CO129-346 - Governor Sir Lugard - 1908 [1-3] — Page 135

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the 15th. of the month and the 15th. of the preceding month. I shall hereafter refer to this for convenience as the "average period". The rate fell below 2/- during the "average period" for the present month.

Having given the matter some consideration

I came to the conclusion that the proper way in which the rate this month should be ascertained was to take the number of days during the "average period" when the rate was above 2/- at 2/- the standard rate, and the remainder at the actual rates below 2/-. Thinking it possible that this view had not occurred to the Colonial Treasurer, I wrote him a private letter on the subject believing that as the question affected so many people, he might be glad of an outside opinion before he made up his mind on a somewhat difficult question. I received a hasty scribbled "mero" in reply to the following effect:-

**

Memorandum.

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From

The Treasury,

Hongkong, 12th.December,1907.

*Dear Sir Francis,

I am sorry I cannot agree with you on the exchange question as it would of course suit my private book

to do so *

I could not even raise the question as it

would in my opinion only result in being snubbed by the

Secretary of State.

YourPisa.) A. M. Thomson".

To this I have replied, setting out briefly my reasons for holding the opinion I have expressed, and stating that if he did not raise the question, I should undoubtedly submit it for Your Excellency's consideration. To this I have received no

answer, and as the paysheets are to be sent in on the 19th. Ì an

compelled to lay my views before Your Excellency. I do so in

the