CO129-212 - Governor Sir Bowen - 1883 [10-11] — Page 295

CO129 Colonial Office Hong Kong Records 理藩院香港檔案 All AI Reviewed

290

and it must be remembered that a Government note will be more readily accepted at Canton and the ports of China than one issued by a Bank.

Receivable notes would become a legal tender as soon as they were restricted to Hong Kong.

A million and a half sterling may seem a large issue, but after all it is only about £250,000.

I will venture therefore to support it on other grounds, stating plainly that whatever merit attaches to the suggestion I am about to make belongs entirely to Mr. Carvalho, Cashier of the Treasury, to whom I am indebted for it. I would add that, in considering the subject, I have endeavoured to regard the needs of the public as the primary consideration to which the fiscal advantages of the Colony are secondary.

In the course of a year or two we shall have to raise a loan probably of $1,500,000. For this loan we shall pay at least four, perhaps five per cent. Now there would not be the smallest difficulty in circulating notes to the extent of $1,500,000. Of this sum, one third might at once be placed in reserve against the

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290 and it must be remembered that a Government note will be more readily accepted at Canton and the ports of China than one issued by a Bank. Receivable notes would become a legal tender as soon as they were restricted to Hong Kong. A million and a half sterling may seem a large issue, but after all it is only about £250,000. I will venture therefore to support it on other grounds, stating plainly that whatever merit attaches to the suggestion I am about to make belongs entirely to Mr. Carvalho, Cashier of the Treasury, to whom I am indebted for it. I would add that, in considering the subject, I have endeavoured to regard the needs of the public as the primary consideration to which the fiscal advantages of the Colony are secondary. In the course of a year or two we shall have to raise a loan probably of $1,500,000. For this loan we shall pay at least four, perhaps five per cent. Now there would not be the smallest difficulty in circulating notes to the extent of $1,500,000. Of this sum, one third might at once be placed in reserve against the

Baseline (Original)

} 290 and it must be remembered bar a Government note will The more readily accepted at inton and the ports of bina how one a Bank. rece notes woul: become a loe as issued by Are momeaue restricter to Hong Kong. Amillion and a half en may seem a large isemi, L after all it is only about £250,000). 7 will venture therefore to sexpport it on other grounde, :tating plainly that whatever merit attaches to the suggestion about to make belongs entirely to Mr. Carvacts, Cashier If the Treasury, to whound an indebted indebted for it. I would add that, in considering the subject, regard I have endeavoured to the cruel of the public the primary considerati to which the fiscal adva t of the Colony is secondary. f or two No Jam not at all mine This will Rin In the course of a year. we shall have to raise loan probably of $1,500,000. For this loan we stair pay at least four, perhaps five per cent. Now there would not be the smallest difficulty difficulty in circulating notes to the in incent of $1,500,000. of this sum one thirss might at once be placed in reserve in reserve against the

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290

and it must be remembered bar a Government note will

The more readily accepted at

inton and the ports of bina

how one

a Bank.

rece notes woul: become a

loe as

issued by

Are momeaue

restricter to Hong Kong.

Amillion and a half en

may seem a large isemi,

after all it is only about £250,000).

will venture therefore to

sexpport it on other grounde, :tating plainly that whatever merit attaches to the suggestion

about to make belongs entirely to Mr. Carvacts, Cashier If the Treasury, to whound an

indebted

indebted for it. I would add

that, in considering the subject,

regard

I have endeavoured to

the cruel

of the public

the primary considerati

to which the fiscal adva t

of the Colony is secondary.

or two

No Jam not

at all mine This will Rin

In the

course of a year.

we shall have to raise

loan probably of $1,500,000.

For this loan we stair pay at

least four, perhaps five per

cent. Now there would not be

the smallest difficulty

difficulty in

circulating notes to the in incent of $1,500,000. of this

sum one thirss might at once be placed in reserve

in reserve against

the

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