and to vary such rate as often as may be considered necessary; on the understanding that the rate thus fixed shall be sufficient, but not more than sufficient, to enable the Post Office to remit to this Country any balance that may become due.
As regards Orders drawn in this Country on Hongkong, Shanghai and Yokohama, the proposal of Messrs Rea and Mitchell was that they should be paid at one penny per dollar lower than the drawing rate; for example, if the drawing rate at which Orders are issued is 4/4½ per Dollar, the rate at which Orders should be paid would be 4/4¼. The Postmaster General fears, however, that this difference between the issuing and drawing rates of one penny might tend to discourage the Public in remitting Money, by means of Money Orders, to China and Japan.
And he has decided, therefore, that for the present, the rate per Dollar shall be the same whether for Money Orders issued or paid. All Orders, whether issued in this Country or in Hongkong, Shanghai, Yokohama, shall be drawn in Sterling.