CO129-365 - Governor Sir Lugard - 1910 [1-3] — Page 123

amit, acid tot dalidates of Cranesosa od vino diuow #I

to ansɗorug add not vuesert edt to tasndraɖob-dua a zaled

bna naentand ziert ni aðnslores Atoď silim „akoodie moodyNOH

add of wrecha hirow sunever adi yaktowffos et énarutavoð edi

of? .eqantos to rebnet Iagaf of breyst driw aelum badalidadee

#anand #nebusqobni yioritve na ed blvow młoodus to molde bat

hion,bestderramah od blvow bemaaher es atnodna wrið him : noktok-

bas Jusosat to Jaurynų 10%. BOBd has atlieb ožni baJiɔvnoD TO

-blod eŋtal are yď zmoctavoð of obar mol wit ao baut wutdate

oz oh of otae betoblanoo aaw it as Hoop BÅ

ad biwow @gentoð visthindua grofyro? drerettib viɗorfw hits won a

wer asarit .twwwthridiw salon erty to auniq arið efnd of bevari

edt bas ,Larma “silmis emom 1o,Iexɔim to ed bluow anloodus

edit of bødaingongs ed oris hluow modis gatuani mo ditor{

vilanit eros ansol arid Ilamu druesos asof euentos vialbiadum

» kertaa bør

Isxota a gatunai no strong sdt tørid #Idadong at JI

on evail I tatoq aiựt no jud :900 munt weef ed con bisow spentos

118

purchase of old subcoin would cease and private individuals

would be left to melt down or otherwise dispose of such Hongkong

C

subcoins of the old issue as might subsequently come into their

possession.

VI.

To sum up therefore:- If we have to redeem

a face value of $20,000,000 Hongkong subcoins, we shall probably

lose on account of demonetization a sum of $3,000,000 (1.6.

15%). In addition to this we shall have to contract a loan

with the large holders of subcoin for a face value of

$10,200,000. If this loan bears an interest of 2% per annum,

the sum payable annually as interest would be $204,000. But,

as above stated, the average annual loss to revenue for the last

three years (1906 1908) on account of subcoin (including loss

-

by demonetization) has been $184,204 - a loss which has produced

no compensating benefit: whereas the suggested outlay of

$204,000 would be immediately effective. Moreover,

the

interest on the logan will rapidly decrease as the loan itself

is paid off by the sale of the demonetised subcoin.

aaw nłoodus wen to evant eḍt as nooa mÅ „nolšarvotal sideliST

There remains the dead loss of $3,000,000

Isqof tagnol on eď od barsiseb aɗ blưow antoodua blo edi

ba

moltto sit ja vino beviaɔated,atotetarit,binow bun rahursÉ

in the process of demonetization. But, if Mr. May is correct in

estimating that a sum of $1,500,000 of subcoins is required for

bled new di node viland” „nloodva gatasdorug Tot bedekidatas

-ing and bobanqava ad viteqorq bluos moleqnisbet reddwt tart

PHAÍOM

the Colony's business and that an annual issue of about

then

$100,000 would be necessary to provide for deficiencies,

the new issue of nickel coins at a profit of 50% would produce