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BR 03
sir,
Hongkong General Chamber of Commerce,
Hongkong, 28th June, 1900
0.0.
| 35645 REC
Fre! 30 OCT 08
In reply to the enquiry in your letter of 11th June, 1909, (No.8641/1908), I am now directed to state
that my Committee see no objections to a Government Note Issue
provided such an issue does not mean a loss of revenue to Colony or an increased expenditure without a consequent and equivalent increase of revenue, and provided the conditions of the issue are such as to in no way hamper the trade of the Colony.
With regard to the Memorandum of the Hon. the Colonial Treasurer dated 5th June, 1909, and enclosed in your letter above referred to my Committee are of opinion, in the case of a Government Note Issue, that the issue and redemption of the notes should be undertaken by the Government, Government Officials should be in charge thereof and that the coin and/or securities held against the circulation should remain in the hands and be entirely under the control of the Government. It would therefore be necessary for the Government to arrange for a Department to issue and redeem the notes and to have a treasury of its own.
The Colony occupies the position of a financial centre for the Southern Provinces of the Empire of China and large amounts in hard dollars are therefore liable to be imported or exported suddenly. Shipments of several lacs of dollars at one time are of frequent occurrence and it is on record that only some three years ago one steamer brought $24 lacs while more recently $15 lacs were exported in one steamer. It may consequently be inferred that considerable variation will take place in the amount of notes in circulation: