CO129-250 - Acting Governor Barker - 1891 [6-8] — Page 301

his

accounts) the

own ace

equivalent in sterling at the Treasury rate of exchange, and consequently the - government was led into the erroneous.

belief that

it was the intention of the Military authorities that the Treasury rate was to be the basis of calculation in dealing with the Colonial Defence Contribution.

7.

As it happened the difference to the Colony by

substituting

297

substituting the market rate of exchange for the Treasury rate amounted to more than $40,000 and, apart altogether from the question of which principle is the

it is I think

correct one,

peculiarly unfortunate that it should have been decided to require

wire the Inilitary Contribution to be paid at the rate which was

objected to by the Imperial Government

in connection with the

Defence