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loss due to discount.
In the present year the burden of the
3.
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interest and sinking fund for the Railway Loan and other
causes of financial strain of which you are aware, caused me
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Здонс
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10
to hesitate to incur an extra liability of some $72,000 for
which no provision had been made in the Estimates prepared
during my absence from the Colony for as I have pointed out
the vote of $75,000 was sufficient only for the estimated loss
by discount without demonetization. I had on January 20th.,
1910, addressed to you a long Despatch covering a proposal for
dealing with the whole question, which had the approval of all
the opposing schools of thought here. It was not until February
1911, that I received a reply dated 13th. January, 1911. The
enclosed letter from Mr. Cox to the Treasury stated that Lord
Crewe considered that "the system of withdrawal of Subsidiary
Coins paid in to the Treasury is a useless expense". The
Treasury endorsed this view observing that "any measures
calculated to retard the fall (of Subsidiary Coin to bullion
.would merely involve the Colony in fruitless
expenditure, upon the redemption of coins imported for that
value).
purpose.
..the Colony has no alternative to submitting to
the inconvenience of a depreciated Subsidiary Coinage". That
you
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