Colonial Despatches

The Lords Commissoners of Her Majesty's Treasury having had under their consideration your Letter of the 8th Ultimo forwarding a copy of a letter from Captain Parsons stating that he proposed to assign a value of 4s/ to the American Dollar in payments made to the Men of the Royal Engineers in British ColumbiaColumbia, that being the rating adopted by the Admiralty in payments made to the Crews of Ships in the Pacific, I am commanded to acquaint for the information of Secretary Sir E. Bulwer Lytton that My Lords are of opinion that the issue of the United States Gold Coins to the Troops in Vancouver's Island should be regulated by the rates which legally govern the issue of such coins to the Troops in thethe North American Colonies and the West Indies—viz—at the rate of £2.1 for the Eagle and £1.0.6 for the half Eagle.

I am to observe that by the rate adopted by the Admiralty for the payment of Ships' Crews in the Pacific, such coins are undervalued to the extent of 2 1/2 per cent, and the Public is subjected to a loss to that extent, and it is the intention of My Lords to communicate to the Board of Admiralty their opinion that the Navy rate for thesethese coins should be assimilated to the Army rate.