in accordance with Your Lordship's instructions in your despatch No. 165 of the 27th of August, 1887, I have to draw your attention to the fact that the aggregate amount exceeds the authorized limit of $200,000.
Enclosure 2. 9th December 1887
I enclose a copy of a letter which I have caused to be addressed to the Marine lot-holders, pointing out to them that if the Colonial Government is to be regarded as liable for the safe custody of the sums contributed by them, amounting to Three hundred and twenty-one thousand six hundred and sixty-five dollars and twenty-one cents ($321,665.21); and at the same time to explain that the excess is due to the payments made in advance by the Marine lot-holders on account of the Reclamation Works to be carried out on their behalf.
I have also pointed out to them that the payments made by them in advance are likely to result in a continuous excess in Treasury balances, which must be invested in England. I have added that, if they wish to avoid the risk of loss on exchange in the event of a rise in the value of silver, they may consider having the sums invested in England for the sake of higher interest.