Mr. SILVA, (1st Audit Clerk),
Can you state the profit during last 12 months, reckoning loss on Exchange on remittances to pay for the coin.
8th September, 1884.
W. H. MARSH,
Colonial Secretary.
Statement annexed.
J. M. SILVA.
PROFIT ON SUBSIDIARY SILVER COINS.
RATE
WHEN RECEIVED.
WHERE COINED.
OF
PROFIT.
REMITTANCES.
s. d.
1879,
Royal Mint,
3/102
12
%
1880,
R. Heaton & Sons,
3/91
5 %
1881,
Royal Mint,
3/91
6.04%
1882,
R. Heaton & Sons,
3/91
4.43%
1883,
Royal Mint,
3/83
12.09%
R. Heaton & Sons,
5.05%
Average Profit, 7.46 %
I annex a report on this proposal from the Honourable T. JACKSON, Chief Manager of the Bank (Hongkong and Shanghai) I agree with him that the proposal of the Treasury cannot be recommended. Moreover it would be contrary to express instructions of the Lords of the Treasury to issue Token half dollars. See Government Gazette No. 2 of 1867. We have made an average profit of 7 per cent, during the last five years on the imports of Subsidiary coins. Therefore it does not matter how large the drain of these coins may be.
Submitted.
8th September, 1884.
W. H. MARSH,
Colonial Secretary.
I
agree.
But for Executive Council.
G. F. BOWEN,
Governor.
9th September, 1884.
Considered in Executive Council this day. The Council advise that no change should be made in the coinage of the Colony.
10th September, 1884.
J. H. STEWART LOCKHART,
Acting Clerk of Councils.
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