"Colonial Treasurer think it likely we shall receive from the 13th July to the end of this month? And what is it fair to estimate our expenses for the same period?
"I have read the Minute of the Colonial Secretary, but still think we-are unnecessarily losing interest by keeping too large a current account.
The case seems to be this. The balance in the Hongkong and Shanghai Bank on the 6th of October was $60,941. I sanctioned a deposit at interest for 12 months in the Oriental Bank of $20,000, leaving $40,941. And I pointed out that the state of our balances and revenue would justify another deposit of $20,000, and invited the opinions of the Acting Colonial Secretary and Acting Treasurer.
"They say about $40,000 will be required on the 12th of November for the payment of salaries, and the incoming revenue is available for public works and other current expenses.
"But current revenue exceeds current expenditure; and the result at this moment, is, that whilst we have spent about $7,000 a week, we have received about $10,000 (not including the Police Rate) which left on Saturday a balance of $48,995 with the Crown Agents.