CO129-365 - Governor Sir Lugard - 1910 [1-3] — Page 118

113

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first step must be to ascertain what proportion of this total

sum the Government would have to pay if it undertook the re-

-demption of its subacoins at par. With a view to making such an

estimate -

(a) a return should be obtained from the

Treasury of all considerable purchasers of subcoin from the

Government and of the amounts purchased by them, Presumably the

larger part of the total sum of 463 millions was issued in

considerable quantities at a time, and the names of the pur-

-chasers may afford some indication of what became of the sube

-coin purchased:

(b) the local Banks (European and Chinese) and

any other larger holders of Hongkong subcoin should be asked to

supply confidential statements of the amount held by them,

together with any statistics they may have on the subject of the

Hongkong subcoin:

(c) an attempt should be made to ascertain the

approximate face value of the Hongkong subcoin required for the

every day needs of the population. On this point Mr. May in the

Despatch above quoted writes: "It is considered that a sum of

*about 15 lakhs of dollars of subsidiary coins would be ample

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"for the requirements of the Colony's business for a period of

"years and that an issue of under $100,000 per annum would be

quite