§ COMMANDER BETHELL (York, E.R., Holderness)asked the Secretary to the Treasury, If the gain or loss to the State arising from the difference between the local rate of exchange and the rate at which the crews of Her Majesty's ships are paid, when a silver currency is used, is shown in any statement presented to Parliament; and, if it is not, whether it can be shown in future?
§ THE SECRETARY TO THE TREASURY (MR. JACKSON) (Leeds, N.)The present arrangement with regard to the issue of dollars and rupees is that the rate is fixed annually on the average price of standard silver in the London Market during the previous year. This system was arranged between the Treasury and the Departments concerned some years ago. It is very difficult to form any idea as to the results to the State of these fluctuations in the rate of exchange. I have, however, looked at the profit and loss account of the Hong Kong Treasury Cheat, and I find that on the 10 years ending March 31, 1885, this account shows a dead loss of more than £11,000, arising from Naval, Military, and Civil Services taken together. The total gain or loss to the State arising from payments it has to make to soldiers, sailors, and civilians outside the United Kingdom is shown in the annual Trea- 1735 sury Chest account under the head of profit and loss. The result of the 10 years ending March 31, 1885, was a net profit of somewhat over £8,000, which has been paid into the Exchequer. The profit and loss accounts at the different stations are not published separately.