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Government would from time to time buy subsidiary coin at as low
a rate as possible, add to such purchase the accumulation from Revenue, sell the whole at home and pay into Government account at the Bank the difference on the transaction in Government notes. On the occasion of the first transaction alone would it be necessary to issue the whole amount in notes ?
000
A Government guarantee fund would be instituted and an initia) payment of say $200 followed by an annual contribution appropriated by Ordinance of say 850,000 made thereto. This fund would be invested preferably in silver securities and profits thereon would be added to
the fund.
Na Casko
The purchases in the market might be made in notes at first de these notes being redeemed to the extent that as soon as easit would be
of the coin as som moralised, available by the sale so that 60% of the notes would be again available
A
A
for fresh purchases. A period of 3 months would be sufficient for the purpose of any one transaction.
9. There is no objection to the suggestion in paragraph 13 in case it
was decided to let the note issue continue.
10. Paragraph 15. This controverts the well known law known as
'Greshams'.
It is to me quite clear that wit out prohibition the Chinese
imitations of subsidiary coin would replace, for subsidiary coin pur- -poses certainly and for a good few more probably, that portion of Hongkong coin redeemed, even if the former were in circulation at a
value auch below the latter.
I argue therefore that without eventual prohiition the scheme will fail. The prohibition need not however take place before the initiation of the scheme but might be put off till there was a consider- -able difference in the market value of the coins and the expense of
redemption would thereby be lessened.
11. Paragraph 16. There is a fair probability that the notes may be refused admission, or at least not be allowed to circulate in China. As indeed may be the case with our subsidiary coins themselves. This how- -ever does not much matter as it is imaterial in what pocket the liability is held.