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reasons stated in my Confidential Despatch of the 21st. of Noven- -ber, 1912, I am of opinion that to pass these collections into circulation would be a retrograde measure and in view of the improved financial position which, as I think, my confidential Despatch of the 26th, January discloses, I would ask your par- -mission to adhere to the policy of demonetization of subsidiary 1 coins received as revenue.
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4.
If this policy is continued for two or three
years longer I am confident that parity between the subsidiary coinage of the Colony and the standard coin the silver dollar will be re-established. It may be that the desired end may be reached at a much earlier date.
5.
Ы
I would add that inasmuch as the passing of revenue collections in subsidiary coin into circulation would depreciate these coins and increase the discount on them, any such action would be very distasteful to the mercantile community.
I should be obliged if your decision in this matter om be comunicated by telegraph as there is a large stock of subsidiary coins in the Treasury, and the high price of silver now obtaining creates a favourable opportunity for their sale.
I have the honour to be,
Sir,
Your most obedient, humble servant,
Bomag
Governor,&c. .