CO129-039 - Sir Bonham - 1852 [1-12] — Page 217

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the cament rate of discount in

ucciving

the

money for Bills, they have loat to the full

more than the full istent of it in disbursing the money fin either the Contractor for Evernment Waks to must stipulate ofor payment

at the current rate

current rate of the day or increase the sum in their tenders in a

their tenders in a degree

liares a

degree that safe margin for any derreciation

of the Colonial Currency in comparison with loved dollars with which they to por for both materials and

of labour.

require

wages

I have been informed by

Siverni Contractors that such is actually

their practice._

'But

supposing

the

legal Coins to

be at a premium of five per cent and The course of exchange

"the same as

before, no person could tender for Bills under The rate of 236, which would be so much love to bovernment, while the probability

is that the

Money

212

thus obtained would

have to be disbursed at par.

and

I believe farther that the song drawn against in Stonations is placed in India at an expense of 27% per Rupce,

Kept by Government in Sterling turney, and the legal rate in Songtons is 1/10 per Purce a love to Government of no bese than eight per cent at once avises. -

There

as all recounts are

less

can be no question that although an alparent wrfit

may

by the sale of Bills

occasionally be shown by the sale

India or London at a better rate than the rate for Spanish dollars, a

on

serious loss résuts

M

the

average

from

the present mode of placing the govemment funds in Houghtons.

The above Sojections to chopria

Dollars

may

confucion

be obviated; and the constant

in the pecuniary transaction

I.

EX