Governor
Governor states that the Corn now lying in the Colony will probably all be sold at the end of August, but that reduction would ally the overdraft to abort. $1,500,00 iring Forin. Jelau
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190
the and com which is now being minted will most of it not be disposed of until the end of the year. Therefore for the last year or two, the greater part of the Colony will, as during the Chinese New Year, be paying interest to the Bank on overdrafts varying from $1,000,000 to $3,000,000.
I ask what the rate of interest they pay on these overdrafts, and referring to despatch No. 17380 C.Pd. 23/5, that this constant loss of interest, when covered (as I suppose it is more than covered) by coin, points to the desirability of the Colony accumulating profit in draft on London at once.
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The following TELEGRAM Received at
From Ray Ro
12. 94 ciú "Eastern.”
7 Dated 5 Time Foreign No. No. of Words
To your Chakemis Thay
12. 47. p.m $/5/02 dorita va thr 450 Carcoost crie,
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