148
.Y
نکرد و تریب
342
In their latter of the 4th. February regarding the sal which I made to convert the existing Government Loans
o Dollar loans the Crow Agents say:- "It is thus clear that game amounts in effect to a speculation on the probability
he exchange value of the dollar will fall below the preset
el of about 3/-*
erë pelbages pounded .Mib edt to reddel tient nĨ forral tremerevoli gnidrive eft drevmon od obra I stidy [rsogong ffect welt ward si di" -rwe adnega (wor) and anani mallol ofnið heilidadong ent no noitrimange a of Jselle ni odruoan can food Perreng et roled list lliw welloh ent to eulov egradoxe end deil
*A vode to love
animesber y tríð Jort edé bednoĺrevo eved yet faidt I
-guroil art of pulloh ni J800 art -\\☎ to syradore on ja maol 'ert
30 diroma erit narid neat tidevskienoo ad 1[iz tretimeve good derd bur Fedovnános car rael ent smit edt de beviser Stellofilers received at the time the loan was contracted and that
s ni gniwotrod ni ei toi! ylisen moitsfroege to tremele ert ener
•yrold end to ourèves act to dort nødt sento venerico
',
edy to szerzallflm and mort Ferretai od, tof bloods JI
I think they have overlocked the fact that by redeeming loan at an exchange of 3/- the cost in dollars to the long- Governrent will be considerably less than the amount of
are the element of speculation really lies is in borrowing in a
ancy other than that of the rermue of the Colony.
It should not be inferred from the willingness of the
yone dadd real val Ich eslè qu sånt of 'fined territa & grobarong & Shanghai Bunk to take up the dollar loan that they
to eden est „telloh odd to? coing amifredo rodaid a oduųisida»
Leivedami et iup si eorig sind blow raternut and ibinu da synedor" ei moltosenaud erit lo ding eyradoxa erit pe net en tot dard oft d
ylejzetirərqge neincrevo art edoup vierem hlvow vent FernsONGS
od grifrado yud hetgan on i hra ych edt to stor guilles viert
.cyjb va? yter a at moldosement end gaisolo aurid dawoma erit vevon
Dirm ylevideusquos add to frøántevoð echt of neol ent
amƐ ert to ehra't Icool art moqu xed on ed hfwow 000,008,ER to me
Sneong edt 11 ebem ed lIiw eijeim evoitee c dnint I
gnifzete mort emol ert gaine*cnost to ydimudrocgo eldarvove?
.noded dom ei crolloh nderi
.alchræd hiveⱭ (.b8)
TH
icipate a higher sterling price for the dollar. The rate of change at which the transfer would take place is quite immaterial ¡the Bank for as far as the exchange part of the transaction is emed they would merely quote the Government approximately
Fir selling rate of the day and if accepted buy sterling to Fer the amount thus closing the transaction in a very few days.
The loan to the Government of the comparatively moll
of 83,800,000 would be no tax upon the local Funds of the Bank.
I think a serious mistake will be made if the present eurable opportunity of transferring the loans from sterling do dollara is not takon.
(8.) David Landale,
fer,fiTqA JOS
•
April, 1919.