diff --git a/docs/options.md b/docs/options.md
index 8ea4b98..8a6398f 100644
--- a/docs/options.md
+++ b/docs/options.md
@@ -104,10 +104,11 @@ Random sample methods are also supported, but also not recommended:
 
 The use of a random sample method requires *Normalise ballots* to be enabled, and will usually be used with a *Quota criterion* set to *>=*.
 
-### Papers to examine in surplus transfer (--transferable-only)
+### Papers to examine in surplus transfer (--transferable-only/--subtract-nontransferable)
 
 * *Include non-transferable papers* (default): When this option is selected, all ballot papers of the transferring candidate are examined. Non-transferable papers are always exhausted at the relevant surplus fractions. This is the method typically used with the weighted inclusive Gregory or Meek methods.
-* *Use transferable papers only*: When this option is selected, only transferable papers of the transferring candidate are examined. Non-transferable papers are exhausted only if the value of the transferable papers is less than the surplus. This is the method typically used with other surplus distribution methods.
+* *Use transferable papers only* (--transferable-only): When this option is selected, only transferable papers of the transferring candidate are examined. Non-transferable papers are exhausted only if the value of the transferable papers is less than the surplus. This is the method typically used with other surplus distribution methods.
+* *Subtract non-transferables* (--transferable-only --subtract-nontransferable): Same as *Use transferable papers only*, but the value of the transferable papers is calculated by subtracting the value of non-transferable papers from the progress total. This has effect only as far as concerns rounding.
 
 ### (Gregory) Exclusion method (--exclusion)
 
diff --git a/html/index.html b/html/index.html
index 74cc4ef..149a195 100644
--- a/html/index.html
+++ b/html/index.html
@@ -123,6 +123,7 @@
 							<select id="selPapers">
 								<option value="both" selected>Include non-transferable papers</option>
 								<option value="transferable">Use transferable papers only</option>
+								<option value="subtract_nontransferable">Subtract non-transferables</option>
 							</select>
 						</label>
 					</div>
diff --git a/html/index.js b/html/index.js
index ad49e62..2c3c7ec 100644
--- a/html/index.js
+++ b/html/index.js
@@ -154,7 +154,7 @@ async function clickCount() {
 		document.getElementById('txtSeed').value,
 		document.getElementById('selMethod').value,
 		document.getElementById('selSurplus').value,
-		document.getElementById('selPapers').value == 'transferable',
+		document.getElementById('selPapers').value,
 		document.getElementById('selExclusion').value,
 		document.getElementById('chkMeekNZExclusion').checked,
 		document.getElementById('selSample').value,
diff --git a/html/presets.js b/html/presets.js
index 9e5c505..a8416ad 100644
--- a/html/presets.js
+++ b/html/presets.js
@@ -239,7 +239,7 @@ function changePreset() {
 		document.getElementById('selSumTransfers').value = 'by_value_and_source';
 		document.getElementById('selSurplus').value = 'by_order';
 		document.getElementById('selMethod').value = 'wig';
-		document.getElementById('selPapers').value = 'transferable';
+		document.getElementById('selPapers').value = 'subtract_nontransferable';
 		document.getElementById('selExclusion').value = 'single_stage';
 		document.getElementById('selTies').value = 'backwards,random';
 	} else if (document.getElementById('selPreset').value === 'minneapolis') {
diff --git a/src/cli/stv.rs b/src/cli/stv.rs
index 788497e..5f7c5b1 100644
--- a/src/cli/stv.rs
+++ b/src/cli/stv.rs
@@ -125,6 +125,10 @@ pub struct SubcmdOptions {
 	#[clap(help_heading=Some("STV VARIANTS"), long)]
 	transferable_only: bool,
 	
+	/// (Gregory STV) If --transferable-only, calculate value of transferable papers by subtracting value of non-transferable papers
+	#[clap(help_heading=Some("STV VARIANTS"), long)]
+	subtract_nontransferable: bool,
+	
 	/// (Gregory STV) Method of exclusions
 	#[clap(help_heading=Some("STV VARIANTS"), long, possible_values=&["single_stage", "by_value", "by_source", "parcels_by_order", "wright"], default_value="single_stage", value_name="method")]
 	exclusion: String,
@@ -294,6 +298,7 @@ where
 		cmd_opts.surplus.into(),
 		cmd_opts.surplus_order.into(),
 		cmd_opts.transferable_only,
+		cmd_opts.subtract_nontransferable,
 		cmd_opts.exclusion.into(),
 		cmd_opts.meek_nz_exclusion,
 		cmd_opts.sample.into(),
diff --git a/src/stv/gregory/mod.rs b/src/stv/gregory/mod.rs
index b626f44..22a5ad1 100644
--- a/src/stv/gregory/mod.rs
+++ b/src/stv/gregory/mod.rs
@@ -265,6 +265,11 @@ where
 	let count_card = state.candidates.get_mut(elected_candidate).unwrap();
 	count_card.ballot_transfers = -&total_ballots;
 	
+	if opts.transferable_only && opts.subtract_nontransferable {
+		// Override transferable_votes
+		transferable_votes = count_card.votes.clone() - exhausted_votes;
+	}
+	
 	let mut surplus_denom = calculate_surplus_denom(&surplus, &transferable_ballots, &transferable_votes, &total_ballots, &total_votes, opts);
 	let surplus_numer;
 	let mut surplus_fraction;
diff --git a/src/stv/mod.rs b/src/stv/mod.rs
index 1bb912d..31f65e4 100644
--- a/src/stv/mod.rs
+++ b/src/stv/mod.rs
@@ -104,6 +104,10 @@ pub struct STVOptions {
 	#[builder(default="false")]
 	pub transferable_only: bool,
 	
+	/// (Gregory STV) If --transferable-only, calculate value of transferable papers by subtracting value of non-transferable papers
+	#[builder(default="false")]
+	pub subtract_nontransferable: bool,
+	
 	/// (Gregory STV) Method of exclusions
 	#[builder(default="ExclusionMethod::SingleStage")]
 	pub exclusion: ExclusionMethod,
@@ -189,6 +193,7 @@ impl STVOptions {
 		if self.surplus != SurplusMethod::Meek {
 			if self.surplus_order != SurplusOrder::BySize { flags.push(self.surplus_order.describe()); }
 			if self.transferable_only { flags.push("--transferable-only".to_string()); }
+			if self.subtract_nontransferable { flags.push("--subtract-nontransferable".to_string()); }
 			if self.exclusion != ExclusionMethod::SingleStage { flags.push(self.exclusion.describe()); }
 		}
 		if self.surplus == SurplusMethod::Meek && self.meek_nz_exclusion { flags.push("--meek-nz-exclusion".to_string()); }
@@ -224,6 +229,7 @@ impl STVOptions {
 			//if self.sample == SampleMethod::StratifyFloor && self.sample_per_ballot { return Err(STVError::InvalidOptions("--sample stratify_floor is incompatible with --sample-per-ballot")); }
 			if self.sample_per_ballot && !self.immediate_elect { return Err(STVError::InvalidOptions("--sample-per-ballot is incompatible with --no-immediate-elect")); }
 		}
+		if self.subtract_nontransferable && !self.transferable_only { return Err(STVError::InvalidOptions("--subtract-nontransferable requires --transferable-only")) }
 		if self.min_threshold != "0" && self.defer_surpluses { return Err(STVError::InvalidOptions("--min-threshold is incompatible with --defer-surpluses (not yet implemented)")); } // TODO: NYI
 		if self.round_subtransfers == RoundSubtransfersMode::ByValueAndSource && self.bulk_exclude { return Err(STVError::InvalidOptions("--round-subtransfers by_value_and_source is incompatible with --bulk-exclude (not yet implemented)")); } // TODO: NYI
 		return Ok(());
diff --git a/src/stv/wasm.rs b/src/stv/wasm.rs
index 7ece0cc..d470389 100644
--- a/src/stv/wasm.rs
+++ b/src/stv/wasm.rs
@@ -249,7 +249,7 @@ impl STVOptions {
 		random_seed: String,
 		surplus: &str,
 		surplus_order: &str,
-		transferable_only: bool,
+		papers: &str,
 		exclusion: &str,
 		meek_nz_exclusion: bool,
 		sample: &str,
@@ -277,7 +277,8 @@ impl STVOptions {
 			ties::from_strs(ties.iter().map(|v| v.as_string().unwrap()).collect(), Some(random_seed)),
 			surplus.into(),
 			surplus_order.into(),
-			transferable_only,
+			if papers == "transferable" || papers == "subtract_nontransferable" { true } else { false },
+			if papers == "subtract_nontransferable" { true } else { false },
 			exclusion.into(),
 			meek_nz_exclusion,
 			sample.into(),
diff --git a/tests/tests_impl/nswlg.rs b/tests/tests_impl/nswlg.rs
index 3b1ca6e..8d8abed 100644
--- a/tests/tests_impl/nswlg.rs
+++ b/tests/tests_impl/nswlg.rs
@@ -33,9 +33,10 @@ fn nswlg_albury21_rational() {
 		.ties(vec![TieStrategy::Backwards, TieStrategy::Random(String::from("20220322"))])
 		.surplus_order(stv::SurplusOrder::ByOrder)
 		.transferable_only(true)
+		.subtract_nontransferable(true)
 		.build().unwrap();
 	
-	assert_eq!(stv_opts.describe::<Rational>(), "--round-votes 0 --round-quota 0 --round-subtransfers by_value_and_source --quota-criterion geq --ties backwards random --random-seed 20220322 --surplus-order by_order --transferable-only");
+	assert_eq!(stv_opts.describe::<Rational>(), "--round-votes 0 --round-quota 0 --round-subtransfers by_value_and_source --quota-criterion geq --ties backwards random --random-seed 20220322 --surplus-order by_order --transferable-only --subtract-nontransferable");
 	
 	utils::read_validate_election::<Rational>("tests/data/City_of_Albury-finalpreferencedatafile.csv", "tests/data/City_of_Albury-finalpreferencedatafile.blt", stv_opts, None, &[]);
 }