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BC Sessional Papers

RETURN To an Order of the House for copies of the prospectuses of the different Provincial Loans issued… British Columbia. Legislative Assembly 1898

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 61 Vict. Prospectuses of Loans. 857
RETURN
To an Order of the   House for copies of the prospectuses of the different
Provincial Loans issued since 1890.
J. H. TURNER,
Treasury Department, Minister of Finance.
88th March, 1898.
DOMINION OP CANADA.
PROVINCE OF BRITISH COLUMBIA THREE PER CENT. INSCRIBED STOCK.
Issue of £200,000 Stock,
Part of a sum of £700,000 Sterling, authorised to be raised by the " British Columbia Loan Acts," Chaps. 13 and 22, of 1891.
Redeemable at par in London, on 1st July, 19J/.1.    Interest payable in London half-yearly, on
1st January and 1st July.
Price of Issue, £86 per cent, (yielding £3 12s. 6d. per cent.), payable as follows :—
£5   per cent, on application.
£31 per cent, on allotment.
£50 per cent, on 1st October.
The Bank of British Columbia, 60, Lombard Street, London, E. C, is instructed
by the Government of the Province of British Columbia to receive applications for the above
amount of stock, authorised to be issued by Acts of the last Session of the Legislature, and
secured upon the Consolidated Revenues of the Province.
According to the Acts in question, the proceeds of the Loan are to be applied, as to a
sum not exceeding £250,000, towards the public purposes of the Province, and, as to the
balance, in redeeming the Bonds issued under the " British Columbia Loan Act of 1877 " and
the "British Columbia Loan Act of 1887," and the redemption of the Loan is provided for by
the appropriation under an Order in Council of an adequate sinking fund.
With a view to the more efficient protection of the sinking funds of the several Loans of
the Province, it is the intention of the Government to invest the sums annually required for
the reduction of its debt in the purchases of its stock now offered.
The Province is entitled, under the terms of union provided by the " British North
America Act," to an annual subsidy in perpetuity from the Dominion of Canada, amounting
for the current year to upwards of £40,000, and which, being subject to decennial revision on
the basis of population, should amount for the ensuing year to about £50,000.
The total debt of the Province amounts to £355,400, less £69,000 sinking fund, invested
in London, being less than £2 10s. per head of population, which has nearly doubled in the
last decade, and is steadily increasing.
The revenue has correspondingly increased, and more than covers the expenditure,
exclusive of that on public works, which is provided for by loans.
The Crown lands belonging to the Province aggregate about 200,000,000 acres.
The stock issued in respect of this Loan will be inscribed at Messrs. Glyn, Mills, Currie
& Co., 67, Lombard Street, E.C., and will bear interest payable by them half-yearly, on 1st
January and 1st July, at the rate of 3 per cent, per annum. The first interest payment will
be made in full on 1st January, 1892. 858 Prospectuses of Loans. 1898
The revenues of the Colony of British Columbia alone are liable in respect of this stock
and the dividends thereon, and the Consolidated Fund of the United Kingdom and the Commissioners of Her Majesty's Treasury are not directly or indirectly liable or responsible for the
payment of the stock or the dividends thereon, or for any matter relating thereto.—40 and 41
Vic, Cap. 59, sec. 19.
Interest warrants will be forwarded by post to the holders of inscribed stock. In the
case of joint accounts, the warrant will be forwarded to the person first named in the account,
unless instructions to the contrary be given.
Scrip certificates will be issued after the payment of the amount due on allotment, which,
when the stock is paid up in full, whether under discount or otherwise, may be inscribed
forthwith and exchanged for stock certificates at Messrs. Glyn, Mills, Currie & Oo.
Payment of the instalment clue on 1st October may be made on allotment under discount
at the rate of 2 per cent, per annum. In case of default in the payment of any instalment, or
balance, at its proper date, the amount or amounts previously paid will be liable to forfeiture.
The subscription list will open and close on Friday, 21st August, but country applications
by first post on the following day will be received.
Applications, accompanied by the deposit of £5 per cent., will be received by the Bank of
British Columbia.
Copies of the authorising Acts may be inspected at the offices of Messrs. Freshfields &
Williams, 5, Bank Buildings, E.O.
Prospectuses, with forms of application attached, may be obtained from the Bank of
British Columbia, 60, Lombard Street, E.C., and from Messrs. Woolston & Beeton, 6a, Austin
Friars, E.C.
London, 18th August, 1891.
Deposit No  Allotment No	
DOMINION OF CANADA.
PROVINCE OF BRITISH COLUMBIA THREE PER CENT. INSCRIBED STOCK.
Issue of £200,000 Stock,
Part of a sum of £700,000 Sterling, authorised to be raised by the   " British Columbia Loan Acts," Chaps. 13 and 22, of 1891.
To the Bank of British Columbia,
60, Lombard Street, London, E.G.
— request that you will allot to — £ Sterling, nominal Capital of the
above Loan, on which — enclose the required deposit of Five per cent., or £ ,
and — agree to accept that amount, or any less amount that may be allotted to —-, and to
pay the balance of such allotment according to the conditions of your Prospectus of the 18th
inst.
Name in full	
Address ,	
Date	 61 Vict. Prospectuses of Loans. 859
No  £	
DOMINION OF CANADA.
PROVINCE OF BRITISH COLUMBIA THREE PER CENT. INSCRIBED STOCK.
Issue of £200,000 Stock,
Being part of a sum of £700,000 Sterling, authorised to be raised by the "British
Columbia Loan Acts," Chaps. 13 and 22, of 1891.
Scrip Certificate for Pounds.
The Bearer of this Scrip Certificate is entitled to Pounds, Province
of British Columbia 3 per cent Inscribed Stock, after payment to the Bank of British Columbia, 60, Lombard Street, of the balance of £50 per centum, due thereon on 1st October, 1891.
If default be made in payment of the amount at the due date, the previous payments will
be liable to forfeiture.
This Scrip Certificate, when fully paid, must be lodged at the banking house of Messrs.
Glyn, Mills, Currie & Co., 67, Lombard Street, E.C., for inscription of the amount in the books
of the " Province of British Columbia 3 per cent. Inscribed Stock, 1941," in such name or
names (not exceeding four) as may be desired. The Interest on the Stock will be payable at
Messrs. Glyn, Mills, Currie & Co.'s bank on the 1st January and 1st July in each year, and
the principal will be repayable there on the 1st July, 1941.
The Revenues of the Province of British Columbia alone are liable in respect of this
Stock and the Dividends thereon, and the Consolidated Fund of the United Kingdom
and the Commissioners of Her Majesty's Treasury are not directly or indirectly liable or
responsible for the payment of the Stock or of the Dividends thereon, or for any matter
relating thereto.    40 & 41 Vict., ch. 59, sec. 19.
For the Bank of British Columbia,
.'. General Manager
London 1891.
Received the    . day of 1891, £    pounds, being the
balance of £50 per centum due on the above Scrip Certificate, on 1st October, 1891.
For the Bank of British Columbia,
Cash	
Discount .
£
..£
£
General Manager.
victoria, b. c.:
Printed by Richard Wolfenden, Printer to the Queen's Most Excellent Majesty. 

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