UK, House of Lords, “Canada—Loans”, vol 53, cols 1333-1334 (11 May 1840)
By: UK (House of Lords)
Citation: UK, HL, “Canada—Loans“, vol 53 (1840), cols 1333-1334.
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The Earl of Mountcashell was anxious to put a question to the noble Viscount opposite. Some time ago, a sum of 250,000l., to be raised by loan, had been voted by the House of Assembly of Upper Canada for the purpose of public buildings. Now, he wished to know whether her Majesty’s Government had any objection to guarantee that loan, and to sanction the payment of the interest in London. With the guarantee of her Majesty’s Government, it would be very easy to raise the sum required. He might
be asked for a precedent, and he could, in answer, refer to the Greek loan, which was in no way beneficial to this country, but still it was guaranteed, though for the benefit of a nation not at all connected with this. Such a sum as 250,000l. would not be of any great importance to the mother country, but, if properly disposed of, it would produce very great benefit to the colony. He hoped the Government would take the matter into their serious consideration, and that, though they might not be prepared to give an answer to-night, yet that they would ultimately consent to guarantee the loan.
Viscount Duncannon said, there was no intention on the part of her Majesty’s Government to guarantee any such loan.
Lord Ellenborough said, there was no subject more worthy of the serious consideration of her Majesty’s Government, than that of facilitating the interests of commerce, by making a communication between the most distant parts of the upper province and sea-going vessels. That subject had been pressed on the attention of her Majesty’s Government by Lord Durham; and it was the opinion entertained by every one who knew anything of Canada, that the subject ought to be taken into the immediate, mature, and favourable consideration of the Government.