Page.
Serial No.
From or to whom,
Despatch No., 4o.
Date.
Bubject.
Page.
20
To the Governor
Telegram
1908.
January 9
Regrets that the Secretary of State can- not on the facts submitted find any justification for sanctioning the pro- posed loan.
24
29
The Governor
Telegram
21
The Governor
1.
Telegram, January 20
(Rec. Jan. 20.)
22
Ditto
Telegram, 2, Private
January 20 (Rec. Jan. 20.)
and Confi-
dential.
23 To the Governor ...
January 23
24
Ditto
Telegram January 25
אן
25
The Governor
Telegram (Rec. Feb. 2)
States that the Commercial Bank will immediately apply for a loan of one or two millions of rupees on the security of dock warrants for sugar not yet shipped, amounting to three millions of rupees, and that unless assistance is given promptly a run ou the bank is inevitable, with disastrous effect; proposes to lend Rs. 1,000,000 at once, and asks to be allowed full discretion in dealing with the matter.
States that Lloyd's Bank might be willing to furnish confidentially their opinion as to the position and stability of the Commercial Bank should it be con- sidered advisable to consult them Explains in full the reasons which led to the decision that the course proposed in No. 15 could not be approved. Expresses strongest disinclination to agree to the proposals made in No. 21, and enquires whether the recent large sales of sugar and the sale of a tele- graphic transfer for £15,000 on Mauritius Government in favour of Commercial Bank have not relieved the situation.
States that the position has not im- proved: withdrawals have recom- menced and further serious run on bank is apprehended; the directors of the bank will formally apply for loan on 3rd February; repeats request made in No. 21.
Telegram (Rec. Feb. 3) Reports that the Commercial Bank will be forced to suspend payment to- morrow morning unle Colonial Government afford assistance, and that he has promised Rs. 1,000,000 against dock warrants valued at Rs. 1,500,000.
Telegram February 3 Recognises that in order to prevent & general catastrophe it may be the duty of Government to intervene, and leaves it to Governor to determine whether the necessity has arisen; the precedent of 1898 cannot be followed, and the conditions of loan must be onerous; enquires with what object the bank requires assistance.
28
The Governor
..
Telegram
February 5 (Roc. Feb. 5.)
States that Rs. 1,000,000 have been advanced to the Commercial Bank, repayable on demand, with interest at 10 per cent., in order to avert suspension and a general catastrophe ; adds that a validating Ordinance will be necessary, and that no further action will be taken under its pro- visions without the Secretary of State's consent.
26
Ditto
27
To the Governor
...
1908.
March 2 (Rec. Mar. 2.)
24
30
To the Governor
Telegram
March 4
24
31
Ditto
Telegram, Confi. dential.
March 4
25
32
22
28
The Governor
Secret
33
Ditto
28
34
Ditto
28
28
29
35
Ditto
February 5 (Rec. Mar. 5.)
Reports occurrence of a cyclone causing the damage stated, and applies for permission to draw upon Reserve Fund to meet any necessary expenditure in the distribution of food and in relief works.
States that the news of the occurrence of the hurricane has been received with great regret; authorises the taking of steps to prevent starvation ; states the amount of the Reserve Fund and the overdraft on the General Account; enquires how much of the overdraft is due to the advance to the Commercial Bank and what is the actual position of the Treasury, Requests that stepe may be taken to check statements of damage done by cyclone, in view of probability that planters will endeavour to base on it renewal of applications for loan from Government.
Reports on circumstances leading up to the loan to the Commercial Bank outlines the proposed Bill to which in the absence of contrary directions he will give his assent.
Telegram (Rec. Mar. 7) | Reports that reliable information as to damage to crops will be telegraphed when it is complete; that the renewal of application for loan has been publicly discussed that six deaths have been reported, and that the distress and repairs can be met with. out drawing on reserve investments.
Telegram (Rec. Mar. 9) Reports that repairs to damaged tene-
ments are not so numerous as to necessitate the sale of securities at present; states the financial position of the administration ; and expresses fear that, owing to diatrem and unemployment, more comprehensive measures of relief than those within the means of public revenue private resources may have to be resorted to.
or
Mar. 13) Forwards copy of a resolution passed by the Chamber of Agriculture setting ont the distrous condition of the Colony and asking the Secretary of State to manotion a loan not exceeding £600,000; adds that the Executive Council considers that a loan to planters is immediately necessary, and endorses that view.
36
Governor
March 16
+
Observes that statement of overdraft of £40,920 in No. 34 is not under- stood; that the amount is about £103,500, and uks how the difference of £62,580 is accounted for.
29
29
30
80
32
32
82
34
PUBLIC RECORD OFFICE
Anference :-
C.O. 882
PUBLIC RECORD OFFICE, LONDON
| ALLY WITHOUT PERMISSION OF THE
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Serial No.
From or to whom,
Despatch No., c.
Date.
1908.
vi
Subject.
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