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exit
the discount. In any case so long as a separate and more
popular coinage exists and circulates at a discount the benefit
to the Banks from the rehabilitation of the Hongkong Coins is
dubious.
III.
This paragraph contains the scheme which
in brief is to obtain a loan of 12 million dollars in subsidia-
-ry coin at face value demonetized the coins at a loss of $1,800,000 and use the balance of $10,200,000 for further
redemption. On this process the Banks make a profit of the
full discount unless the terms of the loan are such as to
take into account this profit. I confess I do not appreciate
the advantage of this proposal over a gold loan obtainable
on easier terms in England, (and convertible at present rate
or
of exchange on favourable terms). With such a lean the Government could without divulging its intention buy up,
negotiate with a Bank (as proposed above) to demonetize,
sums from time to time as it desire d, and would obtain the
profit (or rather not incur the loss) of the discount.
such
IV.
I do not think that the assumption that the
*rush for redemption at par would soon be over is admissible. The Hongkong coins now circulating at discount throughout all
South China would dribble in for many years to be exchanged at
par.
V.
I do not see the necessity of a new issue
of Nickel coins. To begin with it necessitates the redemption
of 1 million dollars worth of additional coins which (according
to the data here assumed would remain incirculation at par
together with an additional quantity which might have been
held in reserve for the annual issue.
I do not think it legitimate to use the
profit on such an issue if made or the profit on a note issue for any other purpose than as a reserve fund against the issue. To do otherwise is to repeat the mistake which has led to the
present délemma.
VI.