39
to withdraw at once if the Government
issue notes of less than 5 dollars.
replace. They will of course be un-
29553/11
limited legal tender except by the
10.
In the Malay Peninsula the
Currency Commissioners at the Office of
issue of one dollar notes by the
issue, of by a Bank in rodeputy
Streite Settlements Government has
been an enormous success.
Mr.Harcourt
does not see why one dollar notes
should not be also a success at Hong
Kong, and it may be noted that the
Hong Kong and ShBank has recently
ranghai
stated that its issue of one dollar
notes is alwers at the limit authori-
sed. The community are therefore
rocustomed to notes of this low value
end evidently appreciate them, The
Secretary of State would not however.
?
Thoughtt
object if Their Lordships pd
desirable to have also
& Government note of two dollars,
人口
串
Possibly other denosinations of
He prefers
an issue of one follar notes only,
which are most neg. in value to the
subsidiery coils which they will
replace
Reference may
made
m
this point
to the 24h. from the
The
Calay
off which a sofer
0.A.4. malined in the letter from this Office of the 18th of
Way
Dec. 1910.
15
34466/10
(helter of mit for
export, bring it open. Persmally's think it wohe Life.
bolip hou forsale
11.
The procedure to be adopted
would be as follows. A stock of notes
would be prepared and sent to Hong Kong
The Government would then take from e
Bark an accumulated stock of silver subsi-
diary coin, calculated at a price based
on the prevailing rate of discount, plus
a comanission to the Bonk,
The amount to
The silver cu
be paid may be called x.
sidiary coin would then be sold f
port, on a guarantee that it will be
uplted down. Notes to the amount of I
would be paid to the Bank, and from the
proceeds of the scle of the subsidiary
silver coin as bullion standard dollars
of
to the amount of two thirds I would be
A
held as a specie reserve against the
notes issued. The reminder of the
price