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84

NOTES FOR THE HONOURABLE J. J. BROWN.

Our London Office has contracted for a considerable amount of bills against machinery, for which I have already put them in funds.

During the first months of the year our local advances are usually reduced; conse- quently we can spare the money; but later on we require all our funds here to meet the local demand during the entrecoupe. It might not suit me, therefore, to accept sterling bills on the Crown Agents in payment of the bills drawn on planters and purchased in London,

In any case I could not do it at the same rate as that at which I collect the bills, as in the ordinary course of events I make a reasonable profit in exchange.

In order to meet you, however, as far as possible, I would suggest a difference of 1 per cent., i.e., 15 cents per £1 should be made, provided you gave me a wire remittance on the Crown Agents. I will submit this suggestion to London by wire, and let you know the result later on. I do not see how planters could take exception to this. The operation would be as follows:-

Say a planter has to pay £100.

£100 @ Rs. 15.20

Interest, say

Rs. 1,520

Commission and stamps, say

25 15

Rs. 1,560 @ Rs. 15.05

£1 per

*

£103 13s. 1d.

85

I know that many planters have already sent home their orders, which will probably be executed before the Government authority can now reach their agents. The bills against the machinery will be negotiated through banks or merchants. Government will, therefore, require to provide funds to meet those bills when they come forward. Although the bills are to be drawn at 60 days sight the machinery may arrive before due date, in which case the planter would apply for the advance on arrival of the goods.

16117

GENTLEMEN,

No. 73.

COLONIAL OFFICE to CROWN AGENTS.

Downing Street, May 12, 1903.

I AM directed by Mr. Secretary Chamberlain to transmit to you the enclosed copy of a despatch* from the Governor of Mauritius on the subject of the mode of payment of advances made to planters under Ordinance No. 34 of 1902.

2. Mr. Chamberlain approves your proceeding as Sir C. Bruce desires with regard to payments made in England.

I am, &c.,

H. BERTRAM COX.

I have, &c.,

J. CHAMBERLAIN.

You could give me a T.T. for £100, and a demand bill for the £3 13s. Id. The planter would, therefore, owe Government £103 13s. 1d., as I presume you wish the loan to be on a sterling basis. There might be some difficulty in the event of the bill exceeding the amount granted by the Loan Board to the planter. In that case he would require to pay the difference himself.

The bank could not accept payment of any documentary bill from Government without the written authority of the drawee. You would have to satisfy yourself that the documents were all in order then; on your arranging with me the T.T. the documents would be handed to you.

Port Louis, March 5, 1903.

GEO. DICKSON.

16117

(No. 98.)

No. 74.

MR. CHAMBERLAIN to GOVERNOR SIR C. BRUCE.'

Downing Street, May 12, 1903.

SIR,

I HAVE the honour to inform you that a copy of your despatch, No. 121, of the 2nd ultimo,* on the subject of the advances to be made to planters under Ordinance No. 34 of 1902, has been forwarded to the Crown Agents, who have been informed that I approve their proceeding as you desire with regard to payments in England.

PUBLIC RECORD OFFICE

Reference :-

'' '' ' '

61

C.O. 882

8

PUBLIC RECORD OFFICE, LONDON

ALLY WITHOUT PERMISSION OF THE BE REPRODUCED PHOTOGRAPHIC- COPYRIGHT PHOTOGRAPH-NOT TO

NOTES OF TRAMWAY ORDINANCE.

Very few planters appear to be ordering the material direct, but are doing so either through agents in the Colony or in London.

The agents in London will, no doubt, be able to negotiate their documentary bills, which will be payable in Mauritius in rupees with interest from the date of the bill to due date of return remittance.

Government will require to provide funds to meet those bills, as it may not suit holders to accept payment by bills on the Crown Agents.

I do not know if planters are sending the authority referred to on page 9 of Ordinance to their agents in London, but, if so, the simplest plan would be for the agents to hand the documents to the Crown Agents and receive payment in sterling, No interest would then be lost to Government, as it would run from the date of idvance. Planters would also save interest, as if the bills are negotiated through a bank they would require to pay interest for a month, i.e., till due date of remittance in London.

In the event of the planter financing in this way Government, as required by paragraph 11, page 8, of Ordinance, would require to send plans, &c., of tramways to Crown Agents. This seems to me unnecessary if the planter has been authorised to expend so much on a tramway, the authority (page 9) should be sufficient evidence, particularly as in Clause IV., page 9, neither the Government nor the Crown Agents shall be held to have incurred any liability with regard to the due and proper execution of the contract.

1277

SIR,

No. 75.

MR. CHAMBERLAIN to GOVERNOR SIR C. BRUCE.

[Answered by No. 94.]

(Confidential.)

WITH reference to my circular despatch of the 7th of April, and to my

Downing Street, May 15, 1903. confidential circular despatch of the 8th of April † I have the honour to inform you that I propose to supply the British Delegate on the Commission under the Brussels Sugar Convention with copies of Ordinance 43 of 1902, and of Ordinances 34 and +4 of 1802, and 1 of 1903, as showing sufficiently the terms under which advances have been, and are being, made to planters of sugar in Mauritius, with a view to enabling them to carry on the cultivation of their estates, and to provide themselves with mechanical traction.

• No. 72.

† Not printed.