44
45
the
average
relative value of gold and Silver in the European market. It has been calculated from a comparison of the relative value of Sovereign and Dollar here and
of exchange on England, that
the
Bills
money
is more valuable here than in
the place
England by about 7 per cent. If therefore the currency had been British Sterling, Sovereigns could only have been raised here by the sale of Commissariat Bills at about 21/3 but they would nevertheless have been issued at 20/-, and this loss on
exchange which is
merely
an accident
at
the condition
of trade is fairly chargeable
to
223
Government who on the other hand
profit by raising Sovereigns in Australia and other Colonies where the Exchange
are
favourable to the mother Country. But to issue the dollar which costs here 4/7½ at 4/2¼ if the true par be 4/4; on the
ground of the
expense
of
the same
of living here, would simply be equivalent to issuing on account the Sovereign (costing 21/5) at the rate of 19/- instead of 20/-
28.
Services
0.
The Military and Naval
I think fairly claim
may
to receive their pay and allowances
in
the currency of the place to which
they
are sent on
duty, and the
expense