CO129-420 - Governor Sir May - 1915 [1-2] — Page 187

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Enclosure 14

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annabrü yano. Tokajmadɔra

Hon. Colonial Secretary,

His Excellency the General officer Commanding's letter

may be circulated for discussion in Executive Council.

2. The fact that Bank Notes are at such a high premium is,

I admit, unsatisfactory. But the remedy lies for deeper and is much more difficult of attainment than by the method succested.

The exchange between Notes and Dollars is regulated by supply and demand and cannot be fixed by law. A law declaring the exchange to be equal would fall dead. No one would observe it.

3. Remittances by Loney Orders are a business transection governed by the ruling exchange. The Government is perfectly justified in adjusting the rates for money orders to the ruling exchange. There is nothing illegal in the matter. It is done in

every country.

4. It is true that the Sepoy referred to in paragraph 8 draws his pay in two currencies. What he may lose, apparently, in the purchasing power of his dollars as compared with notes he gains on his notes and apparently the greater portion of his pay is in notes. But he should not lose at all. For I presume the whole of his pay is draw by the Lilitary Authorities in notes and that some arrangement is made for crediting his regimental fund, as is done in the Police, with the premium on the notes drawn for

him but not paid to him.

5. The discount on subsidiary coin is an evil which the Government is doing its best to remedy. But again the sepoy does not lose by that discount. It is balanced by the premium on his

notes.

sd.

F. H. MAY

12th January,

1915.

ote oral I

.bc

TONISVO

joning ni aguti Mas

analis