CO129-381 - Governor Sir Lugard - 1911 [11-12] — Page 32

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Importation and circulation (as well as that of Chinese

coins) will be prohibited by law. I am bound to inform

you that I anticipate that these proposals will be very

unpopular, and will evoke a bitter opposition. In the

course of the many discussions on this subject there

had I think been unanimity on this one point alone,

that the Colony should not and could not with honour

repudiate its own currency, by the introduction of which

into China it had annually received large profits which

had been credited to Revenue.

3.

The amount recently spent in demone-

tization of 5 million dollars' worth of these coins

(some 78 million coins) amounts to § 795,758 while the

profits which the Colony has made in former years by

putting these coins into circulation is estimated at

HENKİ more than two million dollars. Until the whole of

that profit at any rate has been disgorged repudiation

would I am convinced be regarded here with great dis-

favour. Speaking in Legislative Council on November 11th,

1909, Hon. Mr M.Stewart said, "I consider that the

"proposal to repudiate however attractively it may be

"presented is after all indefensible." Hon. Mr Hewett

in the same debate made the following remarks, "A proposal

"was set forward

that we should repudiate all

"British coin which has poured into South China for many

"years past. It appears to me that that would be an "absqutely indefensible action. Personally I would look "upon it as politically immoral and I feel very sure that

?? that view would be taken by His Majesty's Ministers at "home supposing the scheme were before them". In reply

to these remarks I expressed the following opinion. "I do not think that any British Government would agree "to a scheme involving repudiation of existing coinage

"in any