CO129-424 - Governor Sir May - 1915 [9-10] — Page 457

? Tel to the for. approving estimate generally subject to deletion suspension 1. the "Loss a Sat. Com scheme.

• Introp sanction not, with as to the

du beloni

o express appreciation the

sffort made to effect sonomy appreciate M. Jaffe

abo

HR

11/12/15

I discussed these Est-with Mr. Robinson verbally

and I agree with his conclusions. It has since however

occurred to me that it will not be possible to save

so much as we thought on the subsidiary coins since

in the case of those paid in to the Govt. loss will

be incurred in putting them into oiroulation again

through the Banks equivalent to the rate of discount

at which they stand below the dollar. It is a pity to

suspend the practice of demonetizing the subcoins paid

how in to Govt. but it is difficult to see where else we can make the year's budget balance. The Gov. should

certainly make no more purchases in the open market under present conditions and I think he must suspend

demonetization altogether.

ALL

14.12.15

We might approve Erlihy tel:

4

Erli by tel:+ desse follers". In writing remini him of the difficulty offer realizing Securities the certains lors involved. I don't with the too dogmatic al the

con. A to this dat

redemption

of

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chain on wh

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direct striking

it out of

that put.

For of Thold his hand during

the year

he will

and with he is catigued that the right fiske al

it. And otherwise

the end of in

perversed.

Pa. 15.12

E.