CO129-391 - Acting Governor Claud Severn Governor Sir May - 1912 [7-8] — Page 283

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2764

contractors insist on the nature of the payment being settled be- -fore agreeing to rates and fix those rates accordingly. There is thus an indirect loss in our having to pay higher prices. The amounts involved have not been large so far nor have there been many cases. It is apparent that it is a matter of serious concern for the future if this high rate of discount is to prevail. It will be difficult for us to go on regarding notes as of full

face value, and yet on the other hand to accept them only at a discount at Stations or to adopt any means of reducing the number received would probably bring us into conflict with the Local Authorities and be the cause of much trouble with passengers. We have therefore to face the probability of our sub-coin silver receipts being insufficient forour requirements and our local

currency note receipts being in excess. When that happens our only

plan it seems to me will be to resort to the means adopted in

regard to the payment of part of the Service of the Loan, en- -deavour to get the Local Government to change our excess of notes at par. Unless the Government agres to do this, as of

course they ought, we stand to lose considerably on the conver-

-sion.

Rates of discount changing Local Government

Notes into Local Sub-coin.

To April 15th., 1912....

May 16th., 1912....

June 4th., 1912..

14 to to ent .Justand 9.3 110

June 20th., 1912....

July 9th., 1912.....

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.about 3% to 5%

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6%

10%

9%

15%

23%

July 15th., 1912....

July 15th., 1912.....

Rate of discount changing local sub-coin into Hongkong Currency about 8%.

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16 July 1912