been spent, and that further expenditure was required to complete the works.
2. The exact expenditure in dollars is not known to me. I am informed by Mr. Stanhope that the figures shown in dollars agree in the military and in the Colonial records, but in converting the dollar expenditure into Sterling, the Military Authorities have taken the market rate of exchange at the days concerned, while the Colonial Government has used the Treasury rates of exchange.
3. I concur with Mr. Stanhope, thinking that the former of these computations is the correct one. The Treasury rates of exchange are merely approximate figures governing adjustments chiefly between Imperial Departments and Individuals. In many cases, they are only book entries affecting different Departments of the same Government. Admittedly, they are only correct if taken over a long series of years, being settled in advance sometimes for, sometimes against, the individual concerned and settled...
The market rates...