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Excellency to view the question from a broader standpoint, which
the severe and unusual loss which its working produced last
month seemed to me to justify: viz - that a rule which could
produce so unsatisfactory a result must be inherently bad in
principle; and that an examination of the principle in fact
shewed it to be illogical and unsound.
4.
Your Excellency has been good enough to
have had a table prepared, which shows that if the system which
1 hal proposed had been in force from January to December, 1908,
the result would have been a loss to the Civil Servants. If Your
Excellency would have the table extended by only 3 months to
March, 1907, this result will be reversed, and the actual loss
from January, 1903, to March, 1907, woull be ascertained.
5.
-
I am confident that Your Excellency will see
on re-consideration that no sound inference in favour of the
existing rule can be drawn from the table: for it is based, #ith
the exception of the last 2 months, on a rising market, and,
with respect, it needs no table to show that when the silver
market is rising the rule results in a profit to the Civil
Servants: and that when the market is falling it results in a
loss. This profit and loss do not necessarily counter-balance one
another; indeed, the operation of the well-known fact that things
fail more rapidly than they rise is likely to make the loss
heavier than the gain.
8.
The point which I am anxious to impress
upon Your Excellency is that fluctuations of such a nature,
whether they be adverse or favourable to the Civil Servants,
should be avoided in the payment of salaries on account of the
element of uncertainty which they introduce in their financial
arrangements; and, in special relation to the question now under
discussion, that this artificial rule introduces a second and
unnecessary cause of fluctuation into a question which is already
sufficiently