19
C
the 31st January to be sent out as soon as convenient, but half of it was counter-ordered in a letter to the Crown Agents dated the 17th of May, so that the total ordered amounts to $1,875,000. The Treasurer expects that the bulk of the coin will be disposed of in the Autumn, and he proposes to keep only a comparatively small sum,
about $150,000, for China New Year. It is, therefore, hoped that interest in respect of coins will be payable for only a few months of the year. Such interest is at the rate of 5% per annum, and last year's profit on the coinage was $183,000 after the interest paid on overdrafts was deducted.
3.
Paragraph 6 of your Despatch has been noted, and I have caused to be communicated to the Officers concerned a copy of the 7th paragraph.
I have the honour to be,
Sir,
Your most obedient
Humble servant,
M. Gascoyne
Major-General,
Administering the Government.