CO129-284 - Acting Governor Major Gen Black - 1898 [7-8] — Page 85

• The Chairman stated

said

}

84

In referring

to the question of the

Local Note Issue, it is not a matter of taking notice of a passing inconvenience which is finished with as soon as the satique pressure

• his over and a recurrence of which can be easily guarded against-

more serious view of the position, and I think that the question should be studied by this Chamber from all points,

We must take a

44

•Far

"

with a view of proposing

some scheur to west bui

change which is

of the trade focussed in this Eslowy

progressing

4

native ared,

ал

requirements

changing which is undoubtedly,

The inconvenience and loss during the past six months, and "especially during the last month caused to the whole trade heve, foreign alike, by the endeavor of the Banks concerned "to keep ther's note issue within their restricted limits, has been "felt by us all individually in our businesses, and were it possible to put the actual loss into figures, I am convinced that those " figures e

"

27

k

would wake

Ov

astonishing total.

It is a matter primarily affecting the Backs conceerd,

who have recently been between the devil and the deep sea on thom

"point, but it is really of far wider scope, as it touches all

those interested in the Commerce of these regions

and affects not only their forvent, but also their future welfare.

" On the one hand we have the Chinese Fraders discarding by degrees their ancient methods of making their financial dealings in chopped dollars by weight, in favor of the more

convement system of interchanging money by means Bank notes in which they have gained complete confidence,

easily handled.

#

and which are so much mor

4

of the

On the other hand we have the sepanding business which must assuredly follow the infranchisement of trade in China,

when frommiers shall have,

e given place to performance,

4

and which natural development of trade is threatened by

Q

scarcity of the most convement circulating medium. "Added to this is the certainty that, with a perfect feeling of security in their stability, these notes are sure to be boarded in large quantities.