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Mr. Wei Yuk said that he thought such a notice very desirable be- -cause a certain amount of intimidation was being used in order to push the circulation of the Cantonese notes and that people were afraid to refuse to accept them. Sir Kai Ho Kai thought that it would be better to try and accomplish the end in view by other means. He asked whether the Canton Government had approached me on the subject of opening a Bank for the redemption of the Cantonese notes. I said they had not done so. He said such a project had been mooted and that he had pointed out to the Canton Government that such a Bank could not be opened without the permission of the Government. He said that the Canton Government seemed to think that it could do what it liked in the matter of getting Chinese in the Colony to accept its note issue. He and Mr. Wei Yuk both agreed that it was very necessary to show the Canton Government and the Chinese people that this Colony could not be treated as if it were part of Canton. I have detailed this conversation because it shows that the Chinese population of this Colony are not really free agents in the matter of choosing whether they will accept or refuse these Canton notes when tendered to them, and that even a man like Sir Kai Ho Kai who is closely associated with the present officials at Canton and acts, if report speaks truly, as an un-official adviser to them, cannot defend their methods.
3.
The effect of the action taken has not been very marked. The Agency referred to still exists. There the Money Changers meet and fix the exchange for these notes and notes can still be obtained there. It is reported that there are somewhat fewer of these notes in the Colony and the discount on them has risen to 20 per centum as against subsidiary coins and 26 per centum against notes of the Hongkong Banks which have an authorised note issue.
4.
In Canton the notes are nominally at par. But
the Banks remain idle and excuse themselves from doing any business in exchange where these notes are concerned. I am inform- -ed that to trusted friends they privately give quotations of from
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