ad ::
A
HONGKONG & SHANGHAI BANK, LONDON.
trade would probably soon adjust exchange to a normal level.
Currency questions are so involved that one is
naturally diffident about expressing decided views, and I can
assure you the present occasion is no exception to the rule.
83
Should the Govern ment decide to have a note iesue
Ver
of their own payable in Silver, and invest part of their reserves
in gold securities, they would run no small exchange risk, besides
* do I tiem avon ho Jounce 1b qd bolala
perhaps encountering other difficulties, and as I said at the
outset, I very much doubt if there would be any compensating
advantages either to themselves or to the trade of the Colony.
\do al goodsmol ni seda
C. S. Addie Esq.
ot titluc
noliaetog Te
ei rolɛqarooo bna etae not alos nu”.
London.
Yours very truly,
(SIGNED) J. R. M. SMITH.