§ Mr. WISEasked the Under-Secretary of State for the Colonies what is the cost of repatriated silver from West Africa; 1078W what amount was repatriated; and who pays the cost of running the West African Currency Board?
§ Mr. ORMSBY-GOREThe repatriation of United Kingdom silver coins from West Africa began in 1913, when the West African Currency Board was first formed, and has continued with intervals ever since. The total amount so repatriated up to the end of 1922 was, approximately, £3,000,000. This coin is taken over at face value by the Royal Mint, but the cost of repatriation is borne by the Board. Freight, insurance, etc, cost about 25s. per £100, but there are other incidental charges (including loss of interest pending payment) which make the total cost about £5 per cent. In the last few years the Board have also repatriated a large amount of their own silver coins, amounting in all to the end of 1922, to about 3½ million pounds sterling. These coins are melted down and sold as bullion. Apart from incidental costs, the loss or profit on this operation depends upon the comparative prices of silver purchased for the minting of the coins and of silver bullion sold after melting. The cost of running the West African Currency Board is met from the profits arising out of their operations, the bulk of which consists of interest on the investments which they hold to guarantee the currency which they issue. Information as to the operations of the Board can be found in their Reports published annually, beginning with Cd. 7791.