CO129-365 - Governor Sir Lugard - 1910 [1-3] — Page 134

semit beltlooge e ulišty notsurmber

129

to incur a Loan of any magnitude. Mr.

C. Clementi's scheme

•

arit ano shof » ai seid beittoaga mild 11

.(a)

at dair of equi pot ad blvow ynolod sit ve bossetond vollidell

of OTMIXonqa birow JI .abonarİx edò to etaða Jnenang ed?

‚sf*teeoqni el #noanoo nomos vd Motriw nołdysmber beðlui Inu

need ovari ankoo to Norow Đ00,000,01% dar'd betate al si aonta

a to vilnannon erit eea I ob aronetesvorio credit at 10° «bouMM Į

.Bular taq Ja s₫ blnow autoo gaitaixa erit eonta eyanioo wen

JANJ Jors oa view amir heitiŞaqe oss ti

arit

.(d)

no(a) erit co bebaolrw ed Jon bivoo пošna? mor? axɔoja

,eiquia has sug noidalbugar mor? ©IF÷II rettin blow Luger

.‡os Istormt na að birow dolriw

to nonebitnon ent existía viotavaa binow JI

.(s)

bir,tnominavob quodqnok and to yaingedal and nt sasnieɔ sid

•CONSTWO Wen yns to vollldata með ni

tano blow $1 merideɗw £utádnob Vov si JI

.(6)

jaiqnetkov eð vino ħings ervesce a oitaath on boa antos sæent:fo

D

endeavours to minimise this liability, but it involves a loan

of £1,000,000 in the first instance, and an annual liability of

$204,000 for 7 years, and a sum of $129,480 together with re-

-payment of $6,474,000 after that period. These figures more-

-over include as I understand the profit on the nickel coinage

issue up to the 7th. year, a proposal which I regard as in-

-admissible, and as introducing again the error which has led to

the present difficulty viz.:- the absorption of the profit on

coinage instead of placing it to the credit of a coinage

account available for maintaining the currency at par value.

(b).

Redemption would result in rehabilitation,

but (like the other scheme with the same object in view) it

gives no guarantee that Chinese Coins would be thereby eliminate

-ed and driven out. Many, including myself, think that they

would not. Chinese Coins would continue in circulation their

relation to the standard depending upon the amounts issued by

the Canton Mint, and the "touch" at which they are issued,

Steady and continuous withdrawal by Govern-

.yboms* dпonarmaq bra edesqmes a exow di ti be-

ad hlrow noidaruziani ati soltasnq në

.(*)

anitalxe abraget ba aeldívoitih zvoltes vnsø yď babretts

-ment

.nisblod

(a).

⚫asot vd noljemeber

.III

not štrog (stonsmit a mi ton at yaoloD wit

.(a)

ot

This is the policy hitherto adopted, but as

the Secretary of State says it would not appreciably effect the

#ituation for 50 years if the quantity issued is still in

circulation.