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ing, I informed him and the Assistant Colonial Secretary that I supported the measure.
7.
Although I gave my support to a moratorium on this occa- sion, I may perhaps be allowed to point out some of the dangers which always attend the taking of such an extreme measure. These dangers must be borne in mind if a similar occasion a-
rises in the future; and the effects of the financial situa-
tion, as it then is, must be carefully considered. A mere mechanical imitation of precedents may lead to grave results.
72. The moratorium at all times is a dangerous device. If
it became the regular practice to declare a moratoriu in
every financial crisis, the natural check to over-trading, namely, the fear of the resulting crisis, would become too weak. It is only justified by political disturbance so unex- pected and of such intensity that no ordinary exercise of business caution or forsight would be sufficient to meet it; and this was our case in June. Granted that in this case the
moratorium saved some of the Chinese registered banks and many of the native banks from the necessity of suspension in June
and July, it nevertheless completely disorganised the financial
fabric of the Colony. It occurred immediately before the June
Settlement fixed for the 23rd ( a time probably chosen purpose- ly by our cunning enery), and made it impossible for that Set- tlement to be carried through, since the bulk of Stock Exchange transactions had hitherto been financed by leans from the banks; and all the banks, including the foreign banks, suddenly with- held the financial support already promised. This sction created Tery widespread apprehension of ruinous losses among the Chinese merchants and traders of all classes. In fact there was a Stock Exchange panic, and the Settlement had to be postponed - a step whose justification is still a matter of controversy. It is true that but for the postponement there would have been whole- sale failures which would have spread through the community in