132
MOIOD Bild aðkomos tertien ti færið di not mielo ya I Makɗfa I
yas to valdío aðalbanzi de od vom ‚willdali mwomiru mm of
to yalioq edit dikw eletrotal ton sech di tærið bræ,dawom, spisi
of discount on the day on which the offer was made was 61%, and
that the holders anticipating that the coins would be appreciat-
-ed towards the end of the period, and allowing for interest
on the value of the coins held offered only 4%. (Incidentally
to eewoo wo ŋnliqaba to ins
ober of asit salito salvig
„ėnos vand nocy untoer adi od možtos
it may probably be possible to allow the 3 Banks which are
*10W) BIG welv på evať I stoetɗo m13
owd anidzeto of weir a détw noitmo 15% darinė
.(m)
ni tento aựt bns thaod Ismet ni ano mid (8Bier to sewesen:
«world neewid yangeroulb enist a ɗlw,antos ezento
(amtoo saentido add tautens natente-droɛth A
(2).
bra „Jedis" "nod¶no” ant ni madis atheroaib or beet [Ilw doldw
at ysbuet Ilegel eildwJwroseib sowol e od znie od rærit earæð
.awlay to yataqelb aɗd yninseront aurit 184 3* banisintar
KOTI MÌséronas Vialsnoblinoa os oaoqonq I
.I
antot visibindur ¬noxa/10) to #tshfod deunted wo* to abrit ent
You » víno ano dɔte Lacb of fæed od blwow di xiɗincoq xteT)
að bluơw cada voltasup act („Kne¤ kodynach bra grož¬nok add
consel miónom xla yaa jotab vertę a no ma vỡ IIes of beisqorq
soumit shìndwo yiev MI) HAVANA ma del „drarooɛth #arte da bas
#rebion banidmos set dotrim istoð Brið na dibrow 000,000,0£* to
noldsrego sAS +880Ï oïaw vaktozup enð II „metnatang bƐzoW
aðan erið daft earbas en jel,toquacio ed daroma dadit y₫ binow
to
authorised to issue notes to count this secummlation of Sub-
-sidiary coins as part of the reserve which they have to main-
no
interest) in their vaults, seeing that it is to
-tain (earning in
be redeemed under Government guarantee at the end of the period),
This would enhance the rate of discount offered, and as the
process of withdrawal would be carried on in strict secrecy and
in such a manner as would be least calculated to appreciate the
coins (the holders may be trusted to do this in their ow
interest) I preseume that a rate of 41% is a very fair one to
aesume. Having concluded this arrangement with the principal
holders for delivery of a certain sum (which for the sake of
argument we suppose to be $10,000,000 worth) on a certain date,
I instruct the Crown Agents that on a date (say 5 weeks later
to allow of shipment to England) this quantity will arrive, and
they are to make a forward contract with their bullion brokers.
The loss on the transaction (including freight and insurance) is 10% ex hypothesi (vis.:- 144% less 44% discount on purchase).
I therefore lome $1,000,000 plus Crown Agents Commission for
financing