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in fact the difference between the highest and lowest average
monthly amount of bank notes in circulation, according to the
figures published in the Government Gazette was:-
In 1905....
in 1906.
in 1907..**
In 1908...
.$6,028,415
7,739,884
4,160,429
3,140,568.
in 1909..(January to May). 6,994,747.
My Committee are therefore of opinion
that the Hon. the Colonial Treasurer's estimate of expenses is
too low.
Regarding the proposal to invest a pro- -portion of the dollars in Gold Securities my Committee consider that a reserve fund should be established to cover the exchange risk so that the coin and investments held against the issue will at all times be sufficient to redeem it at par and that no call on the revenues of the Colony will ever be necessary.
I am also directed to call your attention to the possibility of the adoption by China of an uniform currency and to point out that in the event of this taking place it may be found advisable to change the currency of this Colony which might involve the recoinage or disposal of the dollars in reserve. My Committee think that before incurring the responsibilities attaching to a note issue the Government should give careful consideration to this contingency.
The Hon. Mr. A. M. Thomson,
Colonial Secretary.
I have etc.,
(Sd.) E. A. H. Villians,
Secretary,
:
.....