CO129-117 - Public Offices - 1866 — Page 123

and transmitted wi 30th November last:

Your

letter of the

of doing so was £136. 19.9

reference

be seen on

Co

The cost

will

to the enclosed

a letter from the Bank of

copy of

England.

Your

account was at that

time overdrawn to the extent of

£14,544, so that after placing

to

your

credit the

sum

realized by this discount there still

remained overdrawn £4681, with further clarius due, but not yet paid, of £4711, still leaving a deficit altogether of £9392.

To meet this the Crown Agents

upou Agra Mastermans for £5,000 maturing on the 20th September,

hold another Bill

J

and a Bill

on the Union Bank of London for £10,000 maturing on the 5th August

next

121

next- making the then total assets £15,000.

The failure of the Bank will necessitate the raising of £10,000 on the 22 July to retire the Bill discounted, and will render the other £5000 unavailable. Thus the Crabilities

will be increased to £19,392, while the Assets will be reduced to £10,000, having a present deficit of £19,392 which will be reduced to £9,392 in August next when the Union Bank Bill matures.

Under these circumstances

need hardly point out the urgent necessity for further remittances, which, if by Bills, should either be

at

sight or very

short date. but

in the present state

of financial

safest

affairs here a Commissariat certificate

would be the

medium of remittance.

Nothing reliable is yet

Known

and transmitted with 30th November last:

Your

letter of the

The cost of doing so was £136. 19.9

reference

can be seen on

Co

The cost

will be seen

in the enclosed

a letter from the Bank of

copy of

England.

Your

account was at that

time overdrawn to the extent of

£14,544, so that after placing

to

your

credit the

sum

realized by this discount there still

remained overdrawn £4681, with further claims due, but not yet paid, of £4711, still leaving a deficit altogether of £9392.

To meet this the Crown Agents

hold a Bill upon Agra Mastermans for £5,000 maturing on the 20th September,

and a Bill

on the Union Bank of London for £10,000 maturing on the 5th August

next,

121

making the then total assets £15,000.

The failure of the Bank will necessitate the raising of £10,000 on the 22 July to retire the Bill discounted, and will render the other £5000 unavailable. Thus the liabilities

will be increased to £19,392, while the Assets will be reduced to £10,000, having a present deficit of £19,392 which will be reduced to £9,392 in August next when the Union Bank Bill matures.

Under these circumstances,

we need hardly point out the urgent necessity for further remittances, which, if by Bills, should either be

at

sight or very

short date. But

in the present state

of financial

affairs here a Commissariat certificate

would be the safest

medium of remittance.

Nothing reliable is yet

Known