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Coming to the question of a Government
issue it may be noted that Hongkong has as its standard a
clumsy and cumbersome coin of low value: compared with England,
the objection to the Mexican Dollar is shown by the difference
in carrying one sovereign or twelve dollars in one's pocket.
It would therefore appear that Government ought to do something
to improve the nobility of its currency.
Again even if the Fercantile Bank had the
privilege this might prove to be only a stopgap as their issue
would naturally be limited., whereas the Government issue
being unlimited would fully solve the question.
The fact that a certain revenue night also
be derived from investments of a part of the deposit is in its
favour.
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I find that the Straits Government had
invested, on 1st. January, 1908, $11,180,000 out of a deposit of $23,190,000 being nearly 50%.
The note issue in Hongkong as per return
for last month was $19,626,000 of which the excess issue amounted to $5,900,000, which would no doubt be very shortly
displaced.
Assuming therefore that on the start an issue of $8,000,000 would be required the profit resulting from Investment of $4,000,000 at 34 would be $140,000 per annun, less deduction as below. This profit would no doubt increase as the remaining notes of the Banks were displaced which would no doubt happen to a good extent, seeing that Government notes
would be legal tender.
Coming to the other side of the question
it is quite possible that if a note issue were in oduced at the present low rate of exchange, and investments pre made in sterling (as they would no doubt have to be) Government runs a grave risk of loss: the investments having to be written down as exchange went up. Provision would therefore have to be
made