CO129-365 - Governor Sir Lugard - 1910 [1-3] — Page 139

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coins to rise to par value for the time being. They might not

improbably rise to over par value, in which case the Treasury

as being the sole holder could make a profit by sale to Banks in

bulk, but I do not consider that it could legitimately do so.

It would however be advisable for the Treasury to retain a

of

portion of the amount called in to meet currency needs, pending

the influx of fresh quantities from China, which ex hypothesi

would flow in. Having thus temporarily rehabilitate the coinage

it would be advisable to wait awhile and allow the ourrency

to adjust itself. No doubt as the coins come in from China, the

Hongkong Coins would very gradually fall to a discount again,

and as soon as that discount approximated to the discount on the

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Chinese Coin (if it ever did so) it might be necessary to under-

-take the same operation over again; the Government again pro-

-fitting by the full amount of the discount to which the coin

had fallen. Whether such a second operation would be necessary

or not depends upon the unknown factor of the amount of Hong-

-kong Coin current in China. I am inclined to think that this

amount is greatly exaggerated. Meanwhile the Government remains

wholly unfettered, it incurs nå large liability, and makes no

pledges. Then it became apparent that the coins remained nearly

at par value for some considerable time the Hongkong Treasury

would then redeem at par without limitation. This is debateable the profit if made would be held in reserve for redemption.

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