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BC Sessional Papers

RETURN To an Address presented to His Honour the Lieutenant-Governor, praying him to send down to the… British Columbia. Legislative Assembly 1896

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 59 Vict.
Nakusp and Slogan Railway Company.
To an Address presented to His Honour the Lieutenant-Governor, praying him to send
down to the House a copy of the Order in Council on which one year's interest
on the $118,400 (deposited by the Nakusp and Slocan Railway Company with the
Government) was paid to the Railway Conpany; and also a copy of any opinion
which may have been given by His Honour's Attorney-General as to the construction to be placed upon the agreement between His Honour's Government and
the Nakusp and Slocan Railway Company, which justified the payment of this
By Command.
Minister of Mines.
Provincial Secretary's Office,
25th February, 1896.
Certified copy of a Report of a Committee of the Honourable the Executive Council, approved
by His Honour the Lieutenant-Governor on the 18th day of December, 189f
The Committee of Council have had under consideration the opinion of the Honourable
the Attorney-General, dated the 15th of December, 1894, in regard to the interpretation of
the agreement between the Nakusp and Slocan Railway Company and the Government, and
referring to the same and pursuant to the provisions of the "Nakusp and Slocan Railway Aid
Act, 1894," and particularly to clause 16 of the Schedule to the said Act, the Committee
recommend that the Nakusp and Slocan Railway Company be paid interest at the rate of 3|-
per cent, per annum on the sum of $118,400.00 from the 27th of July, 1893, the date on
which the above sum was deposited, until the 1st of July, 1894, the date on which the
Government assumed the payment of interest on the Company's bonds, the intervening time
being 339 days and interest on the same amounting to $3,849.00.
Dated December 15th, 1894.
A. Campbell Rbddie,
Deputy Clerk, Executive Council.
Attorney-General's Office,
Victoria, December 15th,  1894.
To His Honour
The Lieutenant-Governor in Council.
The undersigned has had under consideration the question referred to him as to the
interpretation of the agreement of the 9th of August, 1893, between the Nakusp and Slocan
Railway Company and the late Chief Commissioner of Lands and Works, and as to the right
claimed by the said Nakusp and Slocan Railway Company to be repaid the sum which they
paid out for interest upon an overdraft at the bank, arranged in accordance with section 6 620 Nakusp and Slocan Railway Comtany. 1896
thereof, which accrued during the time that the bonds were held in escrow, and also to be
paid interest upon the sum of $118,000, deposited by the Company, or upon such portion
thereof as may from time to time be on hand after payment of interest upon the bonds.
In connection with the claim for interest paid by the Company on the overdraft, the
undersigned remarks that the Company under their Subsidy Act were entitled to receive the
bonds from time to time as the work progressed, and had this provision been carried out they
would have been enabled by the sale of the same to pay the contractors the sums to which
they were entitled upon the engineer's estimates. The result, moreover, of the plan adopted
was that a year's interest upon the bonds was saved to the Government, and under the terms
of section 6 of the Agreement, dated 9th August, 1893, the Company is entitled to the
ordinary bank interest.
The undersigned is, therefore, of the opinion that the Company are entitled, both under
the terms of the agreement and in equity, to be refunded this amount.
In relation to the second subject above mentioned, the undersigned is of opinion that the
Company are correct in their contention that the interest earned under section 16 of the
Agreement upon the sum from time to time standing upon deposit with the Government
should be paid out in cash to the Company and not be allowed to accumulate.
The above opinion is based particularly upon the wording of section 16 itself, which
makes no provision for the accumulation of interest and the crediting thereof to the Company
as capital, although, later on in the same section, it is provided that, in case of the exhaustion
of the principal, any advance to the Company shall bear interest with half-yearly rests.
(Signed)        Theodore Davie,
victoria, B.C.
Printed by RrcHARD Wolfenden, Printer to the Queen's Most Excellent Majesty.


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