CO129-316 - Governor Sir Blake - 1903 [1-4] — Page 629

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\(6) I have not seen any Gold Standard scheme suggested, but I cannot conceive any place surrounded with so many difficulties to make one effective.

Assuming that a Gold Standard is accompanied by a restricted and limited silver currency dollar of fixed artificial value considerably higher than the gold price of the day of the fine silver it contained (to allow for a possible rise), a large per centage of minting profit would be available to build up the Gold reserve, but the risk of counterfeit coins would be enormous, and the means necessary to prohibit their importation would practically result in this being no longer a free port.

The alternative would be a paper currency, and this the Chinese trader would no doubt prefer (always provided it was convertible on demand), judging from the large circulation in Canton of Hongkong bank notes, but it would prove a most costly currency to this Colony.

One serious factor to be considered sin connection with a gold reserve is that Gold (the metal as compared with paper) is often at a premium in China more particularly in the South, for the purpose of making gold leaf, and also for hoarding in times of political trouble and unrest in the Country. Same would always constitute a source of danger to a Gold Reserve and make it not only difficult, but expensive to maintain,