}
419
which they are circulating. This was the whole object and
purpose of my proposal. Hitherto this Government has been
withdrawing from circulation all the subsidiary coins receiv-
-ed as Revenue and Lord Elgin (Despatch Confidential of 18th.
for.
June, 1907) stated that this measure "will obviously give no
*immediate relief as, on the figures supplied by you, it
·
"would have to be in operation for fifty years before the
"whole of the excess coins were thereby withdrawn from cir-
"-culation; but it is a step in the right direction, and I,
"therefore, approve of your proceeding as you suggest, pending
#
a consideration of the question whether it will be necessary
*to take further measures on a larger scale". In the
Despatch under reply however, Lord Crewe expresses the
opinion that "the continuance of the system of withdrawal of
"subsidiary coins paid into the Treasury is a useless ex-
*-pense". This system of withdrawal was as I have said under-
-taken with the approval or at the instance of the Secretary
of State; it has since it was inaugurated in 1907 (before my
own arrival) cost the Colony a sum of $793,293. By its means
coins to the value of $5,527,500 have so far been withdraw
from circulation, approximately 78 million coins. It was in
my opinion a sound and indeed a necessary step for the
Government of a British Colony to take, viz.:- that it should
f