charged with the problem, the only course seems to
its
be to await the result of their deliberations.
19
It is not of good augury that Mr: Messer has summ-
arily rejected what seems to be a sound and
generally hopeful scheme. To get back to a sound
basis, and in existing conditions, more dollars must
be coined. Nobody wants dollars; they lie uselessly
in store; and probably quite a small quantity would
be enough for the encashment of any notes presented,
or likely to be presented. Silver certificates
seem the obvious solution. And that solution Mr:
Messer summarily rejects,without-apparently-
any consideration. He certainly gives no reasons.
(e) I agree with Mr: Ezechiel that we should avoid
any attempt to settle the matter, from here, on
theoretical and doctrinaire lines. The local problem
is much too complex to render any such solution safe.
The probable course of events would seem to be that
the local committee will be unable to produce any-
thing of value; we here-out of touch with all the
evident complexities of the situation-will be unable
to put forward with confidence a solution; and we
shall have, in the end, to resort to the plan of
sending someone to Hong Kong,who has wide currency
experience, and who can, taking all the local factors
into consideration, evolve a satisfactory plan.
If Sir Basil Blackett's services were available,
he would doubtless do the work very well indeed.
Sir Hilton Young would probably be disinclined to
visit Hong Kong after six weeks in 'Iraq. The only
other name which occurs to me at the moment is
Sir Henry Strakosch's. But, when the time arrives,
we can doubtless find a suitable person. A committee
seems hardly appropriate,considering the magnitude
of the interests involved.