CO129-365 - Governor Sir Lugard - 1910 [1-3] — Page 138

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-Jaloerqqa wɗ blwow antos sdi daďð yaltaqloltam wnsbiosi erit dærid

financing the operation (i,s, meeting the drafts due to the

bas

uaw shar: saw tollo edt folde no vab sdt ne tavooalb to

holders on the due date, and realising the credit from the

bullion brokers) say i per centum equals $5,000 ?. Total cost

$1,005,000 or say £87,000. A gold loan for this sum plus 1

fueretai mot gntwolls bas,bolteq sɗft to bas ed? ab¬swo? be-

VLLBJnahkanI)

Vino beretto bind emtoo me to Buizy act no

ents dolde #dcs# & wit wolla of alɗlanoq ad vidsɗorg YER Jż

-dưa to moldaïsmeroon akrit tauen od æston event of baattoritwa

-nlam od svar varit dobri sytesat and to drag se anteo visibis-

os al di dent galves (atlusy qiedt nå (sweredat gainise) mist-

(bolted and to ban sfid de oednetang Jusmrtevon zehrut berseber vef

edt sa bra,beratto troskih to star add sonsɗne blươw miɗt

bra Yostosa jalats nt no baitted eď binow Iawatbritłw to BBSDOT¶

arid adatoerqqs of betaivoimo Jasmi eď hívow sa zannam a dove ni

two niert ut altít ob of bedeutð að var ætchloff srit) antos

of ano tiet vier a et 3⁄4e to -jar a dart #mrsaeng I (deeodat

Isqkoning erit dtlw #nemannstre Birit babrianoo grivef

to exem odt tot dotdw) rum niedino a to vravileb tot stablod

‚otsh ¤latteo a no (drow 000,000,0£* ed oð maoqque sw Inemyrs

notať uxoow 6 yas) stab a no tadt strogk (word eɗid foundani I

bis,evitra lliw v?lźnamp wint (benign or dusegžda to woʻla os

.aredorɗ nożliwe "kers date $sentinos brawiot a ader of sing xarid

(sonatuant bus tihlert gnthuIoni) moltoamnant scd no amoi BẮT

.(sessio¬urg no tmroselh ***I P{41 «:.kiv) Ineritoqed zo ZOI al

101 molɛaimed adnoga ɑword ɑulq 000,000,13 emol eтotoreil I

gntonants

per centum Sinking Fund would amount to an annual charge of

£3,933 or say $45,000 per annum decreasing yearly as the Sink-

-ing Fund decreases the capital sims.

For this liability $10,000,000 worth of

Hongkong Subsidiary Coins would have been withdraw from

circulation, and since half the capital sum of $1,005,000

might very legitimately be met from the Colonial Reserves (which

at the end of the present year will approximate to $2,000,000)

- say $23,000. The minimum loss

the annual payment may be halved

which is annually incurred by the local Treasury on Subsidiary

Coin received as legal tender if the discount is paid and the

coin is not demonetized is $26,777. But if the result of the

operation were to rehabilitate the coinage this loss would be

eliminated, and therefore there would be an actual saving to

Revenue of $3,777 the annual liability being only $23,000 and

the capital cost $502,500, chargeable to Reserves.

The sudden withdrawal of all the Subsidiary

Coin (be it $10,000,000 or less) which the holders could

guarentee to collect in six months would no doubt cause the

coins