4734.
PUBLIC RECORD OFFICE
'य'ग
السيسيا
Reference :-
C.O. 885
11 PUBLIC RECORD OFFICE, LONDON
ALLY WITHOUT PERMISSION OF THE BE REPRODUCED PHOTOGRAPHIC- COPYRIGHT PHOTOGRAPH-NOT TO
MY LORD,
No. 817. (Bahamas.)
LAW OFFICERS to COLONIAL OFFICE.
Temple, May 14, 1873.
We are honoured with your Lordship's commands signified in Mr. Meade's letter of the 12th May instant, stating that he was directed by your Lordship to transmit to us a Despatch No. 43 of 11th April, and enclosures from the Officer Administering the Government of the Bahamas, respecting the obligation of the Colony to redeem certain debentures issued by the Colonial Government in 1868.
2. That it appeared by the local Appropriation Act of 1867 (30 Vict. c. 22, s. 5) that Government was authorised in the event of a deficiency in the Treasury within the financial year "to raise the necessary funds by the issue of Treasury debentures at a rate of interest not exceeding six pounds per centum per annum in the form designated by the Act 13 Viot. cap. 6." See sub-enclosures D of Governor's Despatch No. 43 of 11th April, page 93.
66
3. That the contingency contemplated by the Act 30 Vict. c. 22. took place within the financial year 1867–8, and the Receiver-General and Treasurer, with the consent of the Governor, issued debentures to the amount of 10,9201.
**
4. That the form of debenture issued was, however, not identical with that given in the schedule of the Act 13 Vict. c. 6, for while the material words of the form there given were "By virtue and in terms of an Act, &c., I do hereby promise, &c. to pay to
the sum of
with interest at and after the rate of siz per cent. per annum (sub-enclosure B, Despatch 43 of 11th April), the form of debenture issued was as follows: "By virtue and in terms of, &c., I do hereby promise "to pay to
with interest at and after the rate
66
"
the sum of
"of six per cent. per annum from the 1st day of May one thousand eight hundred and sixty-eight, and redeemable at par in coin payable at Nassau, N.-P., at the expiration "of five years from 1st May 1868" (sub-enclosure E, Despatch 43, 11th April) and
5. That the Colonial Assembly now deny their liability to redeem those debentures on the ground of the variance between their form and that prescribed by the local Act 13 Vict. c. 6, and also because they were issued at a discount of five per cent., as to which last point Mr. Meade stated he was to refer us to the report of the local Attorney- General which formed enclosure 4 to the Officer Administering the Government's Despatch 43 of the 11th of April.
6. That it would be seen that four months after the loan had been effected a copy of a Despatch to the Secretary of State, in which reference was made to the loan, was forwarded to the House of Assembly, and Mr. Meade stated he was to annex for our information a copy of that paragraph.
7. That subsequently the attention of the Assembly was called to the approach of the time when it would be necessary to redeem those debentures by a message from Sir James Walker of the 13th of March 1871, and again by the present Officer Administering the Government in the speech with which he opened the Assembly it 1872. That they did not appear to have replied to the message of Sir James Walker, and it would be seen that in their address in reply to Mr. Strahan's speech of 1872 they passed over the point in silence.
8. That in those circumstances Mr. Meade was pleased further ic state that he was to request that we would take the papers into our consideration and report to your Lordship on the following questions :—
1. Whether the debentures issued in 1868 were such as the Colonial Government
could legally issue under the local Act above referred to?
2. If not, whether in the circumstances stated by the Officer Administering the Government and the Attorney-General the Assembly must not be taken to have ratified the Act of the Government, and whether it is not consequently "bound either to make provision for the payment of the debentures in coin at Nassau
U
46
10278.-9353,
25.-5/86.