1
432
arisen had confidence in the issue been firmly established by giving every facility for meeting every request for encashment promptly.
4.
Wherever the blame lies the result is regrettable. I had hoped that once confidence had been established in the new issue the bulk of it would have remained in circulation. This, I know, was the hope of the Manager of the Hongkong and Shanghai Bank whose Institution has nothing to gain by a restricted native note issue of a really sound character. As it is I am informed that the 85,664,000 of the new issue not encashed is not really in circulation, but is held by Chinese Banks and other large holders. It may perhaps come into circulation later.
5.
Whatever happens in that respect, there is no doubt that the removal of the depreciated note issue has greatly improved the financial situation in the Province.
I have the honour to be,
gir,
Your most obedient,
humble servant,
болад may
Governor,&c.