***
quection, they have in adopting
mercantile
1
mage as
the basis
their calculation, simply reversed the
state
斤
the case; for,
in which they
عامة
a
the coins
paid represent the
full sterling value of their Salaries
nd are
always available as such
esen in this market without requirius into Chinese currency,
4 be exchange.
they have I think fallaciouch asuneed fat there coins fluctuate while in realit the fluctuation is rule applicable to those of fictitions value like the Shanish dollers. –
With respect to the accumption hat the Government gains at the expence of its servants in buying depreciated coins by the negotiation of Treasury Bills, I feel quite at a loss to discover how such a conclusion is arrived at when the
frets of the case
193
give a totally different result. Diving
the absence of demands
for
bills on
of England on to the prevalence of specuire
rates of exchange, nearly all the __ mones required by this department haw for a long time part been raised by drawing upon didia for Rupees; and
there Rupees are
as
charged at two
pard away
shillings cach while they are here at one shilling and ten pence,
the
consequence is a love to the Goremment of from six to seven pir Cent even with an allowance for the small premium, which no bills sometimes bear in the local market.
This loss has certains not been
is great
as would have been the case if the proceeds of bills had been required in Spanish Dollars, nor have the Servants of Government gained much as they would have done if
مه
LY.
EX