CO129-365 - Governor Sir Lugard - 1910 [1-3] — Page 137

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MOIOD Bild aðkomos tertien ti færið di not mielo ya I Makɗfa I

yas to valdío aðalbanzi de od vom ‚willdali mwomiru mm of

to yalioq edit dikw eletrotal ton sech di tærið bræ,dawom, spisi

of discount on the day on which the offer was made was 61%, and

that the holders anticipating that the coins would be appreciat-

-ed towards the end of the period, and allowing for interest

on the value of the coins held offered only 4%. (Incidentally

to eewoo wo ŋnliqaba to ins

ober of asit salito salvig

„ėnos vand nocy untoer adi od možtos

it may probably be possible to allow the 3 Banks which are

*10W) BIG welv på evať I stoetɗo m13

owd anidzeto of weir a détw noitmo 15% darinė

.(m)

ni tento aựt bns thaod Ismet ni ano mid (8Bier to sewesen:

«world neewid yangeroulb enist a ɗlw,antos ezento

(amtoo saentido add tautens natente-droɛth A

(2).

bra „Jedis" "nod¶no” ant ni madis atheroaib or beet [Ilw doldw

at ysbuet Ilegel eildwJwroseib sowol e od znie od rærit earæð

.awlay to yataqelb aɗd yninseront aurit 184 3* banisintar

KOTI MÌséronas Vialsnoblinoa os oaoqonq I

.I

antot visibindur ¬noxa/10) to #tshfod deunted wo* to abrit ent

You » víno ano dɔte Lacb of fæed od blwow di xiɗincoq xteT)

að bluơw cada voltasup act („Kne¤ kodynach bra grož¬nok add

consel miónom xla yaa jotab vertę a no ma vỡ IIes of beisqorq

soumit shìndwo yiev MI) HAVANA ma del „drarooɛth #arte da bas

#rebion banidmos set dotrim istoð Brið na dibrow 000,000,0£* to

noldsrego sAS +880Ï oïaw vaktozup enð II „metnatang bƐzoW

aðan erið daft earbas en jel,toquacio ed daroma dadit y₫ binow

to

authorised to issue notes to count this secummlation of Sub-

-sidiary coins as part of the reserve which they have to main-

no

interest) in their vaults, seeing that it is to

-tain (earning in

be redeemed under Government guarantee at the end of the period),

This would enhance the rate of discount offered, and as the

process of withdrawal would be carried on in strict secrecy and

in such a manner as would be least calculated to appreciate the

coins (the holders may be trusted to do this in their ow

interest) I preseume that a rate of 41% is a very fair one to

aesume. Having concluded this arrangement with the principal

holders for delivery of a certain sum (which for the sake of

argument we suppose to be $10,000,000 worth) on a certain date,

I instruct the Crown Agents that on a date (say 5 weeks later

to allow of shipment to England) this quantity will arrive, and

they are to make a forward contract with their bullion brokers.

The loss on the transaction (including freight and insurance) is 10% ex hypothesi (vis.:- 144% less 44% discount on purchase).

I therefore lome $1,000,000 plus Crown Agents Commission for

financing