CO129-365 - Governor Sir Lugard - 1910 [1-3] — Page 126

#

OF Y.

Notes on Mr. Clementi's Memo

re Sub

5dolf.

121

RECR Rres 19 FEB 10,

not

„ft orð ni,eroterodt niører bisow arest .(atoodra to sweat

爨

vino binow S sa aido no teenetal bas 000,ara,a# to (aoi a rave

to mue edt nexet ed taum 31 mort elldw munna reg oak,esið oð

-due to seuɛat won writ no titong sa viisumia bevisser 000,083

-dľa not edov sild taev «f?? add tadta,exoteraɗt .sban antoo-

A pains 194 088,90$ 07 000,10Så most beauber ed bimow ntoo-

berotme 22.745,888 to ermit erit medd tadaery do a ton to wi

edi ja hetero so aand gated as "sex tnel exood gussett sið æt

eft yd beviser пloodve to turons Lautos est no "I to 678"

bisow noiɛivorq daereant of notribba nI .SUNSTOL BA JHOLNTEVOD

add to adnerɗsinni yɗ #narrysqen rot vilamas ebat ad or over

anted firmna sideveq me arid

$

¡000,Aˆà ̧aš to nsol galbnatajuo

bas atmormorga neof art nt hocsiuqita batróg odd yợ banİNTEJOB

oud mom afuemyaq out yď beoubert VĺJeong ed Jilgim naof airt

oferitisoi eron # od jug eď don blues doidwaryronañ Iskwalod

,YoRe¬ruð Latrofo) sið to noldstiildade" edë marit deoqtirg

on nt anuituenque galone"ot arit Indun I

98709 70

era twoddgwordt serogit and bus thiga oltsmob

„maldorg sind to moltuloa erit tærst Anidd I duď ¡ylno svijetnej

dona amos no tɗiguoa ad of evar IIW ,snido mort serioo di eseimar

beteothal von eɛodt as asnti

.I.nemʊið .0 (.ba)

Qoes,Tudoso) .djt

final for all time.

The decision of the Executive Council was

The average loss for the last 3 years has been

184,204 per annum:the Legislative Council never sanctioned such a sum, nor did they or myself understand that it was being

incurred. The vote each year which it was understood would cover the anticipated loss was only $36,000, the actual un- -avoidable loss was only $26,777. The finances of the Colony are not at the moment in a state to embark on this great out- -lay, and the Executive Council at my suggestion agreed that for the present the Vote on the Estimates should not be exceed- -ed. This does not "mean abandoning the attempt to rehabili- -tate the Subsidiary Coinage". It means that the outlay is at present curtailed. The former policy may at any time be restmed, and meanwhile as the Vote for 1910 stands at $40,000 a sum of $13,223 is provided to continue demonetization, in other words two-thirds of the total received by Government can be demonetis- -ed next year instead of the whole. There was never any idea of retaining the money in Government custody. Such action in my

view would be preposterous.

It is at least arguable whether the apprecia -tion of the Chinese coins is primarily dependent on the appreciation of the Hongkong coins. In my opinion they depend more on the issues of ta Canton Mint. On page 555 of the last issue of the Imperial Maritime Customs Report it is stated that in 1908 there were exported to Hongkong and Macao 71,665, 900 20 cent pieces against 15,628,010 imported, a balance axp. of 56,037,890. I do not credit the quantity of Hongkong Subsidiary Coin alleged to be in existence in China and it is doubtful whether those who use them in outlying districts will readily part with them. I agree that the withdrawal of skixxxaX Hongkong Coins would lead to an influx of Chinese, though I doubt the consequent appreciation of the latter.

The