CO882-(6-8) — Page 230

£475 0 0

14.10

15 0 0 250 0 0 126 10 0

73

3. The procedure I adopted had two advantages. It placed the planters in earlier possession of funds to carry out the agricultural operations necessary for the cultivation of the crop for the period contemplated by the Ordinance, December 1st to March 31st; and it enabled us to secure interest on the advances at an earlier

date.

4. With reference to the 3rd paragraph of my despatch of the 12th February,* I may inform you that in the final settlement a pro rata reduction of 2.485 on all advances above Rs. 25,000 has been made to bring them within the available proceeds of the loan, and the borrowers have been called upon to pay 24 per cent. on the actual amount of the advances made to them to cover the expenses of the loan.

5. On the 24th February I sent you, in reply to your telegraphic despatch of 30th January, the following telegram on the subject of the issue of debentures under Ordinance No. 43:-

"With reference to your second telegram of 30th January, £2,400 repayable 30th June, 1904, remainder payable in instalments in 1904 and 1905. It is suggested you might issue £101.200 of debentures under Ordinance No. 43 repayable in 1904 and £98,800 in 1905."

6. I annex copies of the Minutest of the meetings of the Board of Commissioners in so far as they relate to advances under this Ordinance. I will address you in a separate despatch on the subject of proceedings under the Mechanical Transport Ordinance No. 34, of 1902.

8. The estimated expenses in connection with the issue of the loan are as follows:-

cent....

Brokerage on sale of £190,000 bonds at 5s. per (£10,000 sold by Crown Agents direct without instrumentality of

brokers.)

Stamps on contracts (4s.) and

Scrip certificates (10/10)

Printing bonds, paper and inspection, say

Stamp duty on bonds at 2s. 6d. per cent..

Loss of capital on £101,200 at per cent. Crown Agents' commission:

Issue at per cent.

£250 0 0

of one per cent. on payment of interest Redemption at per cent.

37 19 250 0 0

9

Total

537 19 9

£1,405 4 7

'| 2 | 3

PUBLIC RECORD OFFICE

Reference :-

C.O. 882

8

PUBLIC RECORD OFFICE, LONDON

ALLY WITHOUT PERMISSION OF THE BE REPRODUCED PHOTOGRAPHIC-

COPYRIGHT PHOTOGRAPH—NOT TO

9. On receipt of the sum realised on the 6th March we at once adjusted the temporary advance of £106,000, which we had obtained under Ordinance No. 43, and when we receive the balance on the 6th April we shall adjust the further tempor- ary advance of £94,000 obtained under the same Ordinance. This will leave £8,000 still outstanding in addition to any amounts which we may find it necessary to borrow for our general requirements, all of which we shall consider as requested in the Governor's telegram to the Secretary of State of the 3rd March as on account of the £70,000, which we are authorised to raise under Ordinance 34.

10.

I take this opportunity of adding that since our letter to you of the 23rd February, No. 20, was written we have received the following telegrams from you:--- March 5th. "Referring to your telegram of 12th February, Rs. 1,000,000 received 28th February."

And March 5th. 'Referring to my telegram of this day, Wardha arrived 26th February, silver landed 28th February."

and we have since released the security of £73,000 consols, which had been deposited by the National Bank of India as security for the safe carrying out of this transaction.

12768

(No. 78.) SIR,

No. 65.

12769

No. 66.

I have, &c..

CHAS. BRUCE,

Governor,

GOVERNOR SIR C. BRUCE to MR. CHAMBERLAIN (Received April 6, 1903.)

[Copy of Ordinance to Crown Agents, April 8, 1903. L.F. See No. 86,] [Ordinance sanctioned April 8, 1963, No. 80. L.F.]

I have, &c.,

(No. 79.)

E. E. BLAKE.

SIR,

GOVERNOR SIR C. BRUCE to MR. CHAMBERLAIN.

(Received April 6, 1903.)

[Answered by No. 69.]

Government House, Mauritius, March 5, 1903.

IN continuation of my despatches, No. 40, of the 30th January, and No. 58, of the 12th ultimo,* I have the honour to report that arrangements have now been completed to place in the hands of planters the proceeds of the loan authorised by Ordinance No. 43, of 1902.

2. As I informed you in the 4th paragraph of my despatch of the 12th February,t the approved advances under this Ordinance were to be payable in two instalments. The payment of the first instalment of one million of rupees, about one-third of the total, was authorised on the 26th of January, and payments were made without delay on the completion of the necessary documents. As it was impossible to complete the final adjustment of the advances before the arrival of specie from India, expected on or about the 26th February, I authorised, on the 17th February, the payment of a second instalment equal to the first, leaving the final adjustment, which required very careful calculation, to be made after the receipt of the specie. It arrived on the 26th February, and the final adjustment and settlement is now being completed.

Nos. 58 and 63.

† No. 63.

Government House, Mauritius, March 6, 1903. REFERRING to the correspondence§ noted in the margin relative to the substi-

tiovernor, No. 460, 27th December, 1902. Secretary of State, Tel.. 30th January, 1903. Governor, Tel., 4th February, 1903. Governor, No. 48, 5th February, 1903. Governor, No. 58, 12th February, 1903. Governor, Tel., 19th February, 1903. Secretary of State, Tel., 20th February, 1903. Governor, Tel., 21st February, 1903. Secretary of State, Tel., 21st February, 1903.

tution of mechanical for animal transport,

I have the honour to transmit, herewith, for the signification of His Majesty's pleasure, Ordinance No. 1, of 1903, entitled an Ordi- nance "To amend Ordinance No. 34 of 1902 the Mechanical Transport Loan Ordinance, 1902."

2. I enclose the usual explanatory report on the Ordinance by the Procureur- General.

3 I annex also a copy of the minutest of the meetings of the Board of Com- missioners in so far as they relate to proceedings in connection with the Mechanical Transport Ordinances. I have addressed you in a separate despatch on the subject of the Sugar Estates (Advances in Aid) Ordinance No. 43, of 1902.

4.

*

The demands for advances for the purposes of mechanical transport have increased very rapidly since I communicated to you, in my despatch No. 58, of the 12th February, the amount of the applications received up to that date, and I beg leave to refer you to a minute I addressed to the Board of Commissioners on the 18th February, urging the necessity for a prompt settlement of the question of the amount which I might ask you to authorise under Article 2 (1) of the Ordinance. This minute is printed in the minutes of the meeting of the 19th February.

• No. 63.

† No. 43.

1923

Not reprinted.

| No. 65.

§ Nos. 39, 42, 49, 61, 63, 52, 52, 53 and 5-1.

K