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as to the method of charging the cost and crediting the
annual contributions from the Colony, before complications
actually arise.
4.
If the Local expenditure (which may extend
over a period of four or five years) and the Annual
contributions from the Colony (extending over ten years)
are accounted for in dollars and the value of the dollar
depreciates during the period of repayment Imperial
funds which provide the money in sterling will stand to
lose, or the converse may happen and the Colony be the
loser.
5. In order therefore that no such difficulty may
arise it is proposed that both the expenditure and receipt
shall be accounted for in sterling at the rate of exchange current at the time the charge is made or the Contribu- tion credited, and I am to ask whether Mr Chamberlain agrees with the proposal.
I have the honor to be,
Sir,
Your obedient Servant,
W FlatworkWilam
that we do