aw fit for ndc ; and by lone directly . he a ])ublic oved by the c any inter- •ovincea may rohibited, by 8 without the ^ whole, from and that the r, out of the afford. Pro- ive, the loca- It was never Id be tramel- ted. If any anterior to he provisions ic spirit and of the Com- ay contracts, negotiations N^ewcastle to nd as in that rial Govern- r of 1862-63 ovision made ition. e, &c. hhn Rote, Limited), une 1868. 1) Railways he following tons granted tant sectionB The INTERCOLONIAL RAILWAY LOAN kc The section in New Bmnswick, which cxtondH from • iuuciion with th^ v.., North Aniericn Kailway. near Monrton. in New Brun.wi.k , r**".,*"*' Scoti. boundary near AJher... i. .bout M mii!!'^!: SSl^' LZiZ\::J\''''2 structw.n. The .•ontraot i. in .h.- hand. ..f Mo..r.. Kdwin Clwk" Pr^chL^Tf" "^ the work, are s„ far a.lvan.x.l that a ,KTtion of tl... lino will be . L . iwl'r.ffi ' !?'* Autumn of tlio present vcar. ' '""'' '" ''"^ The contract for the" Nova So.tia section, 74 miir. in length, from Amher»t to Tr..„. where .tjom. tlR. Nova ivotia State Line to Halifax. \. aU, let to m"J^,^ fCT' Both the.-e line, were located by the n.«|K!ctivc Government-, of Nova Sotia and Now Brunswick as part of the pr«,H.s«! Intercolonial Rnilwav. and were to be ro .r.!l t th^ Imnerml Guarantee a. >.,urGnu.e will penn^c by refer-n.-c to th,. Despatch ctt U.e Duke of Newcastle to Mr. Watkin, M.P., dated liith March 18(i4 ' It was on this understanding, and on the |.or««rml assurance to that ctTect of the IK-IcmSm of the Nova Scotia Government, that thes.. lino were undertaken, an.l the ne™ capital raised for their construction. nneiwary We beg to submit these facta for the information of your Grace, in order that the riirhta wluch we possess, and the responsibility we have incurred, may be duly .onHi.lered in any JXa '°*^ ^' •'*' Government with res,HH-t to the IntercoLnilu We have, &c. (signed) (icorye Shnenrd, , . , Chairman. „. „ (signed) F. W. Wtbh, His Grace «....«.,.... The Duke of Buckingham and Chandox. »*.. reury . &c. &c. (Copy.) The Under Secretary of State to Mr. fVatkin. T^l'n u fxT 1 ^ . .. Dowuing-strcet, 19th March 1864. IHE JJuke ot Newcastle desires me to inform you that he has received from tJic Lord* Ot the Ireasury a copy of your letter of the 15th of February, contemplating the con- struction by New Brunswick and Nova Scotia of the first link of the Intercolonial Rail- way between Truro and the Bend, and suggc-ting that the line so constructed should be held to be part of the larger scheme contemplated in the laws recently passed by those two Provinces and by the memoranda of December 1862, and January 1864, recited in those laws. I ain directed by his Grace to inform you in reply, that if the Lower Provinces shall, at their own expense, commence the construction of a railway on a line approved by Ilor Majesty's Government between Truro a»id the Bend, and if subsequently the proposed loan of 3,000,(X)0/. shall be raised under the Imperial Guarantee in virtue of the offer contained in the above memoranda, the railway between Truro and the Bend, and tJie works constructed thereupon by the Lower Provinces, shall (as far as Her Majesty's Government is concerned) be considered to form part of the railway on which the loan of 3,000,000 /. is to be expended, and that his Grace sees no reason lor requiring' any change in that part of the memoranda which declares that 5-12tlis of the loan shall be chargeable against Canada, 3i-12ths against Nova Scotia, and 3j-12th8 against Ntw Brunswick. The further question, what part of that sum of 3,000,000 /. should be paid over to New Brunswick and Nova Scotia in consequence of the works effected by them without the concurrence of Canada, will be mainly a question for the Provincial Governments, in which it must be understood that Her Majesty's Government is not to be involved. But the Imperial Government, before being party to any such payment in respect of thif section of the railway, must have sufficient security that the whole scheme will be pro- secuted with effect. It is scarcely necessary to observe, that this assurance is given merely for the purpose of providing (as far as Her Majesty's Government is (concerned) that New Britnsv-ick aiid Nova Scotia shall not be prejudiced by commencing the railway in anticipation of a final arrangement (if such prrangement should ever take effect), and is nil to be construed as in any way varying or keeping alive, or extending that arrangement, or as imposing on the Imperial Government any liability to assist in the construction of the shorter line now contemplated, whether by way of guarantee jr otherwise, except in pursuance of the offer of December 1862 and January 1863. Tlioreforc, no claim whatever is to be made on the Imperial Government, unless the old project is carried into execution ; and if the offer of 1862-3 should fall to the ground, this assurance will, of course, fall with it. It must also be understood, that the present correspondence is not to affect the right of the Home Government to determine for itself at what period the offer of 1862-3 shall be held to be cancelled by the failure of the Canadian Government to fulfil the first of the pro- Sosed conditions, viz., that of submitting immediately to the Colonial Legislature the lills required fur carrying that jfier into effect. 272— 1. AM lam 4 CORRESPONDENCE RELATIVE TO I am to add, hawcver, that Her Majesty's Government consider that offer as still sub- flisUng, but would certainly cease to cio so unless a definite arrangement were made, and the necessary colonial laws luused within five years of the date of the first memorandum, i.e., before December 1867. I am, &c. E. IV. Watkin, Eaq. Fleming's Hotel, Clarges-etreet, W., My Lord Duke, 7 July 1868, I VKNTURE to Hubmit the following observations on the (Miinti* adverted to by your (Iracc in person, as those in respect of which some explanation might with propriety be offered : — FirHt, touching the vagucncs:^ of the definition in sneaking of the line submitted for the approval of Her Majesty s Government as the Bay of Chalcurs Line. This term has bi-en applied to indicate the route surveyed by Major Robinson in 1848 (and which in its general course follown the course of tiie Gulf of St. Lawrence), in con- sequence of its bcmg used in the telegraphic message sent by your Grace to the Governor General of Canada in May last, and because a junction with the Bay of Ciialeurs is in- compatible with the adoption of the frontier route or any practicable central route. I may now add, by way of supplement to ray letter of the 1st inst., that the line sub- mitted by the Canadian Government for your Grace's approval is understood to be the Robinson route, as contra-distinguished from the frontier or central route, subject of course to any such local modifications aud changes in its location as more minute examination may show to be advantageous. I would therefore presume to suggest, in approving of the line, your Grace, for the sake of greater certainty, might designate it as that following the general line of the route surveyed by Major Robinson, and indicated in his report laid before Parliament in January 1849, touching at the Bay of Chaleurs, and thence proceeding to Truro, in Nova Scotia, in such a course at> inuy bo shortest and best, and as may offer the greatest engineering advantages, touching, where practicable and consistent with these conditions, at any points in the Gulf of St. Lawrence which it may approach. The approval in such terms would seem to overcome any difficulty arising from the communication being made by telegraph, since your Grace would have thus denned with precision the line recommended in general terms by the Government of Canada. That Government cannot, of course, proceed to construct any other line than the one approved of, and it would seem to be unimportant whether the adoption of it by the Government of Canada take place before or after the approval by Her Majesty's Govern- ment. As it is of the greatest moment that no time should be lost in making the financial arrangements, and as my public duties require my immediate return to Canada, I trust I may be pardoned if I express the hope that your Grace may find it not incom- patible with your public duty to give the necessary sanction at the present time. I transmit for the information of your Grace, the copy of a letter which Mr. Fleming, the engineer by whom the fi^jt surveys have been made, has addressed to me, showing that it is impossible that any more complete definition of the line can bo given at the presput time. On the second point, relating to any supposed contracts for particular sections of the work, I desire, with the greatest respect, to repeat the objections I have already made to imposing these contracts in any way on the Commission appointed to carry out the works. These objections are, if possible, strengthened by a communication which I have received from Mr. Fleming since I addressed your Grace on the subject, and a copy of which communication I enclose for your information. I cannot but feel assured that your Grace will consider the scope of duty devolving on Her Majesty's Government by the Act of Parliament to be limited to an approval of the general line of the route to be followed, and will leave to the commissioners for the work, the duty of determining whether or not it be in the public interest to avail themselves of any pre-existing arrangements for its partial execution. Trusting that these explanations may be sufficiently satisfactory to enable your Grace to give the necessary reference to the Commissioners of Her Majesty's Treasury, in order that the Canadian Government may have the advantage of making their financial arrange- ments at the present moment, which is so favourable for that operation. I have, &c. (signed) John Rote. ■8 Still lub- e mmde, and emorandum, itrect, W., I to by your propnety be diittcd for the inson in 1848 ince), in con- the Governor )baleur8 is in- route. ; the line sub- lod to be the ;e, subject of more minute Brace, for the e of the route snt in January I Nova Scotia, 3t engineering i, at any points 1 terms would ! by telegraph, ided in general than the one a of it by the isty's Govem- a making the rn to Canada, not incom- me. Mr. Fleming, me, showing given at the ections of the eady made to )ut the works, have received ;opy of which devolving on )proval of the "or the work, themselves of c your Grace sury, in order ncial arrange- John Roie. /04» INTERCOLONIAL HAILW.VY LOAN, tc. (Copy.) Sir, The Honourable John Ro$r, Minister of Finance, Canatla. No. 2, Mont«gu-«trect, KuMcll-nquare, London, .luly 1868. I AM unable to find a copy of n-.y letter t« Sir John A. Macdonald. which y»u inquired for, relative to the estimated cost ..f the whole length of the Intercolonial lUilway • I enclose, however, at your reriuest, a copy of my Re|)ort to the Minister of i'ublic Works, on that j)ortion of the line between Moniton and Amiicrst. In mv report on the exploratory surveys of 1864, I ventured to give fJ(»,(HK),t)»»0 as the i>robuble total cost of the Intercolonial Railway. The information which I have oincc acquired in the maritime provinces convinces mc that this estimate is not only sufficient, but that with very good management it is (juitc |>ossible to complete the main lino lietween Truro and Riviere du Loup, and also the projected branch from Bathurst to , for the sum named. If, however, the line be twisietl and warjMsd from the best jHjsition to serve private and local interests, it will not be possible to form any reliable estimiite of what Uie expenditure will ultimately come ti). It appears necessary "that I should allude to this in expressing, at your request, an opinion as to the sufficiency of the appropriation for the construction of the railway, because at the only |K)int where the (|ucstion of location has practically arisen as yet, viz., between Moncton and Amherst, the line advocated by the local autho- rities, and adopted by a contracting firm, is not only less favourable m an engineering point of view, but is actually fr«)m 21 to 3.5 per cent longer than the line which ought to be constructed. I have, &c. (signed) S'andfanl Fleming. Mr. Fleming to Mr. Rose. (Copy.) Intercolonial. Railway. Sir, London, 7 July 1868. Referring to our conversation this morning, allow me to remark : It would not be possible to furnish plans and sections of the Intercolonial Railway, as it may finally be built, for a very long time. Railway surveys are very laborious opera- tions in a wild wooded cou.-ttry. In England, the Ordnance surveys enable engineers very readily to define th i;.iv' of a projected railway, but in a country like Canada, where no such surveys exist, the :-cst position for the railway can only be ascertained after repeated trials and laborious surveys. After the work is commenced desirable changes and improvements in the location arc frequently made in a wild country, and it would not, in my opinion, be wise to define the line so exactly that no such changes could be made. With regard to the name of the route selected for the Intercolonial Railway, it has been designated " Major Robinson's Line," " The North Shore Line," and " Bay Clialeurs Route" (No. 15). It is, probably, best known as " Major Robinson's Line," but a^ the expression — liiie, might be taken to mean the exact line laid down by Major Robinson on the plans furnished by that gentleman, and which plans do not profess to be more than the results of a rough exploratory survey, and the line shown thereon as a possible railway line, it would, perhaps, be wise to define the route for the railway so as to avoid any misconceptions. I would suggest, therefore, that the routf be described generally as foUows : — The shortest and best line that can bt found from the existing railway at Riviere du Loup to the Bay Chaleurs by the River Matapediac, and from the Bay Chaleurs to the existing railway at Truro, in Nova Scotia. The general designation of this intended line to be " The Bay Chaleurs Route." On an examination of the map it will be found that a line touching the Bay Chaleurs, as above described, cannot be taken tv* mean a central or a frontier line, and that it is, in fact, substantially the route indicated by Major Robinson in hij report laid before Parliament. Referring to my report to the Minister of Public Works, dated 15th May last, on the location of that portion of the line between Moncton and Amherst, and also to my letter of yesterday, addressed to you on the same subject, I consider it my duty again to submit that within the limits of the route above defined, the railway should be located, as far as it is (lossible to do so, on that line which presents the most favourable engineering features, and subserves in the highest dcrree the general interests of the Dommion. If, on the contrary, other interests are too largely consulted, it will probably be discovered, when too late, that a large and useless expenditure has been incurred in constructing a railway pro- portionately expensive to maintain and operate. I have, &0. To the Honourable John Rose, (signed) Sand/ord Fleming. Mbister of Finance, Canada. 27a— L A 3 ^^ COllHESPONDENCE RKLATIVK TO (Copy. ) Rir, Intcnolonikl, Loudon, 7 July \HC)H. I AM in" receipt tif your imtr >>( yc.-tcnlayV tiato. intimating that McsHrs. Clark 8c Funchard propow; railing here t(>-m<>rn>w morninji at UK'.M. I regret that I have enc ready tu nialiv an ap{Miintiuciit lor u future date. T. II. Wchb. Esq., J, Westminster Chamheri". Victoria-street, W., London. Yours, &c. (sifted) John Awe. Mcxxrt). Edwin Clark. Puiichord if Co, Gentlemen. London. 11 July 1668. I IIAVK to ackiii)wled<;e your letter of ycHtcrday"* date, with the accomnanying 8t«t«- ment8 on the subject of certain works in the Provmces of Nova Scotia and New Bruns- wick. I think it right to say, in order that misapprshcnsion may not arise in future, tliat I have no authority whatever to come to any arrangements respecting these contracts, nor should I feel myself warranted in even expressing an opinion which might influence your action with reference to the subject-matter of your communication. While it is due to you, as a matter of courtesy, that I should meet you and hear your representations, I trust you will understand that I can do no more than give rcspeotfid attention to your statements. Yours, &e. (signed) John Jione. Sir, Downing-street, 22 July 1868. I AH directed by the Duke of Buckingham and Chandos to acknowledge your letters of the 1st and 7tn instant, supplying information bearing on the choice of the line of railway to be ronstructed between Rivi«ire du Loup and Truro, in order to complete the Intercolonial Railway. The Duke of Buckingham and Chandos received with much satisfaction a telegraphic message from the Governor General, by which it appears that the Bay of Chaleurs Line has been selected by the Canadian Government. Her Mtgesty's Government readily acquiesce in this selection, as you will learn from the despatch to Viscount Monck, of which a copy is annexed. I am, &c. (signed) /. G. Elliot. (Canada — No. — . ) The Duke of Buchinffham to Viscount Monck. My Lord, Downing-street, 22 July 1868. I HAVE received your Lordship's telegraphic message that the route by Bay of Chaleurs has been selected by the Canadian Government as the one to connect Truro with Bivicre du Loup, and thus complete the Intercolonial Railway. I understand three routes to have been under the consideration of the Government of Canada, namely, one crossing the St. John River, either at Woodstock or Fredcricton ; the second in a more central (lirection, through New Brunswick ; and the third following the line selected by Major Robinson in 1848. The route crossing the St. John River, either at Woodstock or Fredcricton, is one to which the assent of Her Majesty's Government could not have been given. The objec- tions on military grounds to any line on the south side of the St. John River are insuper- able. One of the main advantages sought in granting an Imperial guarantee for con- structing the railway would have been defeated if that line had been selected. The remaining lines were the Central Line and that following the general course of route surveyed by Major Robinson ; and Her Majesty's] Government have learned, with much satisfaction, that the latter has been selected by the Canadian Government. The communication which this line affords with the Gulf of St. Lawrence at various points, and its remoteness from the American frontier, are conclusive considerations in its favour, and there can be no doubt that it is the only one which provides for the national objects involved in the imdertaking. I have, &c. f Governor, (signed) Buckingham $■ Chandos, The Right Honourable Viscount Monck. &0. &c Clark & t if they Rote. r 1868. ing sUte* w BruM- rc. tliat I racts, nor 9noe yonr hear your rcapectful in Rote. ly 1868. )ur letters the line of mpletc the telegrai>hic leura Line Dnt readily Monck, is ZlHot ly 1868. Bay of *ruro with irnment of 'edcricton ; following is one to The objec- •e insuper- ic for con- fCS? 'Jhandos. INTERCOLONIAL RAILWAY LOAN. he. j ( Intercolonial. ) Sir, Flominjr'* Tlntrl. n .Tulv l«f>«. 1 HAVE the honour to trantmit herewith certain iliM-unii'UtH on the milijort of the prr>- poeed loan tor cooKtruction of tlic Iiiton-olonial Kailway, to U- {(uaraiitritl )iy the Cum- miatiuncrH of Her Majoity'it Trea;c>cd hy Hit Miijcfty'i' (iovcrnnicnt, it now .mly rrmnin* for tho ComniiHsionor.H of Ifcr Majesty's Trciu-iury, to convey their xanction to the romlitionit of the loan, ait detailed in enclosures A. h It., and to a|i|)n>vc of the t'omi on which it in :|teedily an jvosnible, I trunt I may l>o pardoned if 1 e.\pres!< the liopc thai I may be favoured with an early coiuniunication of the views of llcr Majenty'M (Joverii nt on tho Hubjcct of the cncloHcd. I have, &c. The Right Hon. 8. E. Hunt, ^^^igned) John Note. Chancellor of the Exchequer, fit: Ike, (Copy.) Cnnndn fntermlonial Railway Iamh. The Canadian Railway Loan Act authorised the Comi«i.s8ioner« of Her Majcoty's Troa- 30 * 31 Virt. c. 10 sury to guarantee, in such manner and form as they think fit, payment of interest, not exceeding 4 per cent, on any principal Hum not exceeding .1,0«>0,IKH) /. sterling, to bo raised by the Government of Canada, for the purjKwe of constructing the Intercolonial Railway, on condition that Canada should pass an Act, providing : — Ist. For the construction of railway; for its uae by Her Majesty's troops; and, provided the line siiould be apjjroved by ;i Secretary ol State. 2nd. That the Cinadinn Act should |)rovide, to tho satisfaction of tlic Commis- sioners of Her Majesty's Treasury, for the raising and exiiending by Canada of the 3,000,000/. on the railway; for creating a sinking fund, and for making the loan and sinking fund charges in a specified order on the revenue of Canada ; for the appointment of trustees to manage the sinking fund ; and, lastly, for raising such further sum, on tho sole credit of Canada, beyond the :!,(K)0,a°ii| in Ix>nil.in, at the b»nkinj{-him»e» iif Meosr^ llarinj,' Up'th. r* «« (n.. ami of MeMrK. (ilvn, .Mill*. Currie, & Co., and to intcffnt thfreou, until r<'|>a) iiivnt nf the prini-i|«l, at the'rmtc of 4 i»rr ocnt. jKir annum, iiayiible half-vcarly, ot the baiiking-houfo* i«f NietKm. Uario); UmtKcr* kilo., end of Mes^r.'. (iiyn. .Mill.-, Ciirrio. & Co., in tho « ity of London, on preKt-nlation of the proper (viupoii for the i of" The Hritinh' North America Art, 1H67." An tlicv think fit, payment ol° intiTcut at a rate ntit cxcecdiuf; 4 ]>cr cent, per aniiuni on any pnni'i|ial money, not exceeding •l.lMMI.OdO /., to be raii^ed by way of loan, by tlic (lovcrMuicnt of C'anaui d trom time to time out of the Concoliditcd Funil of tlie United Kin);doin, or tlie ;;rowini{ pro- duce tliercuf, iuiy money required fur fjiviiij,; cll'ccl to judi ;;uurantce, and tlie .-aid Com- missionern of Ilcr AlajcstyV TrcaMiry liar in^r nccordinply guaranteed the due pavuient of such interest, Mich guarantee U tcstitied. -o tar as relates to the intercut on tlic amount of thii< debenture, until payment thereof, liy the sipiature hereto of the under-l;,'iiecl, iliily appointed by flic warrant of the said Commissionern for such purpose. {Form of Canada 5 per Criit. Boml.) Dominion of C'.inada. Thk GoTcrnmcnt of Canada hereby acknowledjres to be indebted to tho bearer in the sum of jiounds stcrlinj,', beiiij; part of the sum of l,()(Mt,000/. sterling, to be raised in virtue of an .\et of the Pariinment of Canada, passed on the 21st December IS(i7, entitled " An Act re?|iectin;.' the ('(instruction ot the Intercolonial Railway," wliicli sum the said Government undertakes to jiay on the 1st October li)0.3, at the oftiees of Messrs. I$nrin|; brothers & Co., and ^lessrs. (Hyn, Mills, Currie, it Co., in the City of London, in F.ni:lnnd, with interest in the meantime, t om the 1st July 1868, at the rate of 5 per e< nt. jicr annum, such interest being jiayable half-yearly, on the Ist days of October and April in each year, at the eatnc place, on presentation of the projier coupons as hereunto annexed. The principal and interest of the above sum arc chargeable on th» Consolidated Bevenuc Fund of Canada under the authority of the above Act, and a sum equal to 1 per cent, of such principal sum will be set apart yearly, and invested for the redemption of such portion of the aforesaid loan as may oc issued. Form of Tender for 1, ,100,000 /., Canada 4 per Cent. Bonds, guaranteed by the Imperial Government of the United Kingdom, and 500,000 /., Canada .5 per Cent. Bunds. hereby tender for a sum of £ nominal capital, three-fourths in Canada 4 per Cent. Guaranteed Bonds, and one-fourth in Canada 5 per Cent. Bonds at the price ot percent., and eng.ige to accept the above sum, or any portion thereof, which may be allotted to , and to pay the deposit thereon of 20 per cent., and the subse([uent instalments as they become due, in conlormity with the terms of your circular of the 18th instant. London, July 1868. Name. . Address. To Messrs. Baring Brothers & Co. To Messrs. Glyn, Mills, Currie, & Co. Sir, Treasury Chambers, 15 July 1868. I AM directed by the Lords Commissioners of Her Majesty's Treasury to state, that In the reply to tbU the Chancellor of the Exchequer has laid before them the letter which you addressed to '^*'^*''? "V?'^'* him on the 11th instant, on the subject of the loans to be raised by the Governmeiit of "JJJJej'. ^"ij.^, Canada, for the purpose of the construction of a railway connecting Quebec and Halifax, under the provisions of the Act 30 Vict. c. 16, together with the statenient enclosed in your letter, showing the substance of the terms and conditions on which it is proposed to raise the said loans (marked A), and also the form of bond or debenture (marked B), upon which it is suggested that the guarantee of Her Majesty's Government should be given for the payment of interest at the rate of 4 per cent on a loan of 3,000,000 /., in accordance with the provUiona of the aforesaid Act 272—1. , B I«n i t th; ili;,- to CORRESPONDENCE RELATIVE TO I am licsired by my Lords to acquaint you that their Lordnhipa have no objection to offer to the tcrnia and condition* |iro|>o»ed for raiding thr«e loans in accordance with Statruicnt A (copy of which is cncloncd) ; »• I that they are prepared to guarantee interest at tht: rate of 4 per cent, on a loan of 3,(K>o,tMM) A, in accordance with the form of bond or dcb«nture marked U, copy of whicli in also enclosed. I am further to acquaint you that my Lords have appointed Mr. (i. A. Hamilton, the Pcminncnt Secretary of this Hoard, to net for them and in their name, for the purpose of guaranteeing the interest on the loan of 3,000,0(K)/., as provided by the before-mentioned Act. And 1 am to add that it will be necessary that each bond or debenture should be forwarded to this department, in order that hie signature may be affixed thereto. I am, &c. (signed) G. Sclater- Booth. (A.) Ihsue of 1,5U0,0U0 /. Canada Bonds, bearing 4 per cent, interest, and guaranteed by the Imperial Government of Great Britain, under the authority of the Act of 30 Vict. c. 16, being one moiety of the loan authorised by that Act, and of 500,000 /. 5 |>er Cent. Bonds of the Government of Canada, being also a moiety of the loan of 1,000,000/. authorised by tlic Act of the Parliament of Canada, passed on the 21st of December 1867, for the construction of the Intercolonial Railway. Messrs. Burin^^' Brothers & Co., and Messrs. Glyn, Mills, Currie, & Co., are autho- rised by the Minister of Finance of the Dominion of Canada, to receive at the office of the former finn. No. 8, Bishopsgute-street "Within, on between the hours of 11 and 12 o'clock of the day, sealed tenders for 1,500,000/. Canada 4 per Cent. Bonds, guaranteed by the Imperial Government of Great Britain, and to be repaid at the end of 35 years, say, on 1st July 190."^, as per form of bond annexed, and 500,000 /. Canada 5 per Cent. Bonds of the form and tenor also annexed, and for which a sinking fund of 1 per cent, per annum will be provided. All these bonds will bear interest from July 1868, and the dividends will be payable half-yearly, on and of each year, as per dividend warrants. The above-mentioned sealed tenders may be for the whole or part of 2,000,000 /., in the proportion of three-quarters of Guaranteed Bonds, and one-quarter of ordinary 5 per Cent. Canada Bonds, and no tender will be admitted which does not comply with iliis condition. The Minister of Finance of Canada will deliver to the partners present, of Messrs. Baring Brothers & Co., and Messrs. Glyn, Mills, Currie, & Co., a sealed paper containing the mmimum price at which he will sell the above-mentioned 2,000,000 /. bonds, and those partners will then open the tenders, and afterwards the Minister's sealed paper, and allot the bonds to the highest bidder or bidders, pro rata, according to the price oifered. Neither Messrs. Baring Brothers & Co., nor Messrs. Glyn, Mills, Currie, & Co., will make any tender. Upon allotment a payment of per cent, will be required, and the subsequent instalments must be paid at the office of Messrs. Baring, Brothers & Co., or Messrs. Glyn, Mills, Currie, & Co., as follows, or in default the previous payments will be forfeited. Payment of these instalments nia^ be made in full on any of the above days under discount, at the Bank of England minimum rate of discount. Scrip receipts will be issued without delay, and bonds of 1,000 /., 500 /., or will be delivered in exchange as soon as practicable. (Copy.) Sir, London, 16 July. I HAVE the honour to acknowledge receipt of your communication of the 15th instant, informing me, by (Erection of the Lords Commissioners of Her Majesty's Treasury, that their Lordships have no objection to offer to the proposed mode of raising the loan for the construction of the Intercolonial Railway, and that they arc prepared to guarantee interest on the sum of 3,000,000 /. sterling, in the manner stated in your letter, and that Mr. G. A. Hamilton, the Permanent Secretary of the Board, has been appointed to sign the bonds when forwarded to the department. Permit me, in reply, to express my grateful acknowledgments, both on my own part, and on behalf of the Government of Canada, for the great courtesy and promptitude which the Chancellor of the Exchequer, and the Lords Commissioners, so kindly evinced in the course of the recent negociations, and for their readiness to meet the wishes of the Government of Canada. The bonds will be forwarded in accordance with your instructions to the Secretary of the Treasury as soon aa received from Canada, through Messrs. Baring Brothers & Co., and Messrs. Glyn, Mills, Currie, & Co., the financial agents of the dominion in England, and will be countersigned by one or other of those firms in evidence of their genuinenees. I have, &c. ' (signed) John Rote, l: ' (C^ jection to anrc with :e interest 1 of bond nilton, the purpose of •mentioned I lihould be r- Booth. itecd by the Vict, c. 16, 5 j)cr I'cnt. 1,000,000/. if December ., are autho- the oflice of tlie hours of vCnt. Bonds, it the end of Canada 5 per und of I per and 000,000 /., in rdinarjr 5 per ply with this it, of Messrs. ler contMnine [/. bonds, and paper, and •ice offered. & Co., will subsequent , or Messrs. cents will be i days under n, 16 July. 15th instant, treasury, that g the loan for to guarantee tter, and that tinted to sign _ny own part, ptitude which ivinced in the trbhes of tbe Icretary of the Irs & Co., and ■England, and uuneneBS. l&c. Tohn Rote. INTEUCOLOMAL RAIIAVAY IX)\\. &e. tl Me->.-r«. Raring Rnitliprs & C.\ McssrK. Glyn, Mills, Curric, & Co. Gentlemen, j , i - i i , Ri^Ft^KHiKO to the o.,,„munica,i.,n, whioh l„.v.. ..k..„ ,.lao. CZ, ;;^';t ^f ;,,„ to enclose the copy of a letter fn.n, the Lorrl. Conunissinners of Hor Majo^tv'. Tr.isnrv approving; of the term. Ku-csf.d in the curse of ..ur ro.ent interview., ami .'.f tl.r Conn In which the guarantee of the Inij.erinl (Government shall he L'iven I have accordinRlv.to rcjuest that you will be jrood enonsjh to take the ne.e, ary measures for plae.nK the loan u,)on th.. market, in the tenns t.tat,..l in the enrlose.l .Iraft o( prospectus, and torm .,1 hond atta-'he.! theret,.. The hn„,U themselves will I.e prepared in Canada, in such amounts as you may indicate, and will I.e transmitte.l to vou with the Icaot possible delay. I should be glad to> apprised of the result of your views on the question of commission, which has been discussed between us, and which you informed me would not, in any case, exceed the customary ehar^re for similar operations on behalf of other foreiL'n GoTernmcnts, nor what, under the circumstances, would be a proper and reasonable remuneration for agency. On the subject of investing the instalments that may be made, I have only to repeat the instructions already verbally expressed, that you will obtain the best rate of interest compatibl-j^with perfect security and immediate convertibilitv. The Indian Stock held as a sinking fund for the last instalments of the former loan on "the Imperial "uarantee. may, I presume, be considered of that character, and I will be glad if you wilfmake arrange- ments with Commissioners, in whose control it is, for the retention of that stock, by your paying the balance of the loan, on its maturity, out of the money to be raised by tiie'pro- sent operation. I have, &c. (signed) John lloie. Minister of Finance, Canada. Sir, London, 28 July 1868. We have delayed our reply to the letter, which you have done us the honour to address tons, under date of the 18th instant, until the conclusion of the negotiation of the loan for the Dominion of Canada, in order t6 reply at once more positively to its several con- tents, and you will allow us now to commence by congratulating you, and by expressing our own sincere satisfaction, on the result of the tenders on 23rd instant, which have proved to be so favourable to the interests and credit of your Government. The conditions on which the loan was offered to the public were in conformity witli the official sanction of Her Majesty's Treasury, and with the instructions contained in your letter ; and we observe with pleasure that the greatest jKissiblc expedition will he insured for the transmission to us here of the necessary bonds from Canada, since, for the satisfac- tion of the subscribers, it is most desirable that delay in their delivery should, as much as possible, be avoided. With regard to the commission which our two firms will charge upon this operation, we are influenced, not only by the wishes for economy which you have personally expressed to us, but by our own desire to render the proceeds of the loan iis advantageous as possi- ble to the dominion, in agreeing that a commission of 1 per cent, on the nominal amount, and not on the actual sum received, 20,000/. between our two firms, should cover, not only our own remuneration for the agency, and responsibility of the transaction, but should also relieve the Government from all the incidental charges of legal expenses, advertisements, printing here, and other petty disbursements, so that the only additional expense for which the dominion will be liable will be the stamp duty required by the British Government ; and we shall charge no additional commission for any purchases of stock which we may be required to make for the future employment of the sink- ing fund. Without entering into details, we must add, that the commission wo now charge is much below that usually adopted for the agency in the negotiation of any foreign loan. We take note of our instructions, that we should obtain for the tomjiorary employment of the money to be received by us, the best rate of interest compatible with perfect security and immediate convertibility; but we regret that, in the present state of the money market, and consistently with these conditions, we cannot credit this account with a higher rate of interest than 1 per cent, per annum, whilst we assure you that we shall avail of any improvement in the value of money to afford to the Government such increased advan- tages as opportunities may allow. With regard to the Indian Securities to which you allude, they are not under our control, and we must await your further powers and instructions ; but we take due note of your order to us to pay the balance, when duo, of the former guaranteed loan of Canada, which will be regularly complied with. 372 — 1. B 2 » i^% la CORRESPONDENCE RELATIVE TO It only remains with us to rc|H!at the n«i>iirance of our anxiety to devote our services in every way to the advancement of the credit and progperity of the Dominion of Canada, and to renew to you the expression of the personal respect with which We have, &c. (signed) Barint) Brothers §• Co. Glyn, Mills, Currie, ^- Co. Messrs. Baring Brothers & Co. Messrs. Glyn, Mills, Ci'rrie, & Co. < Jentlcmcn. London, 29 July 1868. Ix iicknovvlcdging your letter of yesterday's date, in reply to mine of the 18th instant, permit me to convey my cordial acknowledgments to your respective firms for the satisfac- tory manner in wluch the recent oi)crationB connected with the Intercolonial Loan were carried out by you, and to say I feel assured the Government of Canada recognise in the anxiety you evinced to make it successful, a practical evidence of the interest which you express in the future jjrospects anil credit of the dominion. I trust that the occasion which has arisen, of bringing its resources and character before the public, witii your co-operation (on which I feel assured Canada may at all times rely), tend to place it securities and credit as high as those of the most favoured nations. The charge which you make for commission, which you propose sholl cover not only your ordinary remuneration for the agency and responsibility of the transaction, but all incidental charges of legal expenses, advertising, printing here, and petty disburse- ments, is satisfactory ; and I have to express my thanks for your consideration in waiving the important item of commission in connection with the future management of the Sinking Fund. I note your assurance, that you will avail of any improvement in the value of money, to obtain for the Government such rate of interest as oi)portunity may allow. Mean- while be pleased, out of the first instalments, to extinguish the amount standing at the debit of the province, with your respective firms. I have communicated with the Treasury on the subject of the Indian Securities ; and I will thank you to redeem the balance of the former loan at maturity, and to intimate to Her Majesty's Government that you will be prepared to do so out of funds in deposit with you. Will you be kind enough to furnish me with a list, under your signatures, of the bids for the loan, and also to apprise me, as soon as possible, of the number of bonds for the respective amounts of 1,000/., 500/., and 100/., which you wish sent over. I beg to thank you for the kind expressions at the clo^e of your letter, and to acknow- ledge very cordially the uniform courtesy and kindness which you have extended to me in common with all my predecessors in official intercourse with you. 1 have, &c. (signed) John Rose, Minister of Finance, Canada. lo^i INTERCOLONIAL RAILWAY LOAN, &c. »3 aces in >nada, Co. LIST OF TENDERS FOR IXTERCOLOXLVL LOAN. 1868. I instant, satisfac- oan were )0 ion 2 6 91 I(I.(HH) ' 102 - - IHI 1 100 ; 101 1 6 11 2(l,U 10!l - - 97 1 5,()IPll 1112 - - IK? .'i.dOO Krj 15 - 17 2,11011 102 - - 98 ' 4(10 101 - - IH8 i 10,(1110 103 3 n 18 2.IMI1I 101 - - 90 l.oon 1(12 10 - 1 189 9,r.(NI 105 2 - 19 2,(HX( io:i 1 - lllO 4.000 lO'.i 12 6 190 Kl.OIKI 103 11 - 21) 75.IHI0 loj 1 - 101 3,000 1 103 - - 191 H.IMIO 102 5 8 21 10(1,000 101 2 6 102 .'i.OOl 101 5 - 102 1,(NI() id:. 5 - 2J H.IHKI KCi fl - 103 .'i.OOO 103 15 - 193 I.IKKI |MI 2 6 23 4,000 1 105 6 - 104 1 •VKK) 103 10 194 1 3,(HM) 101 3 - 24 ,'.0,OIH) 10.-. 1 - 105 1 5,(K)0 ' 103 17 G 195 1 5.11'K) lo:l G - 25 3H,IK)0 102 10 - loii ; 1.(KH) 102 10 - l!8'i 1 5.(HK) 103 12 - 2fi H.IHIO lo,-) 3 - 107 , lll'k) 103 10 - 197 1 .J.OCIO 101 1 - 27 4, IKK) MO 1 - 108 2,0(KI lot - - 198 i 2.(KK) lo:. - - 28 5.000 104 2 6 109 i ltH)iKKI 105 - - 11)9 lO.(MK) 101 17 G 29 3,0(10 101 17 110 ' 100 |(h; - - 200 ' lO.IHWI lo.'i 5 - 311 i S.IIOU 103 2 111 1 1011 103 - - 2111 ' 20,001) 103 10 - 31 2:),ouu i 103 10 - 112 1 GOO ; lol - - 202 50.1101) 102 10 - :)2 15,000 j 101 - - 113 1 5,000 ! 103 - - 203 ' .38.000 : 102 10 - 3:» 25,0011 ' lori 10 - Ill ! .'lO.OIKI 105 - - 204 5,0(10 ! 104 7 6 34 5,000 1 102 10 - lis ! 2.'io,(iiio 1 KM 5 - 20,) ' 5,0( ■ 101 2 6 3J 1,01)0 ' 102 11 IKI : 1IHI 101 1 G| 2(IG ' 5.00(1 KU 5 - ■M 1,000 103 10 - 117 2,000 1 92 - - 207 5,000 ' 103 5 - 4,000 103 - - 118 6,000 90 10 • 208 1 150,000 1 101 7 37 4,000 1 lo:. - - 119 100,(K)O 103 15 - 209 1 3,000 ' 95 12 4,0(10 104 10 - 120 4,(K)0 ; 100 - - 210 I 10,000 I 101 - - 38 4,000 101 - - 121 0,(H)O 07 - - 211 CO.OOI) 103 - - 41)0 100 5 - 122 4, (KM) 100 10 - 212 2I,I»K) 102 10 - alt 80O 102 10 - 123 10,000 103 - - 213 20,000 103 - - 4U 4,000 105 - - 121 2,(H)0 103 - - 214 75.000 io;i 11 - 41 4,000 lo;i - - 125 2,000 102 - - 215 75.000 1(W 12 - 42 4,000 104 - - 120 800 104 - - 216 75,0(M) 102 4 - 43 1,000 1 102 10 - 127 500 05 - - 217 10,00(1 104 8 - 44 0,000 103 5 - 128 lOO.IKMI 101 15 - 218 10,000 lot 10 - *b r;,uoo 103 11 - 129 1(),0(M) lOi 10 - 219 (1,000 105 5 - 4G 20,000 104 7 G 130 IO,(MK) 102 - - 220 50,000 105 6 - 47 :i,ooo 103 10 - 131 O.OOO 101 10 - 221 50,000 101 13 - 48 3,000 104 10 - 132 2,000 145 10 - 222 100,INH) 103 11 6 49 1,000 103 2 « 133 50,000 103 5 - 223 5,000 KM) - - 5U 1,0(10 103 12 131 3,001) 103 11 - 224 12,000 Kit 5 - HI 50,000 103 18 - 135 2,000 103 10 - 23.> 12,000 103 15 - 52 5,000 103 1 - 13G 2,000 103 10 - 23(1 1,000 08 15 - 53 5.)KI0 103 16 - 137 30,000 103 10 - 237 2,000 101 5 - 54 10,000 104 5 - 138 50,000 102 - - »• 2,000 102 5 - 53 5,000 103 17 6 139 2,8(HI 101 11 - ,, 4,000 102 15 - 5U 5,000 103 15 - 140 3,000 101 6 - I» 2,000 103 5 - 57 9,000 100 - - 141 5,000 102 - - 228 10,000 96 5 - 4,000 100 5 - 142 10,000 103 - - 220 6,000 102 5 - 5t) 4,000 100 10 - 143 W),000 102 10 - 230 6,000 103 5 - 104 16 - 4,000 100 15 - 144 50,000 104 3 - 231 1,(8)0 " 4,000 5,000 101 - - 145 38,000 101 17 6 232 8,000 102 5 - II 103 12 6 146 34,000 102 16 6 233 8,000 103 5 - 59 4,000 104 5 8 147 19,200 103 13 - 234 200,000 ir4 - - 104 - 101 I 3 104 5 - m 4,000 105 6 - 148 16,800 103 11 6 2?5 10,000 01 1,200 105 - - 119 4,800 104 3 - 236 20,000 10,000 10,000 1,600 10,000 1U3 17 6 15S 50,000 104 3 - 237 6,000 02 03 104 7 6 100 - - 151 152 10,000 4,000 104 17 6 101 - - 238 239 20,000 20.000 104 10 - 101 10 6 105 6 - 1115 1 S 105 2 6 101 16 - 103 - - 101 3 9 105 « 6 95 - •■ 102 - - 101 17 6 101 7 6 105 1 - 105 4 - 102 10 - 101 - - 101 15 - 106 2 6 103 12 104 2 • (14 101 II - 153 3,000 103 - - 240 50,000 65 06 20,000 10,000 10,000 102 11 - 105 U - 154 155 2,000 5,000 104 103 241 212 10,000 60,000 07 105 & - 156 10,000 104 12 6 213 5,0' • 4 CORRESPONDENCE RELATIVE TO List of TemlerA fur Intcrculonial Loan — continued. £. £. «. J. £. £. t. d. £. £. «. t. 2S9 2A,000 103 2 6 293 3.000 102 9 6 330 5.000 104 1 3 200 20,n()0 III! 2 6 294 5,000 103 5 3 331 5,0(10 103 10 - 261 10,000 106 - - 295 100,000 105 B - 332 10,000 103 _ . 2«2 50,000 104 1 6 2U6 100,000 104 1 - It 10,000 103 10 - 2(3 60,000 IH4 1 6 2!»7 130,(H)0 104 10 6 It 10,000 103 10 - 264 2,000,(100 105 12 298 6,800 10.'. - - n 10,000 103 15 - 266 1,000 104 10 - 299 10,000 104 12 10,000 104 _ _ 2flH 4,000 Mil 10 . 300 50,000 103 13 6 333 .30,000 104 10 - 267 6,000 103 10 - 301 20,000 104 3 6 334 30,000 10 • _ 268 2,000 104 - - 302 10,000 105 9 6 335 30,000 105 _ _ 269 2,000 105 10 - 303 5,000 102 10 - 334 30,000 100 10 - S70 20,800 102 - - 304 6,000 103 - - 315 4,000 195 17 6 271 50,000 102 10 - 305 5,000 104 10 ■■ 200 30,000 106 1 e 272 10,000 104 - - 306 7,000 103 8 9 277 4,000 106 1 - 273 2,000 105 I 6 307 50,000 105 2 - 104 2,800 106 6 - 274 400 105 7 6 308 50,000 103 3 6 161 2,000 105 15 - 275 25,000 103 - - 309 10,000 103 15 - 101 400 106 - - 276 4,000 4,000 104 - 310 20,000 50,000 104 10 - 277 104 1 . 311 103 13 6 73,200 278 4,000 105 I - 312 20,000 104 3 6 1,926,800 105 12 6 279 4,000 4,000 106 1 313 10,000 4,000 105 3 6 27B 104 1 _ 314 105 5 - 2,000,000 J, 2,000 104 12 -. 315 4.000 105 17 6 739,650 379 10,000 103 10 6 316 10,000 106 11 - 230,200 280 100,(M)0 104 10 - 317 20,000 104 11 .^04,300 281 100,000 104 - - 318 30,000 103 16 - 700,500 282 , 400 103 - — 319 30,000 103 11 - 507,600 283 135,000 104 12 6 320 40,(H)0 103 7 - 236,800 284 70,000 104 2 6 321 50,000 102 12 7 918,000 985 75,000 104 2 6 322 50,000 101 2 - 643,600 286 10,000 105 1 3 323 50,000 104 10 - 2,552.800 287 25,000 103 10 - 324 12,000 101 2 - 1,004,800 288 3,000 102 10 - 325 30,000 104 10 - 311,000 289 2,000 30,000 105 - 326 6,000 10,000 104 3 9 290 106 1 6 3S7 104 11 6 8,249,250 291 20,000 5,000 103 15 103 6 - 328 329 10,000 4,000 102 5 - 104 17 6 292 The above is a list of the tenders for the Canadian Intercolonial Railway Loan, received 23rd July 1868. (signed) Baring Brothers §• Co. Glyn, Mills, Currie, j* Co, Hon. John Rose, Minister of Finance. Dear Sir, Bank of Montreal, Montreal, 12 June 1868. I HAVE to acknowledge the receipt of your letter of the 10th instant, referring to the heavy expenditures, on the part of the Government, pending the financial arrangements about to be made in London, and desiring a renewal of the loan from the bank of 2,500,000 dollars, maturing on the 30th instant, say 1,000,000 dollars for three months, to mature 30th September; and 1,500,000 dollars for six months, to mature 3lBt December next. The bank is quite ready to meet the wishes of the Government, and will renew its loan in the manner you propose. You are correct in the estimate of 500,000 dollnrs, available to the Government from the sales of Dominion Bonds, issued in connection with the export of American silver, as verbally reported, a sale of 500,000 dollars of bonds has been made to the Government of Ontario, and only awaits the sanction of an Order in Council from Toronto, to render the proceeds available to the Government of the dominion. An account is being prepared of the recent silver operations, which I hope to furnish to- morrow. 1 t. I. 4. 104 1 3 103 10 - 1(« - - 103 10 - 103 10 - 103 15 - 104 - . 101 10 - 10 - - 105 - - 100 10 . 195 17 6 100 1 6 106 1 - 106 S - 105 15 - 108 - - 105 12 6 a, received Co. e, §• Co. le 1868. ng to the .ngements 2,500,000 :o mature next. Iw its loan lent from J silver, as Ivemnient |to render imish to- INTERCOLONIAL RAILWAY LOAX, & c. 15 Dear Sir, Montrpul. 2» Aupuct 1868. res] an I siiouL . be gln;l to know what arrangement, the Hank w.n.K! be wilTinc t>< mak SDectingthe loan of two and ono-lialf millions of .loliars. maturing on thc.Wtl, Septembc id .nstT^eoembcr next, in ca.c the Government should determine to anticipate th e bcr :ipate the payment of any of the inntalment». it i^ probable that a oongiderahle sum of money may be at the .li.M,.,r.al of the Dnmi .ion and 1 will thank yon to ^ay whether it will suit vour arrangoment. to rooolv,. mv' and what, sum in .leposit in excess of the debt due to the bank, an.l what rate of imores't the bank would be willing to allow on such deposits. I should likewise feel obliged by your stating whether arrangements can be made so that 11 credit of 500,(X)0 /. sterling eanbe available to the Governmeut at such time within the next 18 months, and in such sums as may be required for the purposes of the Inter- colonial liailway. In case the bank cannot meet the views of Government with reference to the repay- ment of the loan, or further deposiU, I will thank vou to say whether mv arrangement can be made for the purchase of any, and what, imiouiit of D|K'riitioM the uii(l)'r! of Kxi'linn}{)' of the Giivcr.inicnt for a Hrokeru^t', and iilact- the iiroiTed." to the erolit of tlie i'oniinion at Ottiiwu, or tlunii'cUei' to |inri'haM> tlio Kx('han(;e at the rate ^^|ll•(•ifie linininiiin ManiiprrV i JUT cent. Ill F.iiglund, iicr wav the v«l witli the ".iiliipteil he Ni w York, itlcr ltd owu thr«>u;;h the tin- Govern- in, its aj;ont» ■ a br<>kerai;c iii^l'i'i- ...... „ puyalile to ililto iiti .'lii'li Si'iiiiMiiliT nil lu'i'ouiif of Sub»iily ,, fiir reilcMiiption (if 7 pir I'rrit. l)i>tK'niiiri">, liiir l»i Sc itciiibrr „ of LoitriK per Uiiiik iif Miiiilr III, iliir cm .'Hull Mi-pt<'iiibi'r ■ |l |,oaita on Recount Intercolonial Loan - Balances in bankn in Canada Instalments on account — Intercolonial Loan, payable in October Bank Balance on account of Hilver Total Finance Department, Ottan-a, ■27 August, 1808. 2,000,011(1 (10 I. '100,000 00 2,.'iilO,0 I V) a tv , 1 i ■♦ 4 « 4 r J. f » i c •'- ■% » « '