Serial
Subject
Page.
From or to whom.
No.
Despatch No, ko
Date.
B.
Subject.
Page.
1905.
89
The Governor
Confi- October 19 dential. (Rec. Nov. 11.)|
Recommends that when the ratio of exchange with gold becomes fixed, any further expansion of the currency should be by means of the issue of one dollar notes; requests that a design may be prepared and sent out.
100
To the Governor
Telegram
68.
90
To the Governor
Secret
November 17
States views upon the points submitted
in No. 87.
69
91
The Governor
...
Telegram (Reo. Nov. 18) Urges the adoption of his proposala in No. 89, as it is probable that the fixed rate of exchange mentioned therein will shortly be reached; dollars would be accumulated with the Currency Commissioners and notes paid for with gold, and Crown Agents should be instructed to sell securities to the value of £150,000, and arrange for shipment of gold from Australia.
1906.
January 12
70
101
The Governor
Secret
December 20,
102
Ditto
1905 (Rec. Jan. 13, 1906.) Telegram (Rec. Jan. 14)
Requests his opinion of the causes of the recent sharp rises in Singapore exchange: states that any fixed rate for issuing notes against gold in Singapore would have to be the same as that ruling at the time of the notification; and asks for gist of representations made by the mercan- tile community, for his views on the possibility of a half-orown dollar, and when the suggested amendments to Ordinance will be made.
Submits further observations, in reply to No. 93, in support of his proposals in No. 91.
Submits his views as to the cause of the rise in the rate of exchange, and pro- poses, with a view to bringing specn- lation to an end, to invite tenders for payment in London of gold for re- mittance to Singapore against the issue of bank notes in the Colony, and to declare that on and after 1st May notes will be issued in Singapore in exchange for gold at the rate of nine dollars to the pound sterling.
{Telegram | (Roo. Jan. 17) | Reports that rate of exchange on Eng-
92
To the Governor... Telegram | November 21
Regrets inability to approved proposals
contained in No. 91.
70
93
Ditto
Secret
November 24 Explains reasons for not accepting his proposals in No. 89.
70
103
Ditto
94
Ditto
***
Confi- dential.
December 15 Suggests that Section 7 (B) of the Currency Note Ordinance should be amended by deletion of the provision by which notes may be obtained for gold tendered either at Singapore or to the Crown Agents in London.
72
104
To the Governor
..
Telegram
January 20
1906.
105
The Governor
Land is 28. 3d.
States, with reference to Nos. 102 and 103, that it is considered inadviable to settle rate of exchange now, but any further arguments he may desire to put forward will be fully oon-
sidered.
Telegram (Reo. Jan. 22)| Reports cessation of speculation; legiti- mate business is suffering serious loas owing to the uncertainty of the rate of exchange, and the loss to community and Government is far in excess of any risk of involuntary failure of fixing rate as he proposed; trusts that fixity will be agreed to as 80-011
95
The Governor
Telegram (Reo. Jan. 3) | Reports that rate of exchange is approxi-
72
mately 28. 3d, to the dollar, and re- quests authority to issue currency notes for gold at 9 dollars to the pound sterling.
96
To the Governor
Telegram
January 4
i
States, in reply to No. 95, that action cannot be authorised at present; refers to No. 93.
73
97
The Governor
Secret
98
Ditto
***
December 14, Submits remarks in reply to No. 90
1905 (Rec. Jan. 6, 1906.) Telegram (Rec. Jan. 10) |
73
-
106
The British North
January 23
Borneo Company.
Reports that rate of exchange is 28. 4jd., and is rising rapidly; banks are pressing for notes and stringèncy is expected.
75
107
To the Governor
***
January 25
99
35
Ditto
75
Telegram | (Rec. Jan. 11) | Reports that the demand for currency is always active at Chinese New Year, which begins on January 25th, and a panic is feared if nothing can be done to relieve stringency; again urges the course suggested in No. 95.
as proposed rate is reached: requests authority to invite tenders for remittance of suus not exceeding
•$280,000 half for gold remittance pending fixture of lawful rate,
Points out that continuanos of the high value of the Straits dollar will seriously affect the development of North Borneo, and suggests that the remedy is to introduce a new dollar, the exchange value of which could be fixed at about 2s.
Informs him that the Beoretary of State cannot agree to his rase of 9 dollars to the pound, and would prefer to postpone fixing the rate; but if he in clearly convinced of the necessity, the dollar may be fixed at is. Ad., and instructs him how to proceed in that event.
75
76
77
78
78
78
79
79
81104
3
PUBLIC RECORD OFFICE
Reference ---
THIINC.O. 882
لسلسسسلنا
6
PUBLIC RECORD OFFICE, LONDOSÉ
ALLY WITHOUT PERMISSION OF THE BE REPRODUCED PHOTOGRAPHIC- COPYRIGHT PHOTOGRAPH-NOT TO]
Serial No.
From or to whom.
Despatch No., ko.
Date.
xii