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any less period than three months,
as the rate of
interest in each case
is the same, while
same, while as a matter of
practical convenience
a current
account is preferable
as sums can
be drawn upon it at any
time.
Should I have mistaken
the Secretary of State's meaning, the only alternative I
suggest is to keep balances here, and at the same
time meeting the drafts of the
Agents, to open a
banking account in London and to transfer to such account all
exceeding
The maximum
balances allowed here, leaving to the Agents to draw upon the London account instead of buying bills upon this Colony.
8.
I have the honour
to point out that the reason why the current account must occasionally exceed the sum suggested by the Secretary of State, is that some of the principal sources of revenue are paid at stated periods, thereby for the time being
occasioning
an excess of receipts over expenditure. The rents are paid at the
beginning of each half year, Police and
Lighting
rates at the
beginning of each quarter. The former
amounted last year to $164,000.
While Police and Lighting rates
amounted to $34,500; other sources
of revenue amounting
to some hundred thousand dollars are paid either annually at the commencement
of