CO129-357 - Governor Sir Lugard - 1909 [7-9] — Page 623

614

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sitari cennie wit dobiv to 000,852,AI” eaw drama Jasi o't

NEUMOLTA Ver ed advoch or brow rinkriv [000,008,20 of bettrons

1

made for depreciation as in the case of the Straits Settlements Government over $492,000 having been up to date set aside for that purpose on an issue of something over $23,000,000.

The percentage would most probably have to

be greater in our case as the Straits have now got something

like a fixed exchange.

The profit will have to be discounted her

1% per annum on the amount of Bank-notes displaced being the

Stamp Duty presently collected.

The matters (a) cost of the paper engraving

(b) storage of bullion in Hongkong and of (c) Staff før

working the issue have also to be considered but it is quite possible that (b) and (c) of these may be got over to a great extent by obtaining the assistance of the Bank even if the payment of something per annum for the trouble were necessary.

I estimate to the best of my ability the

revenue and expenditure of the system thus:-

Issue of $8,000,0

Revenue:-

32% on $4,000,000.

000.

loss 1 on $6,000,000..

.$140,000 60,000

Net Revenue

.$ 80,000

KS HAVE Cila no Sala enottamell antis'ent

- ont pubelen adʼtong mula bendigen erf BD ov 000,000,83 26 masi

pídnuta neq 000,04% ed blnow it de 000,000,10 “o érsztusvud

saysthnh đórað og þínow ditong whi wofus es coltorbrb weef

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en beoma siti ensy emmal eron a ti reda sidbenog schip at ak nt abun e até atuandusvni bre、sqtufoxe to stem wol tubes* and BION & BARSAron (ed or svet odion on blow vent es) nnif ̃nta

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Expenditure:-

Annual cost of notes..... .$10,000

Cost of managing invest-

-ments.

Storage of bullion. Staff...

1,000

1,000

000

$ 15,000

Net Profit......$65,000 p.a.

The least amount of depreciation at present

rate of exchange that I would recommend be allowed for would

be 20 or £66,666 taking about 12 or 13 years payment of the net profit to a fund invested at 34%, allowing for a drop in the net Revenue of $80,000 in the meantime. To my mind therefore the depreciation reserve is the only objection to the scheme and

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