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C
122
The result would probably be as stated
that the subsidiary coinage of this Colony might temporarily
cease to be British, but I do not perceive that immediate
rehabilitation would prevent this, or decrease the popularity
of Chinese coins (as against gradual rehabilitation).
I do not think that this would be of use,
the coin has we know disseminated throughout South China, and I
doubt whether any such enquiries would give any data of
sufficient reliability. The scheme propounded is for the redemp-
-tion of the surplus coins by means generally speaking
A
+
of a Loan. Let us assume for the moment that the scheme is
fully practicable, and would effect the object intended. The
result would be as stated on the previous page, that the Hong-
-kong Currency would practically become Chinese, and in the
terms of Mr. Stewart's resolution it would be useless to
rehabilitate "except as part of a larger scheme" by which
Chinese coinage would be ousted".
II (a). I see no reason why the Government should
itself to redeem at face value, when it is open te it to
purchase from Banks (from time tà time as it may have funds
at its disposal for the purpose) considerable sums of sub-
-sidiary coin at the existing discount. There is in my view
nothing to prevent such purchases, or alternatively to pay a
Bank the amount of the loss it incurs by demonetizing a given
quantity of coin on production of a certificate that the coin
has been melted down and vouchers for the loss entailed. The
amount of the discount is therafore saved to the tax-payer.
(b). It is questionable how far the holders of
subsidiary coin would benefit by rehabilitation, and this benefit is assumed as undisputable. The banks safe-guard their interests by charging discount, and so long as they receive and pay out at equal rates they do not suffer. They even profit
by buying when the discount is high and selling when it is low. Moneychangera who probably hold stocks very possibly gain by
the