35.
48916
SIR,
No. 23.
TREASURY to COLONIAL OFFICE.
(Received November 26, 1902.)
Treasury Chambers, November 25, 1902. THE Lords Commissioners of His Majesty's Treasury have had before thenr your letter of the 21st instant,* relative to the loan which is proposed to raise to assist the planters of Mauritius, in view of an outbreak of surrah in the Colony; and I am directed by their Lordships to state, for the information of the Secretary of State, that they concur in the insertion of a clause in the loan exempting the debt charges to be paid into revenue by the planters as a reimbursement from the total revenue on which military contribution is paid.
I am, &c.,
FRANCIS MOWATT.
50504
No. 26.
TIIE EARL OF ONSLOW (FOR THE SECRETARY OF STATE) to GOVERNOR SIR C. BRUCE.
(Sent 6.15
p.m., December 11, 1902.)
TELEGRAM.
[Copy to Crown Agents, December 24, 1902: 51487: not printed.] [Answered by No. 27.]
Referring to your telegram of December 7th,* why do you propose to extend period repayment longer than in 1898? Proposed loan must have priority of all charges on crop and estates. What are terms on which banks, &c., are to make advances to planters out of funds lent by Government? See my despatch, No. 235, September 23rd,† as to form necessary Ordinance.
48916
51467
No. 27.
No. 24.
MR. CHAMBERLAIN to GOVERNOR STR C. BRUCE.
(Sent 5.40 p.m., November 26, 1902.)
TELEGRAM.
Referring to my telegram of November 20th,† military contribution; proposal approved.
50504
No. 25.
GOVERNOR SIR C. BRUCE to THE EARL OF ONSLOW (FOR THE SECRETARY OF STATE).
(Received 5.6 p.m., December 7, 1902.)
TELEGRAM.
[Copy to Crown Agents, December 24, 1902 : 51467 ; not printed.]
[Answered by Nos. 26 and 29.]
Matter most urgent. Regret to inform you that crisis arrived in present financial condition of Colony, and immediate assistance required sugar industry. Circum- Position of banks stances have arisen analogous to 1898 with addition of surra. perfectly safe, but capital insufficient. Financial institutions and agents much embarrassed, and commercial transactions paralyzed by inability of planters and others to meet unsecured liabilities. In accordance with resolution passed by all unofficial Members of Council with support of Chambers of Commerce and Agri- culture and by both Banks, urge strongly loans to planters not exceeding Rs. 3,000,000. Repayment to be made optionally not later than 30th June, 1904, or by yearly instalments not later than 30th June, 1904 and 1905, on security of crop with first lien on estate in case of failure of repayment. When the owner of estate is unable to give such security advances to be made to banks, financial institutions, or agents on behalf of owner on security of first lien on any other estate owned by, or mortgaged to, such institutions or agents. Advances to be made out of funds to be raised by Crown Agents for the Colonies by means of short debentures or bills, as in Ordinance No. 2, of 1898.
GOVERNOR SIR C. BRUCE to THE EARL OF ONSLOW (FOR THE SECRETARY of State).
(Received 7.40 p.m., December 14, 1902)
TELEGRAM.
[Copy to Crown Agents, December 24, 1902: 51467: not printed.]
[Answered by Nos. 25 and 29.]
Referring to your telegram of 11th December. It is proposed to extend period repayment so that repayment to be made in each of two years may leave sufficient margin out of proceeds of crop facilitate adjustment outstanding liabilities to financial institutions will enable them to afford assistance in the usual manner. It is proposed that each instalment shall be privileged claim extending over crop in whose hands soever it
may be found, and the proceeds of crop, or failing this over the estate and canes. In the event of any instalment remaining unpaid ten days seizure by special process is to follow, as provided for in Tramway Ordinance, drafted in accordance with your despatch, No. 235, 23rd September. Same provisions of law will apply to loans to financial institutions. It is proposed that banks, &c., are to make advances to planters out of funds lent by Government, only with consent of Governor, on recom- mendation of Board, but I urge strongly that they should be left to make their own arrangements with their clients. It seems doubtful whether banks can make use of this arrangement, but it would be essential to financial institutions, &c.
51467
No. 28.
THE EARL OF ONSLOW (FOR THE SECRETARY OF STATE) to GOVERNOR SIR C. BRUCE.
(Sent 6.25 p.m., December 17, 1902.) TELEGRAM.
[Copy to Crown Agents, December 24, 1902: 51467: not printed.] [Answered by No. 30.]
Referring to your telegram of 14th December, § loan approved, but care should be taken to prevent financial institutions making inordinate profits out of funds lent by Government. This can be secured by Governor refusing to sanction advances by institutions, except on reasonable terms.
• No. 21.
† No. 19.
• No. 25.
19234
LF. transmitting a copy of No. 14.
‡ No. 26.
¡ No. 27.
E 2
PUBLIC RECORD OFFICE
Reference :---
C.O. 882
8 PUBLIC RECORD OFFICE, LONDON
ALLY WITHOUT PERMISSION OF THE BE REPRODUCED PHOTOGRAPHIC- COPYRIGHT PHOTOGRAPH—NOT TO :
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