2.
15
the sterling value of the Mexican Dollar stands at 1/3
to 1/4 and the reduction in taxation under the new scale
amounts to twenty per cent. to twenty five per cent.
4. The decrease in revenue will be to some extent
set off by savings in respect of sterling commitments as
the dollar rises. At the same time I must point out
that the revenue for the first two months of the current
year is markedly below the estimate, while the Government
is committed to a large expenditure estimated at $320,000.
on dredging operations in the near future. These facts
may well be borne in mind by the Shipping Interests when
estimating the value of the concessions now made to them.
PXXX
I have the honour to be,
Sir,
Your most obedient, humble servant,
Live
Governor, &c.
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