275
the Treasurer's
dollar rises or falls the Colony under this objectionable system stands to lose.
letter, that whether the exchange value of the
A. When the rate of conversion is higher than the actual rate.
Revenue.
Real profit Additional on account of system +$15,986
Expenditure. Loss on exchange *$25,799 . 25,799
B. When the rate of conversion is lower (taking the same figures).
Revenue.
Profit on coins Profit on exchange .Nil. .$25,799
Expenditure.
Loss on coins . $89,813*
*(The difference between the real profit $15,986 and the fictitious loss $25,799.)
In view of the above facts I beg strongly to urge that the system in vogue in this Colony prior to the framing of the new Financial Instructions viz.- that the rate of exchange for conversion into silver currency be the average rate of remittances during the current quarter, be again adopted
I have the honour to be,
Sir,
Your most obedient
Humble servant,
M. Gascoigne
Major-General,
Administering the Government.
MJD