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respect further to point out that the hypothesis which Your Excellency adopts in this paragraph is unfortunately not borne out by facts. Bow if any civil servants are sufficiently wealthy to be able to remit during any month when the rate happens to be favourable. Not for their own sakes, but for the sake of those to whom the money is remitted, remittances must be made with regularity, and can only be made at the end of the month, on the receipt of salary. There is therefore no possibility of equalising gain and loss by what I may call interim remittances.
8
In order not to confuse the two issues I have dealt with the proposal suggested in paragraph 6 of my letter of 17th. December last in a separate letter.
P.S.
I have etc.,
(sd.) F. T. Piggott,
Chief Justice.
Since writing this letter, the fluctuations
of the market during the last few days, have revealed
another possible state of affairs, which tends to
show that the Financial Advisers did not consider the
question in all its bearings. Assume that between
December 15th. and January 15th, the rate to be helow 2/-, and that on 31st. January it is above 2/-, I
presume that the average period would be resorted to;
but it does not seem very clear.
SAN