CO129-393 - Governor Sir May - 1912 [11] — Page 275

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.261

Enclosure 3

Issue of 50 Cent Notes.

0.0.

40485

REC2

REGE 21 DEC 121

A Treasury Circular regarding the above reads as follows:-

262

In the first days of the Republican Government the financial condition was so precarious that the Provincial Assembly decided upon the issue of $15,000,000 in Notes to meet the urgent need of funds. This issue was to consist of notes of four values,

namely, 50 cents, $1.00, $2.00 and 85.00 and they were in due

course put on the market, of which fact the public were informed by proclamation by Mr. Li Yü T'ang, former head of the Treasury Department.

As the number of these notes in circulation was found to be sufficient to meet the demand, the Treasury accordingly issued no 50 cents Notes. Today, however, there is a scarcity of subsidia-

-ry coinage, rendering exchange difficult, and this difficulty can only be obviated by the use of paper money of small value.

The Treasury after due consideration of the conditions

prevailing has deemed it imperative, in the interests of financial security, to make an issue of 50 cent notes and by this Proclamatic we hereby advise all merchants and others that this issue is now

on the market. The Treasury in issuing these lotes had the interests of the Money Market in view and it is now your duty to reciprocate by using them with complete confidence and trust.

Yang Ch'eng Pao,

November 9th., 1912.

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