CO129-365 - Governor Sir Lugard - 1910 [1-3] — Page 124

119

aldublythał odsving bra esaso bluow młoɔdua bio to saadornq

$

prodynof" sova to saoqath meletanto to twob tem od štel ed bipoW

Tiedt etat eros Tĺžnenpsadue drigis as agnel hio and to antondue

kabet of evert er I -:87oteter qu zia of

.notaseanog

vidadory [inda ew,antoodia grodano? 000,000,088 to evlav east s

.*.1) 000,000,2 to cua a noitesitonomieb to tmropos ne daoi

naof a dostinoo od avad IImda ww ukɗd o2r moltiħba ni .(RGI

to aulav seost a lot aloodus to atebion eqral edt 13 kw

„munne tag is to Jeeredal ne atsed neol atɗt II .000,008,0L$

*#8 .000,AUS$ ad blvow Jeerstał as vllaunna sideyaq mua ent

Jaal vir 101 aunsver of asof Lawnna ensters 902 (bezara evoda as

aaof galbuloni) nicodra to famosos no (8001 - JOPI) #Isoy esta

besuborg and datriw aeof a - ÞOS,*812 need east (noitesitenomah yď

to Valtro detaegova edit asetail :31tened gnitaanequco on

svisoetta xietsiharmik ad hlươw 000,4OS†

mitt +Tavost0^{

•

\[anti asof erit se easetosh yihiqar lliw nasol and no taaretak

.nkoodua beültenomeb add to alea sfit vd 19o binq at

000,000,2* To anof hseb sdt antæner eTANT

mà tạo hon ai vui nh

tot berlupar el antosdua to 000,008,1§ to ma a darīt gultamitan

JuƐ .nottazitenomed to anesorg est ni

troda to sugai Laumna na tart bus asentoud a*ynolod weld

,aetoneloltob not ebivong of gisaacson ed birow 000,001$

soubory bison 200 to Jitong a te antos [exsin to event won out

#

a sum of $750,000 on the original 15 lakhs, with an additional

$50,000 per annum on the yearly issue. The loss of $3,000,000

would, therefore, at once be reduced to $2,250,000 and in any

case the whole loss of $3,000,000 would not have to be met

immediately. The immediate loss on demonetizing the loan of

subcoin from large holders would only be $1,800,000: and, as

shown under subhead III supra, there would be a sum of

$2,200,000 ready to hand which would more than cover this loss, and would in fact all but cover the full loss of $2,250,000

which would only accrue after the redemption of a total face value of $20,000,000 of subcoin.

It would probably take one year to make the

necessary arrangements with large holders for the demonetization

of their holdings: and it may perhaps take 5 years to buy out

the small holders and so complete the purchase of a face value

of $20,000,000 of subcoin. The demonetization of this sum will

yield a net valueof $17,000,000: ont of which has to be paid a sum of $8,000,000 to small holders plus $1,224,000 (interest

on loan from large holders for 6 years at $204,000 per annum

plus $3,000,000, (loss on demonetization) equals $12,224,000,

At the end of the 6th, year (if not sooner) there would there-

-fore be available a sum of $4,776,000 to deduct from the loan

of $12,000,000 leaving an unredeemed balance of $7,224,000,

from which must be further deducted $750,000 (profit on the new

issue