CO129-312 - Acting Governor Major Gen Sir Gascoigne Governor Sir Blake - 1902 [7-9] — Page 274

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272

DESPATCIT.

Governor.

No.

383

agne

1902

128 Aug

Last previous Paper.

You

No.

NG KONG

No. 40594

(Subject.)

C.0. 40501

Conversion of CA transactions into silver

currency

submits with obans letter from Treasurer ao to rate of

exchange for -:

: urges

that

of new Kinancial Inotro, be

que, power to framing

aptem in vogue,

agoun adoptedt.

(Minutes.)

"Finora (to ́berta) Audi Uffer city Ansotel 12 har cabbag

me

D&C (78)-50851-20000-12-09

1-800-8

Next subsequent Paper,

MO

4 bbq q

Mr. Johnson

find by the Trum, according to the rate of

The gist of this desp. is tuis that when the

Treas. rate of exonange' ertne previous uarter,

does not tally with the current rate of exchange, the

Colonial revenue is credited in all coinage transactions

with a fictitious profit either on exchange or on the

supply of coinage, which fictitious profit has to be

balanced by a corresponding entry on the expenditure side.

This would be a mere matter of book-keeping but for the

unfortunate fact that the colony has to contribute a

proportion of its total revenue to the W.0. It does not

seem worth while to change the system adopted under the

Live need alter the HK. Metins, wh differ somewhat fr. the Motel

amby

new Financial

+ malone gu

Instructions merely to meet this difficult;

and I would therefore adopt the alternative suggestion

of the Treasurer and debit the Subsidiary Coin Account