Of the objects they have in view, such an
organization will be highly favourable to the settlements of an immense
territory, and, if properly administered, may prove to be also of great
advantage to the trade of England.
"London, 10 Decr. 1862.
"L. V. SICOTTE,
"W. P. HOWLAND.
"To MM.
Glyn,
Benson,
Chapman,
Newmarsh,
Watkin,
&c. &c. &c."
A few days afterwards these Canadian delegates started an objection.
The Imperial Government merely gave land and did not take one-third of
the proposed guarantee, and the following further memorandum was sent
to me: -
"Although little disposed to believe that Her Majesty's Government will
not accede to the proposal of co-operation they have made in relation
to the opening of communication from Canada to the Pacific, the
undersigned have the honour to state, in answer to the letter of Mr.
Watkin of the 17th instant, that in their opinion the Government of
Canada will grant to a Company organised as proposed in the papers
already exchanged, a guarantee of interest, even on one-half of the
capital stated in these documents, should the Imperial Government
refuse to contribute any portion of this guaranteed sum of interest.
"In answer to another demand made in the same letter, the undersigned
must state that the guarantee of the Canadian Government of this
payment of interest ought to secure the moneys required at the rate of
four per cent, and that they will not advise and press with their
colleagues a higher rate of interest as the basis of the arrangement.
