1/4/30
j
Provinces are
are concimes
conarmed,
on
the
service which
an adequate HK
Carency
is required to perform
21-
is
in present conditions not merely
the Colony itself which has to be
legiclated for
if the full
regumiement of
HR trade is to
be met.
The Bank Nove
does it: the
зарни
dollar coin does not.
with the
the fuel"
step suppected by R. Caine
Mant.
The Secretary of State has now
appointed a standing Currency Committee with
ch Sir John Campbell as
Chairman, Mr. Ezekiel,
Mr. Caulcott (Barclay's Dominions and Overseas
Bank), myself, a Treasury representative and the
Head of the Department here concerned as members,
and Mr. Clauson as Secretary.
I think it is clear that this question
should be referred to the Committee.
ch
Mr.
Ezekiel is away at present and I am going away
next week until the end of the month.
Clauson is also away until the 20th.
Mr.
In these
circumstances I think that consideration by
the
Pa
Pa
9
11/50
the Committee might stand over till October.
I have looked through the Report
of the Currency Committee, but find it very
hard to make much of it, and it is tiresome
finding one's way about the accompanying
refract
memoranda. The Kemmerer strikes me as
exceedingly good and most valuable in the
information that it gives. I think we should
ask the Foreign Office to get more copies for
us and that there should be one for each
member of the Currency Committee as well as
extra copies for the Colony and the Colonial
Office.
So far the thing which strikes me
most about this subject is that everybody repeats "Hong Kong must have a silver standard
as long as China has", although it is perfectly clear that for years Hong Kong has
really not been living on a silver standard at
all, and that the Hong Kong rate of exchange
has not been constant with the price of silver
or the Shanghai rate, and consequently has
not secured what everybody speaks of as
essential, namely a close correspondence with
China. It is too early to try to form more
definite opinions than this on the subject.
R.V.V. 1/4
e9
e 9
Pag
Pag
Pressure of other important work has prevented me
from doing more than read the report itself, and glance through the appendices, and the Kemmerer
report.
2.
I agree to the action propàsed. We should have a meeting of the Comm: as soon as practicable;
of the report meantime, the members hould have copies to study
at leisure.fxxxport
3. I think we shall have to send out an expert,
or experts, as suggested in the minutes above--
Meantime, and as previously contemplated.
it looks as if the conclusions of the Comm: are
pretty much the conclusions to which we came here.
The 14th: September 1930.
Mes.
any. hell 14/9/30
let the matter be considered. by the Otten.
y
އ
گی
Pond the member a copy of the Hong Hory refint : and ath F. O. frivalily where printed eftes of B.
Huurefat will be available : & one y by fewritten inda do with a dozen. Then let pf aunt. M. Clauson's return_
we could.
Waller 17 Ellin
1514
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