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Our total note-issue is about $65,000,000. This leaves only $25,000,000, in active circulation, and the requirements for normal trading are estimated to be about 845,000,000. Naturally a considerable part of the effective currency of the Colony consists of cheques dram against deposit accounts, such deposits being in many cases really new currency created by the banks by way of loans or overdrafts against suitable securities based on their cash reserves, Now this part of the currency has been restricted by the doubt as to the immediate solvency of the merchants. As the storm passed and the Strike dragged out, it became clear. that some measure would be necessary to replace the hoarded currency and to serve as a cash basis, or the extension of the cheque currency based on loans and overdrafts. It is well known that in times of stringency in the money market a comparatively mall aus will serve to draw out much larger
quantities of currency into active circulation if it is provided
in such a way as to inspire confidence. It now became urgently necessary to find that sum, and in such a way as to restore
public confidence by a dramatic action.
77. Being convinced of the existence of a stringency, and realising that it was intensified by the anxious and uncertain state of mind of the Chinese merchants, I suggested a large loan
from the Imperial Government, as the result of a letter from
the Chinese General Chamber of Commerce to the Government on
the 19th September appealing for assistance to the amount of
$30,000,000 in the shape of Treasury Bonds. After discuss-
ing the Chamber's rather vague proposals with the Hon. Mr. D. V. Tratman I submitted that it was necessary to appeal to the
Imperial Government for advances not exceeding £3,000,000 Ster- ling on approved securities, for the relief of the Chinese mer
chants and others suffering from the currency stringency fol-
lowing the crisis. On the 22nd September a deputation from the Chinese General Chamber of Commerce was sympathetically
received by His Excellency the Governor and the advisers whom