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which larger excess would have been necessary to allow for
a possible fall in the gold-value of silver, or additional
Public Works might have been included which once taken in
hand could not have been stopped without loss or inconve-
-nience in the event of such a fall occurring. The dif-
-ference between the 1 s. 8 d.rate of exchange and that
actually obtaining involves a saving of about $12,000 a
month on the Estimates of Expenditure. If the same high
rate is maintained throughout any considerable part of 1906
it may be possible to carry out in the latter part of the
year some work of resumption or construction which it has
not appeared safe to include in the Estimates, and with
regard to which I should of course obtain your previous
special sanction.
I have the honour to be,
sir,
Your most obedient
Humble servant,
M. Wathan
Governor, &C..
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