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temporary stringency?
Under the present circumstances the Banks buy bills and remittances to London at a rate of exchange, and thus put out their Notes until the tightness is over. Would the Government be prepared to take this risk in exchange ?
There would be no time to coin dollars and indeed the dollars would not be really needed, the stringency being only temporary, but violent fluctuations in exchange would ensue if the market was not immediately met.
To take an opposite instance; if imports were to pre- -dominate and money become very easy, the deposits of the Banks would be swelled by large quantities of Government Notes being paid in and rether then hold them as idle cash, the Banks would be compelled to ask the Government for dollars, which would have to be sold as silver (thus depressing exchange) and the proceeds invested in other countries.
The above two instances represent respectively the expansion and contraction of the lote virculation of the issuing banks under similar circumstances, which, through their connect- -ion with other countries, work quietly and smoothly and without the difficulties which would beset the Covernment.
I cannot help thinking, that under the present condi- -tions of exchange in China, the Government would be making a
mistake in endeavouring to esta lish a lote Issue on a silver
basis, and that, subject to careful control by the Government,
the paper currency is better left to the Exchange Banks, who are
in the closest possible touch with the trade of the country and
its financial requirements.
In conclusion I would put forward the claims of this Bank to be considered & fit and proper Institution for the privilege we desire. I enclose a copy of our last Balance Sheet, from which you will notice that the Cash and Bullion on hand are £1,150,000 and the Government Securities £364,000, making a total of over a million and a half sterling, uile our annual profits amount to nearly 20% on our capital, enabling us to be constantly