"0f475350-122b-4996-a4b4-2f6f03dfd160"@en . "CONTENTdm"@en . "CONVERSION OF LOANS OF 1877 AND 1887."@en . "http://resolve.library.ubc.ca/cgi-bin/catsearch?bid=1198198"@en . "Sessional Papers of the Province of British Columbia"@en . "British Columbia. Legislative Assembly"@en . "2014-11-21"@en . "[1896]"@en . "https://open.library.ubc.ca/collections/bcsessional/items/1.0063630/source.json"@en . "application/pdf"@en . " 59 Vict. Conversion of Loans of 1877 and 1887. 587\nRETURN\nTo an Order of the House for a Return showing the instructions under which the\nConversion of the Loans of 1877 and 1887 is being proceeded with, and in what\nmanner the rate of conversion is arrived at.\nJ. H. TURNER,\nMinister of Finance.\nTreasury,\nVictoria, 11th February, 1896.\nTreasury, Victoria, 1st May, 1892.\nGentlemen,\u00E2\u0080\u0094I have the honour to acknowledge receipt of your letter of the 12th ult., re\nConversion of the Debenture Debt of the Province. Adverting to your former letter dated\n6th January on the same subject, in which you appear to entertain some doubt as to the\nintent of section 3 of the \"Loan Act, 1891.\" I do not think there can be any technical\nobjection to the inference that the Act is being complied with by a direct issue of Inscribed\nStock in exchange for the Debentures of 1877 and 1887, without first disposing of the Inscribed\nStock for Cash, and passing the proceeds to the credit of the Government to be then used for\nthe purchase and redemption of Debentures.\nThere is in the clause a discretionary power implied, by which the Lieutenant-Governor\nin Council may \"authorize and direct.\"\nThe requisite Order in Council complying with sub-section (2) of section 7 of the \"Inscribed\nStock Act, 1891,\" has been approved, authorising Messrs. Glyn, Mills, Currie & Co., to negotiate and complete the conversion on the best terms obtainable, but not to exceed in the\nmaximum :\u00E2\u0080\u0094\n\u00C2\u00A3155 of Inscribed Stock for \u00C2\u00A3100 of Debentures, 1877.\n\u00C2\u00A3135 n ,i \u00C2\u00A3100 \u00E2\u0080\u009E 1887.\nIt is however, not expected that this extreme limit will be required. Of course a good\ndeal will depend upon the state of the money market at the date on which it is decided to\nmake the transfer, but at most, I do not anticipate that the discretionary power given in the\nOrder in Council need be fully exercised to consummate the scheme.\nWith regard to this, I would call your attention to the fact, that at the maximum herein\nquoted, the total amount of Inscribed Stock required will exceed the \u00C2\u00A3700,000 authorised by\nthe Act, viz.:\u00E2\u0080\u0094\nIssue of Inscribed Stock for Cash \u00C2\u00A3200,000\nProposed redemption required :\u00E2\u0080\u0094\n\u00C2\u00A3150,000 Debentures 1877 @ \u00C2\u00A3155 232,500\n\u00C2\u00A3205,400 h 1887\u00C2\u00AE \u00C2\u00A3135 277,290\n\u00C2\u00A3709,790\nIt is therefore desirable, if possible, to keep within the limits of the Act, otherwise it may\nrequire further Statutory enactment to legalize the inscription of any sum in excess thereof. Conversion of Loans of 1877 and 1887.\n1896\nThe cost of advertising and printing may be limited to \u00C2\u00A3500. Brokerage may be allowed\nat \ per cent., and a commission of \ per cent, on the nominal value of Debentures redeemed.\n1 may add that in this transaction it will be necessary for the information of the Government that a statement should be formulated shewing clearly the Premium paid on each\nclassification of Debenture redeemed, as well as the discount on the equivalent issue of\nInscribed Stock.\nFor instance, if \u00C2\u00A3150 of Inscribed Stock be issued for the redemption of \u00C2\u00A3100 Debenture\nof 1877, the statement should show thus :\u00E2\u0080\u0094\nRedemption Loan 1877, Inscribed Stock 1891.\nBonds Redeemed.\nPremium.\nNet Value.\nIssue of Stock.\nDiscount.\nNet Value.\nNo. \u00C2\u00A3100\n\u00C2\u00A321\n\u00C2\u00A3120\n\u00C2\u00A3150 @ 86\n\u00C2\u00A329\n\u00C2\u00A3121\nVouchers for all disbursements in connection with printing, advertising, etc., as well as\nfor brokerage and commission, are also required to be furnished.\nI have, etc.,\n(Signed) J. H. Turner,\nMessrs. Woolston & Beeton, Minister of Finance.\nLondon.\nVictoria, 6th May, 1892.\nGentlemen,\u00E2\u0080\u0094In confirmation of my letter of the 1st inst., I have the honour herewith\nto enclose a copy of an Order in Council approved on the 4th inst., authorising Messrs. Glyn,\nMills, Currie & Co., to effect the Conversion of Debentures of 1877 and 1887 into Inscribed\nStock.\nYou will observe that the power granted in the Order in Council to Messrs. G., M., C &\nCo., is discretionary, and subject to such arrangement as may frorn time to tinre be made by\nyou acting as Government Brokers, but not to exceed the limits therein quoted. The rate at\nthe time appointed for conversion is to be cabled to the Government here for ratification.\nA communication has this day been forwarded to Messrs. Glyn, Mills, Currie & Co., a\ncopy of which is herewith enclosed.\nI have, etc.,\n(Signed) J. H. Turner,\nMessrs. Woolston & Beeton, Minister of Finance.\nLondon.\nVictoria, 6th May, 1892.\nGentlemen,\u00E2\u0080\u0094I have the honour herewith to enclose a copy of an Order in Council,\napproved on the 4th inst., which conveys to you the authority required under the \" Inscribed\nStock Act, 1891,\" for effecting the conversion of Debentures into Stock.\nAlthough the Order in Council prescribes that the rates for the transfer shall not exceed\nthe following, namely : \u00C2\u00A3155 of Inscribed Stock for \u00C2\u00A3100 Debentures of 1887 ; \u00C2\u00A3135 Inscribed Stock for \u00C2\u00A3100 Debentures of 1887. Yet it is not expected that this extreme limit\nwill be required. 59 Vict. Conversion of Loans of 1877 and 1887. 589\nThe exercise of the authority granted in the Order in Council is discretionary, and subject to such arrangement as may from time to time be made by Messrs. Woolston & Beeton in\neffecting the redemption.\nYou will, therefore, of course, confer with them in respect to the rate which may be\ndeemed most advisable to offer for the conversion, which rate at the time appointed for the\nconversion, is, in accordance with arrangement made in former correspondence, to be cabled to\nthe Government here for ratification.\nI have, etc.,\n(Signed) J. H. Turner,\nMessrs. Glyn, Mills, Currie & Co., Minister of Finance.\nBankers,\nLondon.\nTreasury, 30th May, 1892.\nGentlemen,\u00E2\u0080\u0094I have the honour to acknowledge receipt of your letter of the 11th inst.\nThe Order in Council referred to in your cable message of the 11th was mailed to you on\nthe 6th inst.\nOn the 27th and 28th inst. your cablegrams were received as follows :\n27th\u00E2\u0080\u0094\" We propose 145 and 130 if you agree.\"\n28th\u00E2\u0080\u0094\"If it is possible telegraph immediately rate ratification.\"\nIn reply to these I cabled you on the 28th :\n\"Terms accepted as per your telegram 27th May.\"\nI have, &c,\n(Signed) J. H. Turner,\nMessrs. Woolston "Legislative proceedings"@en . "J110.L5 S7"@en . "1896_10_0587_0590"@en . "10.14288/1.0063630"@en . "English"@en . "Vancouver : University of British Columbia Library"@en . "Victoria, BC : Government Printer"@en . "Images provided for research and reference use only. For permission to publish, copy or otherwise distribute these images please contact the Legislative Library of British Columbia"@en . "Original Format: Legislative Assembly of British Columbia. Library. Sessional Papers of the Province of British Columbia"@en . "RETURN To an Order of the House for a Return showing the instructions under which the Conversion of the Loans of 1877 and 1887 is being proceeded with, and in what manner the rate of conversion is arrived at."@en . "Text"@en . ""@en .