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\eɛenido
Chinese, on whose behalf they are acting, redeemed
438
the notes themselves, they would at once have
casked then, as was done by the Provincial Autho~
rities within the first two days. I do not know
whether or not you will agree with my interpretation
but the object at which I am niming is the non-
presentation fer encashment, and the placing in eireu-
lation if possible of the notes at present here,
Tere the banks to treat these as ordinary currency until
the replacing notes arrive, after which they could be withdrawn and exchanged, confidence in the issue ran
To act otherwise would speedily be establisked.
is to place on the market a new issue without any
reserve behind it, and when this fact becomes publie property, a depreciation as great as that of the old issue would in course of time appear to be inevitable.
Assuming that no new notes were cashed the
position would roughly work out as follows:
014 notes – Bay
Bay
-
$16,000,000.
$35,000,000
.455 - nor notes
Against this place:
Original advance £1,000,000
-
Supplementary .. 250,000 say $18,500,000, a to- serve of cash against notes equal to 80%..
The holdings of the British and German Banka not yet fully redeemed equal (in new notes) about $5,000,000, which sum it is proposed to set aff against requisitions for silver, thereby reducing
FOSSITO/