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Minute by the Colonial Treasurer.
(Enclosure to 'G'.)
604
Notes re proposed Government Issue.
1.
The issue of paper for legal tender excluding sub-
-sidiary coin.
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The redemption of such paper, on presentation, in
legal tender.
3.
The storage
of the coin tendered for notes with the
proviso that as soon as the limit of safety is ascertained by
practice a portion of the coin will be invested in gold
securities.
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It is understood that the Banks in the Colony will
accept the notes and that therefore any one wanting notes for
coin or vice versa will be accommodated at the various Banks
always with the proviso that the Treasury is ready to do so
in case of trouble.
5.
The question of the Government having its own
Treasury is a subsidiary one. Possibly it may be necessary to
build a Treasury if no one of the Banks will hire a vault or
undertake the issue and redemption of the notes.
6.
It is estimated that the revenue would be benefited
to the extent of the difference of 1 per centum note duty and 34 per centum interest on the investment of half of the bullion
deposits.
On present data of excess issues of notes by the Hongkong and Shanghai and Chartered Banks it is estimated that at least $8,000,000 Government notes would be required by the Community; leaving out of account the fact that notes are so scarce at the present day as to make a difference of 34 per
centɩm between them and the legal tender.
Taking the above figure:-
$8,000,000