567
as it does not exist, the Estimate for next year will be $187,168, an increase of $33,881. This is chiefly due to the fall in exchange, as contributions to England and other countries fixed in sterling, that ruling in 1893 being average 2/6¼% whereas it may and probably will be at least 6% below for next year.
2.
It should be remembered that the balance shown in the Postmaster General's report for 1893 is fictitious to this extent.
(a) A large and increasing number of postage stamps are used for revenue purposes (see Treasurer's note in Blue Book opposite stamps), thus decreasing revenue proper to the Post Office and
(b) the real revenue.
(c) The expenditure is shown less than it really was by the items already mentioned viz. Coals, Stationery, Pensions, which are debited to other votes. From the above consideration it is clear that there will be a large deficit during the current year and which will continue so long as the dollar is below 2/6 at least.
3. Again the rate of cents was fixed at the equivalent of 2½ cents (which really was at the time 1st January 1891). But now with the dollar below 2/1¾ or 25 centimes is equivalent to more than 10 cents! (If the dollar be 2/1 then 10 cents exactly = 25¢ or 25 centimes), so that there would be no breach of any understanding to raise postage to the amount suggested.