3
4
573
564
it must continue to form the only circulating medium of all the great countries of the East for many years to come. As trade and commerce between these countries extend, as their great internal resources are developed and their peoples increase in wealth and well being, it is possible that the amount of silver required as a circulating medium
may be largely increased. The greater part of the population of China
to-day use copper cash and it is not unlikely that before they advance
to the wealth and prosperity necessitating a small, convenient and
valuable currency such as gold, that there will be a long period in
which silver only will suit their needs and yet mark an enormous de-
velopment from their present condition. From my personal point of
view therefore I should favour remaining on the same basis as China
in the meantime. There may be and no doubt are reforms which can be
worked into our currency system here while still remaining on a silver
basis, but this is not the time to discuss them. The above remarks
are made only hurriedly in reply to your request, and do not represent
the result of any special or prolonged study of the subject, but are
merely the outcome of my limited practical everyday experience of
currency questions. They are also only personal and in no way are to
be taken as representing the views of the Bank which I represent in
this Colony, as I have no authority to put them forward as such.
I have the honour to be,
Sir,
Your obedient servant,
i
No comments yet.
Private notes are available after approval.