WATER WORKS! – Hewett Bostock Will Help To Float Our Bonds.
“Who bides his time and day by day
Faces defeat full patiently,
He will not fail in any qualm
Of poverty – the paltry dime
It will grow golden in his palm
Who bides his time.”
Kaslo has waited long and full patiently, and at last she is to be rewarded by seeing the dull promises inspired by hope grow golden in her palm.
Kaslo is to have a system of water-works and electric lights. The negotiations have arrived at the stage when it is safe to say that it is now a settled fact.
The happy and successful conclusion of all our labors to this end is due to the labors of those who some time ago took the matter up and worked secretly thereon, and came in the form of the following communications submitted to the council at its last meeting:
KASLO, B.C., April 23, 1896.
To the Mayor and Corporation, City of Kaslo.
Gentlemen: On behalf of Mr. Hewitt Bostock I beg to submit the following for your consideration: If the undermentioned conditions are complied with by your honorable body Mr. Bostock will use his influence in assisting the city to raise such funds by the sale of debentures as he understands you now require to give this city efficient water and light service.
In order to simplify matters I will set down the said conditions categorically:
(a). That the sum sought to be borrowed shall be $30,000, which shall be expressed in pounds sterling, rate of exchange 4.86, and that the purpose of the loan shall be to provide water-works and electric light, if your honorable body shall deem the latter necessary.
(b). That the debentures shall be redeemable in ten years, and shall bear interest at six per cent per annum.
(c). That the income derived from the water-works and electric light (if latter be established) shall after deducting running expenses, be set aside for the sole purposes of paying interest and establishing a sinking fund to redeem debentures.
(d). That such funds shall be deposited with the Bank of British Columbia, London, England, and that the interest shall be payable half yearly at the Bank of British Columbia, in London, England, in sterling.
(e). That your honorable body will agree to part with such debentures at a discount of twenty-five per cent, thus: Allowing that the denomination of a debenture will be 100, your honorable body will accept for each debenture the sum of $75.
(f). That Mr. Bostock shall be allowed six weeks in which to communicate with England and endeavor to make the necessary arrangements.
Mr. Bostock’s standing, financially and otherwise, is so well-known to the members of your honorable body that it is hardly necessary for me to point out (personally, but not as Mr. B’s agent) that for him to interest himself in this matter is, under any ordinary circumstances, to secure success for the scheme. I am gentlemen,
JOHN L. RETALLACK.