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BC Sessional Papers

RETURN To an Address of the Legislative Assembly for the following documents referred to in the papers… British Columbia. Legislative Assembly 1878

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 41 Vic.
Loan, 1877.
To an Address of the Legislative Assembly for the following documents referred to
in the papers connected with the negotiation of a loan of £150,000, but
omitted, viz.:—
Statement of Revenue and Expenditure of Province, 1874, 1875, 1876;
Formal Prospectus of Loan;
Statement of Financial Position of Province, December 31st, 1876;
Statement of  Expenditure, showing outlay on Public Works and Buildings
as contrasted with ordinary expenditure of Province, 1874, 1875, and 1876.
By Command.
Wm. Smithe,
Minister of Finance.
Treasury, 21th February, 1878.
STATEMENT of the Eevenue and Expenditure of the Frovince of British Columbia for
three years.
$372,042 51
351,215 92
380,643 65
$583,846 74
644,923  05
689,920 47
Province op British Columbia.
Issue of £150,000 6 per cent. Sterling Debentures of the Province of British Columbia.
Interest payable by coupons in London on the 1st January and the 1st July, at the Bank of British
Columbia.    The first Coupon due 1st January, 1878.
The Agent of the Government of British Columbia will receive subscriptions on behalf of
that Brovince for £150,000 Debentures authorised by an Act of the Legislative Assembly of the
Province, passed during the last Session, entitled "British Columbia Loan Act, 1877."
Issue Price, 100 per cent., Payable as Follows:—
£10 per cent, on Application.
£25   „      „        Allotment.
21st August.
The Debentures are payable to Bearer in thirty years from the 1st July, 1877, and the
above Act provides that a Sinking Fund of 2 per cent, is to be annually invested under Trustees
either in these Bonds or in other Securities authorized by the Act.
The Loan is issued to consolidate the floating liabilities of the Province, inourred chiefly in
the construction of roads and other communications, and in the undertaking of a dry dock, at 492 Loan, 1877. 1878
Esquimalt.     To the cost of the latter work the Imperial Government have agreed to contribute
£5(3,000 on completion to their satisfaction.
The Act provides that the £150,000 Bebentures now issued "shall be deemed a primary
charge upon all the revenue of the said Province, from whatever source arising, and all interest
on such Debentures and the principal when due shall be paid by the Minister of Finance of
the said Province out of such revenues, under warrants to be issued by the said Lieutenant-
Governor in Council, in priority of all demands thereon, except the charge and expenses of the
collection thereof."
The total revenue of the Province for the year 1876 (exclusive of Customs and Excise,
which by the terms of the Union are assigned to the Dominion) is officially stated to be
approximately $380,000 (£78,082), while that for the current year is estimated at $407,353
(£83,702), of which the subsidy payable by the Dominion of Canada, upon the basis of the Act
of Union, amounts to $208,000, or £42,740. A large portion of the charges for carrying on the
Provincial Government is also assumed and paid by the Dominion in consideration of their
receiving the revenues derivable from Customs, Excise, &c, which average for the three years to
30th June, 1876, about $450,000, or £92,465 annually.
The amount required to meet the interest and Sinking Fund on the Debentures now issued
is £12,000 per annum, and is the only charge on the revenues besides the remaining expenses
of the Provincial Government.
The indebtedness of British Columbia, which existed at the date of its Union with Canada
in 1871, was assumed and is payable by the Dominion as one of the conditions of Union. The
present Issue consolidates and provides for the floating indebtedness of the Province incurred
since the Union.
By a recent act of the Dominion Parliament, these Debentures are available for the deposits
required to be made by Insurance Companies.
Payments in full under rebate, at the Bank of England minimum rate of discount, may be
made on allotment.
. Default of payment of any instalment when due will render all previous payments liable to
Scrip Certificates to bearer will be issued against Allotment Letters, and will be exchanged
for definitive Bonds as soon as possible after all payments are completed.
In case no allotment is made the amount of the deposit will be returned without any
Copies of the Act of the Legislature and other documents may be inspected at the office of
Messrs. Bischoff, Bompas, and Bischoff, Solicitors, 4, Great Winchester Street Buildings,
London, E. C.
Applications, which must be made on the annexed form, will be received by the Agent of
the Government of British Columbia at the Bank of British Columbia, East India Avenue, and
at the Counting House of Messrs. Morton, Bose and Co., Bartholomew Lane, London, where
payments must be made.
London, July 3, 1877.
Dominion of  Canada—Province of British Columbia.
Issue of £150,000 6 per Cent. Sterling Debentures of £100 and £200 each of the Province of
British Columbia.
To the Agent of the Government of British Columbia.
Having paid you £ being a deposit of £10
per Cent, on £ of the above issue, request you to allot that
amount in accordance with the Prospectus issued by you, dated 3rd July, 1877, and agree
to accept that or any smaller amount you may allot , and to pay the further sum due
thereon, in accordance with the terms of the Prospectus.
Name in Full
Profession or Description
Usual Signature 41 Vic.
Loan 1877.
Dominion of Canada—Province of British Columbia.
Beceived of
the sum of £
Debentures of the Brovince of British Columbia.
£ : : For
being a deposit of £10 per cent, on
applied for of the Issue of £150,000 6 per Cent,
STATEMENT shewing the Financial Bosition of the Brovince of British Columbia on
31st December, 1876.
Arrears of Revenue.. $   6,250 00
Refund to be obtained from
Dominion Government on
account of Graving Dock.      8,296 84
Balance in hands of Treasurer  and Sub-Accountants
1st January, 1877     15,021 53
 —      29,568 37
Estimated Revenue 1877     415,350 00
Total Assets $ 444,918 37
Due to Bank of British Columbia $393,493 00
British Columbia Loan Act
1876       86,000 00
Deposits       23,193 00
502,686 00
Estimated Expenditure for
1877....      627,732 50
Total Liabilities  $ 1,130,418 50
(Signed) W. C. Berkeley,
Provincial Auditor.
Audit Office, 28th April, 1877.
STATEMENT of the Expenditure of the Brovince of British Columbia for three years
Roads and Bridges, Surveys, Works and Buildings
$356,860 70
38,908 30
2,490 85
185,586 89
347,054 29
-   38,891 42
30,264 16
228,713 18
349,309 87
44,500 00 .
' 69,223 26
226,887 34
$583,846 74
644,923 05
689,920 47


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