H
58
11
which this was done was as
first occasion
made
over
to the Colony. The first
late
aub
the
own
G
reason why
that
Course was
was that the
13th of last October, and the
then followed
current rate of Exchange at the time happened
not to exceed $4.18, and there would consequently
have been no
advantage in procuring
Department to another.
b.
That view would have been correct
before the transfer of the Post Office to the
and therefore until then the
Colony-
Imperial Post
Office
was
credited with all
profit arising from exchange
and would
have equally, had to bear any loss arising
from
a Bill
from
the
of Exchange elsewhere than through the
Imperial Government.
5.
to the
Again when My Lords
effect
themselves
expressly
they cannot consent to
that they
system of making remittances of
"The Imperial Government by
a
sums due to
means
of
Treasury certificates only when such a
measure is favourable to the interests of the
Colony, they evidently regard the transaction
as a mere
transfer of funds from one
same source.
Since the transfer of the Post Office to
this Colony, and since the calculations
attending that operation were based on aggregate Revenue of the Colony including the Colony's gain by exchange, no profits of exchange have been remitted to the Imperial
Post Office. The arrangement
now
as to remittances
narrowed to the
having become thereby liability of the Colony to pay in
in London in