The rate at which the exchange was effected was par with a cash bonus of 6%.
Inasmuch as the debenture stocks and preference shares would have to be redeemed in 1911 at premiums ranging from 3 to 5 per cent., the state would have to pay the company £253,000 in excess of the total of the outstanding securities in order to enable the ordinary shares to receive par, and in the council's view this payment would diminish the p robability of the Post Office being able to afford a substantial reduction in the telephone charges.
In October the rate of exchange was at par, the premium on gold had disappeared, and by the end of the year the budget showed a surplus of sixteen millions.
Since Bel signifies the "lord" or "master" par excellence, it is, therefore, a title rather than a genuine name, and must have been given to a deity who had acquired a position at the head of a pantheon.
Those utilized were the Kaoshan (the "Hindu Kush" pass par excellence), 14,340 ft.; the Chahardar (13,900 ft.), which is a link in one of the amir of Afghanistan's high roads to Turkestan; and the Shibar (9800 ft.), which is merely a diversion into the upper Ghorband of that group of passes between Bamian and the Kabul plains which are represented by the Irak, Hajigak, Unai, &c. About this point it is geographically correct to place the southern extremity of the Hindu Kush, for here commences the Koh-i-Baba system into which the Hindu Kush is merged.