CO129-381 - Governor Sir Lugard - 1911 [11-12] — Page 44

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the value of long Kong and of Chinese

subsidiary coins o difference which

the Chinese are quick to notice. There

will probably be no need to prohibit

the importation or circulation of Chinese

oping.

16.

Government

no Dunst,

notes issued under this scheme will, go in-

A

to China and it is possille that he notes

may at some future date be excluded but

K Jangur there seems little be that, when that

not

day comes, the notes will be sufficiently

this

The

matter.

futurs

M

A

exprima

the

light" of the working of

scheme.

The Gout or driven out new caditims

1

deccable therefors before introducing the legitation

any case the operation of redeeming

to come to an arrangeinkel in with the banks as to the

the large mass of subsidiary coins in

raft of which they will circulation can be spread over as long

be prepared to sill to the

Goot a substantial amount

of subsidiary comage.

e period as may be thought necessary.

10.

Mr.Harcourt will be glad to

be favoured with Their Lordships vies

on the above proposals as soon as

possible.

I am,

Atc.,

covered to make their encashment in

standard dollars a matter of no difficulty.

There seems no reason whi

scheme should not be publicly announced

from the start ap why the Government should

not wor

cooperation, with the

"When the legislation hers bere fassed.

Inotlar câténtage je ten, as the

issue of notes will be entirely at the

option of the Government the issue can

}

be stopped at any time if tere is a

lack of confidence in the notes, and in

any

17. Legislation in the

Colony will of course

be necessary to stan Buthorize the issue noter, and the

proposals of the Good will thar fort have to be made public. This announcement will proteable at once raise the value of the H. K. subsidiary come, and reduce to à corrofone ding extent the amount of the fine for meat.

ment. If many

be