Colonial Secretary's Minute.
Report from Treasurer submitted for His Excellency's consideration. I presume a copy of it will be submitted to the Secretary of State..
17th February, 1888.
FREDERICK STEWART.
Governor's Minute.
Yes: saying that I concur with his recommendations. The only doubt I have on the subject of small coins is whether the amount obtained should be equal each quarter. I understood from Mr. JACKSON the other day that the demand is far greater at the Chinese New Year, and the question therefore suggests itself whether the amounts obtained should not be, say, $400,000 to arrive about 1st January, and the balance of $1,000,000 in equal amounts at the other three quarters. It would be well for Mr. LISTER to give me his views, after talking the matter over with Mr. JACKSON.
G. WILLIAM DES VEUX.
21st February, 1888.
HONOURABLE COLONIAL SECRETARY.
With reference to His Excellency the Governor's minute on C. S. O. 423 (Treasury Balances), I have seen Mr. JACKSON on the subject of the regular supply of subsidiary coins.
I find the same consideration had occurred to Mr. JACKSON as has been pre- sent to my own mind, viz., that an over-supply, or even a considerable reserve of these coins involves a serious loss of interest.
It seems more prudent to increase the supply by degrees till the limit of de- mand is reached, than to risk having a large dead balance lying idle here. I agree with Mr. JACKSON that the following shipments would in all probability meet the necessities of the case;
To arrive about January 1st in each year,
$250,000
"
+
"
95
April 1st July 1st October 1st
150,000
150,000
"
>>
11
""
""
200,000
$750,000
The extra quantities for October 1st and January 1st are in view of the de- mand which sets in from about October for the Chinese New Year.
If the Crown Agents were instructed to take such measures as might ensure the regular arrival of coins in the above quantities, I think it is probable there will be no further trouble about the subject for some years to come.
The percentages of each denomination of coin should be as at present.
If the above quantities are insufficient they might be increased. With proper watchfulness it ought to be possible to regulate the supply so as to keep pace with the demand, the balance left over from one shipment when the next arrives never greatly exceeding $5,000. But this of course presupposes that the coins will arrive regularly, and that, if an increased supply be asked for, it will be sent as a matter of course.
A. LISTER, Treasurer.
Submitted for His Excellency's consideration.
28th February, 1888.
FREDERICK STEWART.
Let all the minutes on the subject be sent to the Secretary of State, with my recommendation of the last proposal of Mr. LISTER in his minute dated February 28th, commencing "with reference," and ending "of course.
29th February, 1888.
G. WILLIAM DES VOUX.
14.