CO129-318 - Governor Sir Blake - 1903 [7-10] — Page 78

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13

Y as far as

Dam avay

I While the demoensation of that dollar in

"the Philippines

hill no doubt

set free a laye additional" Supply

77

I may also b

Covernment of India referred to above

hout out that

}

and

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the Straits Currency Committee in their Report

par. be anticipate a considerable drain of

British and Mexican dollars from the S.S.

and the F.M.S. I see therefore little reason

to anticipate any inconvenience from a defi-

ciency of dollars at Hong Kong in the near

special

future, and there is no reason to expect

In Mexico

any change affecting the supply of Hexican

dollars at an early datej j

After the initial supply of the new Straits

Settlements dollar has been completed the

demand will probably not be large only for

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what will be sufficient to meet the expansion

of business in the area in which it will

circulate and of course these future demands

will cause a pro tanto decrease in the demand

for British or Mexican dollars. It appears

therefore that the supply of dollars in H.Kong

will not be affected in the sutureby the coinage of

The S.S. Dollar.

The priority of the Straits Settlements

dollar during the initial period is practical-

ly a necessity, having regard to the measu

required for a change of currency, and in the

that future it does not seem likely the demands

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will be so large as to cause inconvenience

isures

to the banks, whilst it seems reasonable

that orders sxecuted for Government account

arcertain

should have priority over the fluctuating

and (to-ggas-sxtent.

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iative requirements