4
Copy
(C372)
Biel: n70/1548/145.
290
Copy of telegram despatched to E. G. Hillier, Peking,
by Sir Charles Addis, London, March 18th,1
,1914.
Issue.
Replying to your telegram of 18th March Canton Note
Have received R. C. Allen's private telegram of
15th March.
Even supposing consent of the other Groups and the
bondholders could be obtained to the diversion of Salt
Gabelle funds the proposals would appear to lack finality.
In the absence of any certainty as to the amount of the
notes in circulation it is doubtful if any scheme for
dealing with the Canton Currency as an isolated unit could
be made effective.
I realize the gravity of the position and the danger of
delay but I doubt if there is any other satisfactory method
open to us than to treat the redemption of the Canton Note
Issue as part of the general scheme of Chinese Currency
Reforma under the Currency Loan Agreement.
The foregoing is my impression at first sight pending
your further advice in re liis Britannic Majesty's Minister
and Governor of Hongkong.
Ve