175
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three times the revenue of 1863. In my despatch of 20th January 1870 the charge of £40,000 was estimated to amount to 17 per cent of the revenue of 1868, but owing to the subsequent growth of the revenue, and the appreciation in the value of silver, the charge now only represents about 11½ per cent of revenue as against 16¼ per cent when (I have taken the dollar at 3/4 in this calculation) the contribution of 1863 was fixed.
6. Under these circumstances Her Majesty's Government do not consider that any grounds exist for delaying the payment of the full contribution of £40,000.
7. I take this opportunity of informing you that it is proposed to raise the Indian Battalion for service at Hong Kong from!
1267187 April