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481
of office were obtained by secretly printing and putting into circulation notes far in excess of the amount reported in the official statements of the Treasurer and that large quantities of
such notes have by them been deposited in foreign banks (report says: the Bank of Taiwan and the Banque de l'Indo-Chine) later on
to be redeemed on the introduction of a note issue by the Central
Government.
The Civil Governor, in a report called for by the Ministry
of Finance in Peking, declares that the number of Republican notes
originally printed for the Kuangtung Government was $15,000,000 and
that subsequently $4,000,000 of 1 notes were added. Of these
£360,000 were spoiled in printing, burned or destroyed: consequently the net total printed was 18,600,000 odd. The engraving block is now to be destroyed and no more notes will be printed therefrom. of the Ch'ing Dynasty notes $12,000,000 worth were issued and $4,000,000 afterwards withdrawn. After independence was declared, however, Ch'en Tutu put over $1,000,000 of these again into circulation so that now more than 89,000,000 are on the market, $2,000,000 odd being still in the Treasury. The Civil Governor's estimate of the value of both old and new government notes in circulation is tuerefore over $27,000,000. He adds that the value of the notes which Liao Feng-shu was instructed to get printed in the United States was $30,000,000. It has been decided not to issue these.
Against their note issue the Government had in the Provincial Chest on Au, ust 19, when the revolutionary troubles were over, only $1,305,000 in silver. The Treasury held:
Canton Notes.
Dollars...
Sub Coin........
.84,469,018
4621 1,231,953.89 $5,704,592.89.
These figures were checked by the Chamber of Commerce. In the Mint, which had just been looted of 8841,500, were only some 868,000 in silver. Lung Tutu ordered that the new notes in the Treasury be used to purchase sycee and in September large quantities of