in excess of the weight of the consignment to be made. This recess is
Excess is afterwards returned to the vendor in the shape of "Coil", or waste, and is
allowed for at a beneficial reduction on the original price, sufficient to cover the cost of re-melting.
3. In this manner £1740:6:0 was received back on the occasion referred to,
which reduced the advance considerably, but towards the end of the quarter - finding the account still in
the Crown Agents' books - they negotiated
a Bill for £4000, which produced
a balance in favor of the Colony
on the 30 June, amounting to £3146.14.10.
4. So long as the
Crown Agents are in possession of available assets
belonging to any Colonial Government,
such as immature Bank Acceptances,
they never
charge interest on advances beyond the discount rate at the Bank of England, for the time being; and in the interests of the Colonies concerned they avoid discounting as far as possible.
5. In this manner,
the borrower
has all the advantages attending
a low rate
of interest, and; however dear money may become in the market, is secure, under existing regulations, against having to pay more than 5% per annum on the amount advanced.
6. On this particular instance no charge whatever has yet been made to the Hong Kong Government, but in the accounts for the current quarter, interest on advances will be included at the Bank rate.
LOffice