CO129-377 - Governor Sir Lugard - 1911 [5] — Page 175

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should be not less than $200,000 and I have accordingly to

request your sanction to that figure. The value of the exist-

-ing stock on the 31st. of last December was, however,

$282,583 and the new limit cannot, therefore, be made effective

until the necessary reduction in stock has taken place. The

Director of Public Works has represented to me that in his view

the value of the standard stock should be fixed at a much

higher sum than $200,000.

I have the honour to be,

Sir,

Your most obedient,

humble servant,

Mungary

Governor,&c..