CO129-420 - Governor Sir May - 1915 [1-2] — Page 183

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even from the Government Post Office.

Your Excellency acquiesc-

ed in this refusal to accept legal tender and has ordered

without legislation that remittances by Money Order by the

Post Office are to be charged for at two rates, one about the

ordinary exchange of the day when private bank notes are paid in

and the other 10 per cent lower when silver dollars, the legal

tender of the Colony, are paid in. To take a concrete example-

supposing today a man meant to send £10 home in payment of a bill by Money Order. He will have to pay $113.96 in notes (plus Commission) for it, but $10.78 cents more (plus Commission)

The following are the rates of

if he pays in silver dollars.

sterling exchange today :-

Ordinary Bank rate (Notes only) 1/2 3/168.

Money Order rate ( -:- - :-) 1/9 1/16d.

6.

--

--

(silver dollars only) 1/7±0.

I do not for a moment suggest that the former extra-

ordinary though perfectly legitimate method of making money

should have been allowed to continue. Your Excellency has

power (under Article 27 of Postal Authorities Agreement) to

suspend the operation of the Money Order Branch of the Post

Office, and this might have been done pending legislation.

7. What has been done(i.s, the fixing of different rates

for Notes and silver dollars) is, I humbly and respectfully

submit, possibly illegal, and certainly means the setting of

the seal of official sanction on the debasement of the legal

Currency of this Colony.

8. I should like to add a word regarding Sepoys and others

whose pay is small. It is not always possible to pay a man

getting a small rate of wages in Notes as one dollar Notes are