CO129-365 - Governor Sir Lugard - 1910 [1-3] — Page 121

116

-007RA KA odni radne of abst að búroda #gem†Sm za ,bedroof moed

İnsmuteven erit gainmang moit nisrter of atahlod dava diłw Snea-

vɗ areblos dows of betetto amtet ad? «tolsqmeber aðalboomi TOT

-ed train Jnemisvon

miridèw mit[æY BOAT 3# noliqmber to selmora a (s)

bits isałwiańão no (suNA

Intoni yo hotrol borito

.ayntblad berseberma: no teenstant to dnorwe¶ (4)

of revo hues of netga of avad biɛow duq třeđe do #tshfad ett

„akondua gooxznoë to ankhind tźwiż to mindw sit &:wintero? srij

eait of exit mort vitneupoedua aloɔdua prodgio” £¡a na Iiew ma

atstres a gnirsed naoi a na sular dost de

Ja:it #ldadong ni di

,umarið eð bariupoa

.atab mistreɔ a v eidavosbet bits faeredat

yoɗit as Ber192 anadt $qasam yihaig kiver areblod ogum£ er£t

sit to noktaðliidadet etathermt ads va sitong yitosnib bluow

berusar ad blwow tastedal to ajet #of # ddvob on bпs

won antos aners fakte ja trudomib art to welv mt

JAANIAVON ed

szemitae alvu .m vllanotatvową naĒTISSÄ

.III

svar hisoW JNAUTISvoð) est dotri atondua to sirímy most act Jade

*owd #sd$ VISЯlim Jon at $2,000,000,0%$ rvoda si mosher et

Aid

•

OTKI WEDD ro,at ad reɗake bluow Jasov Jard to abrĀSĪJ

sɗð 19vo beinɗl witrið hluzow ofw „atsblod ogral sɗd to abrarí

gutmana ,000,000,$I$ to sulev Boat en of mloodus tremureVOD

that, as previously stated, the loss on shipping subcoin to a

mint, demonetizing it, and either selling it as bullion or

converting it into dollars, is 14.82% or say (for convenienca

and to allow a margin) 15%, the loss on $12,000,000 would be

$1,800,000. In other words the net value of the loan obtained by

Government would be $10,200,000 and this sum would be avail-

-able to buy up subcoin in the hands of anal) holders, who,

however, according to the above estimate hold only $8,000,000.

There would, therefore, at the very start be $2,200,000 $mail-

-able to cover the loss on demonetizing the loan of subcoin made

to the Government by the large holders.

IV.

As soon as the agreements with the large

holders had been complete and the net value of the loan made

by them became available for use, a notice would be issued to

the effect that the Government was prepared to buy Hongkong

subcoin at face value. The effect of such a declaration would

be that Hongkong subcoin would at once risette ita face value,

i.e. be rekabiliiated. There would no doubt at first be a rush

of small holders to sell Hongkong subcoin to the Treasury, but

the funds to meet a rush would be ready and it is likely that

after a short time the excitement over the matter would subside.

The present limit of the legal tender of subcoin should remain

unchanged, and thus the value of the dollar itself would not be

affected.