CO129-316 - Governor Sir Blake - 1903 [1-4] — Page 572

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He speaks of demonetizing both the British

and Mexican dollars, but that for a time during

the period of conversion a dual currency

-lars and sovereigns must exist. He alludes

to professional men collecting their fees in

sterling to be paid in dollars at the rate of

the day.

dol.

The Chinese day labourer to be paid in

pennies, but if he does not like these in native

coinage.

All existing coinage to be done away with

and replaced by sovereigns, shillings and pence.

Gold certificates to be issued against a gold

reserve in London if it is feared the Colony may

de depleted of its gold coinage.

st at aments.

It is difficult to reconcile these various

Nor does Mr. Osborne attempt to

enlighten us as to how payment is to be made in

China, for produce, if we have no dollars or

sovereigns but only gold certificates.

A few words should be said with regard to

the coinage. Whether the dollar is to be demonet-

-ized or whether we are to have a fixed ratio

between silver and gold a considerable sum will

have to be expended or rather lost

ww

by some

one during the period of conversion. It is not suggested that the individual should stand this

loss; therefore presumably the Goverment will

be asked to do so. How much conversion will cost

depends largely upon the method adopted for the

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