140
matoo alent tanisņa noidaniwitselb tot bworg on el arent tart
blow tI .dmroseth Laupe taomis ne da etažuotio mwo we sonts
..o ereined wit monta,aeonetto wed to aaaís ental on streto
*tednut at wet ets But not ton at motusivorio visaihto hus
forsen to mirişin on siseto blow >I .♫tkw betetzetni JnGE DIC
noizziego-op al ad blnow odw‚atexriad erið to samo erið at squaxD
+
edð ævinoða bloff od wtsb don blow oɖte bun,#narutared wilt zid kw vine to ddgår er ¡aomi Wiese od blow dots to sonetatxe
.beprotne sď Tavan soldberg mi erotererft bloow dorsos bas
-frogmi rus auctot sentoo wen a to musal ent
‚*** «b^%@#T¢t fuq eamerion ait to Istovea to etujaet dram
ented att duovung of tebro al eventoo fedol¥ & #taeque ijaska 10
of entava me I .ne d aaɗ agentoo guitaixo art as antiin oð neðst
-IBNOBAVI onodd Tot ennaloo wAN YILB
znodyno” gaiðnte no ehem ditora est habivor¶
.(*)
Tendo on tot beau að oð br¶ Øvïeaeñï a xe benister at antéo
ads to ouĹey aidate ads to sonene,nism and tot nard eROQING
oj #Tineb Kivode gnoxanol yw trouser on al atent agentos
hurt evreret efi ...andiɔ nà noljøivonko kort males uit jointBa
#
mwathiidly de Witwop eds of oldat chæoja m ni od IIIw dokem
aji mtaðnis: od eyewja Joanntovoð midt sidans IItv satrið od
OJ SUIDOS Keo but Jacid no fueratal edý bas,rag da xONSTIKO
egantoo ven a gotvoal at toetɗo on wroteïent al eredt „eunevoñ
a ai di tadt blad I suaq yn tot sikdiw - terito no Iexo IV
A
ad blvora autoo gnoxqnok jand ebars of egaðasvhs tonitalb
current to some extent on the mainland.
(b).
The distribution of the Hongkong Subsidiary
Jointau
Coins is no doubt very large. We hear of them at Tientsin and
all over China. Therefore if a new coinage were introduced this
Colony would have to either incur the obligation to redeem the
existing coins as they dribbled in for the next half ceentnry
century, or fix a time limit after which it must repudiate.
Neither course is very satisfactory.
(c).
It is estimated that $1,500,000 worth of
Subsidiary Coin is required for the ordinary purposes of the Colony. If a new coinage is introduced this extra quantity has
to be demonetized, a needless cost. Moreover once the new
coinage were issued, the old must be redeemed (unless repudiated
at par value thereby foregoing the profit for decrease of loss)
gained by purchase at a discount which is an essential feature
of my proposal. The alternative of having two wholly different
currencies both legal tender, and both circulating at par is
inadmissible.
Though I prefer the method I have suggested, there is an alternative way of effecting the same object. The Government could if preferred hand over the project to a Bank
instead of undertaking itself to carry out the operation, but
in such a case it must be a stipulation that the withdrawal is
kept quite secret, and takes place suddenly, so as to cause a
sudden rise and appreciation of the Hongkong coins, and thus
create