CO129-365 - Governor Sir Lugard - 1910 [1-3] — Page 116

111

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while the average annual loss to revenue on account of subcoin

(including the loss by demonetization of unissued stocks) has

·

been $184,204 for the last three years (1906 1908). The

average loss on the same period, which would have been incurred

by payment of discount instead of demonetization, was only

$26,777 per annum: and it was this fact which led the Executive

Council to decide against further demonetization.

*'rea Vilaginoireq ad bra

There are, however, grave objections to

giving effect to the decision of Executive Council for either

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the subcoin received by the Government must be retained in

Government custody or it must be re-issued by the Government.

In the first case (a) its constantly increasing bulk will render

its custody a matter of difficulty and expense, and will perhaps

necessitate the construction of special vaults: (b) it will have

to be insured at a steadily increasing cost: (c) the steadily

increasing capital sum will lie idle producing me interest: or

rather there will be a loss to Government of compound interest

on the creasing value of the stock. On the other hand to re-

-issue the subcoin while it is still at a discount, would mean

abandoning the attempt to rehabilitate the subsidiary coinage.

It must also be noted in this connection

that the withdrawal of British subcoin will certainly result in

an increasing influx of Chinese subcoin, which would probably

appreciate