419
any less period than three months,
as the rate of
interest in each case
is the same, while
same, while as a matter of
practical convenience
a current
account is preferable
as sums can
be drawn upon it at any
time.
Should I have mistaken
the Secretary of State's meaning, the only alternative I
suggest is to keep balances here, and at the same
time meeting the drafts of the
Agents, to open a
banking account in London and to transfer to such account all
exceeding
The maximum
balances allowed here, leaving to the Agents to draw upon the London account instead of buying bills upon this Colony.
8.
I have the honour
to point out that the reason why the current account must occasionally exceed the sum suggested by the Secretary of State, is that some of the principal sources of revenue are paid at stated periods, thereby for the time being
occasioning
an excess of receipts over expenditure. The rents are paid at the
beginning of each half year, Police and
Lighting
rates at the
beginning of each quarter. The former
amounted last year to $164,000.
While Police and Lighting rates
amounted to $34,500; other sources
of revenue amounting
to some hundred thousand dollars are paid either annually at the commencement
of
419
any less period than three monthã,
as the rată
interest in each case
is the same, while
same, while as a mallet of
practical convenienc
account is preferable
a current
is preferable as sins can
be draw upon it at amf
کرد
time.
Should I have mistaken
the Decretary of States meaning, the only alternative I
@arr
sugg balances here, and at the same
est of keeping down the
time meeting the drafts of the
& brown to, io to open a
agents,
banking account in London and to transfer toouch account all
омило
ex
eeeding
The maximum
it
balances allowed here, leaving to the brown Agents to draw upon the London account instead of buying bills upon this Colourf
8.
Filb
reg
and to the balance
required
is.
required to work the local expenditive, irrespective of the sinno payable to the brown Agents,
2
have the honour
to point out that the reason whif the current account must occasionally exceed the owns ouggested by the Deculary of State, is that some of principal sources of revenne are paid at stated periods, thereby for the time being
our
oce as
ioning
au exceAA
of receipts over expenditure. Ihno brown Rents are paid at the
beginning of each half year, Police and
Lighting
and
rates at the
beginning of each quarter. The former
78s amounted last year to $164.000.
While Police and Lighting rates
m
Hoguce amounted to $34/5,000; other sources
two
aquarter
amounting
to some
Of revenne hundred hours and dollars are paid either anmally at the commencement
of
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