CO129-365 - Governor Sir Lugard - 1910 [1-3] — Page 127

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122

The result would probably be as stated

that the subsidiary coinage of this Colony might temporarily

cease to be British, but I do not perceive that immediate

rehabilitation would prevent this, or decrease the popularity

of Chinese coins (as against gradual rehabilitation).

I do not think that this would be of use,

the coin has we know disseminated throughout South China, and I

doubt whether any such enquiries would give any data of

sufficient reliability. The scheme propounded is for the redemp-

-tion of the surplus coins by means generally speaking

A

+

of a Loan. Let us assume for the moment that the scheme is

fully practicable, and would effect the object intended. The

result would be as stated on the previous page, that the Hong-

-kong Currency would practically become Chinese, and in the

terms of Mr. Stewart's resolution it would be useless to

rehabilitate "except as part of a larger scheme" by which

Chinese coinage would be ousted".

II (a). I see no reason why the Government should

itself to redeem at face value, when it is open te it to

purchase from Banks (from time tà time as it may have funds

at its disposal for the purpose) considerable sums of sub-

-sidiary coin at the existing discount. There is in my view

nothing to prevent such purchases, or alternatively to pay a

Bank the amount of the loss it incurs by demonetizing a given

quantity of coin on production of a certificate that the coin

has been melted down and vouchers for the loss entailed. The

amount of the discount is therafore saved to the tax-payer.

(b). It is questionable how far the holders of

subsidiary coin would benefit by rehabilitation, and this benefit is assumed as undisputable. The banks safe-guard their interests by charging discount, and so long as they receive and pay out at equal rates they do not suffer. They even profit

by buying when the discount is high and selling when it is low. Moneychangera who probably hold stocks very possibly gain by

the