J
512
ર
that it will be better for the War Department to put
up all the buildings themselves charging the Imperial
share of the cost to the Military Works Loan, and the
Colonial Share to a Suspense Account which would be
credited with the annual repayments by the Colony.
It should be explained to the Colonial
Government that, under this arrangement the total cost,
and therefore the Colonial share will be materially
reduced; therefore the Colony should not be unwilling to
repay a full third of both sterling and Dollar
expenditure so as to save Imperial funds from any ultima
loss on the Colonial share through the rate of exchange.
I am
Sir,
Your obedient Servant,
(sd.) Francis Mowatt.