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and should be avoided unless the quantities of worn coin tendered to the Government are, or become, so large as to necessitate withdrawal upon a large scale.
They think therefore that for the time being at any rate the Colonial Government, while avoiding any special steps calculated to encourage the tender of such coin to the Treasury will be well advised to accept that which comes inm ordinary course and dispose of it as bullion.
The amounts so withdrawn should however be care- fully watched and if they become large enough to give rise to serious loss the policy may have to be reconsidered.
If, as seems probable a further depreciation in the exchange value of the subsidiary coinage generally should take place in the near future, the cost of withdrawing worn coins will of course be pro tanto diminished and this consideration suggests that the operations of the Government in that direction should for the present be restricted as far as possible.
I am,
Sir,
Your obedient Servant,
Many
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