CO129-393 - Governor Sir May - 1912 [11] — Page 278

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‚„ilkinnoga

Thenthe notes fell further in value and a greater financial panic pre-

-vailed, and we were therefore compelled to resort to the scheme ofg70

raising a foreign loan, with a view to developing with the hard cash

thus secured the Government Money Department into a bank, and then

after the desired end as regards notes had been achieved selling the

bank to the merchants, the proceeds of which transaction would be pro-

-perly deposited, that so the proposed loan might be repaid. Now since

we are properly protected by this scheme, indeed no danger can possioly

arise from the loan. However, on the 14th. (Oct ?) a telegram from the

Board of Finance was received to the effect, firstly that by law, since

each province had its own central treasury for the various districts,

while banks Light be kept by merchants, no regulations had been provid-

-ed for the institution of a Government Bank; secondly that according

to the requirement that all notes should be issued by the Central

Government, all the notes in circulation in the various Provinces should

be redeemed step by step and all Provinces should no longer issue any

of the provincial issue of notes and by the institution notes, and since by the suspension of various reforms as regards the note currency the value of notes would gradually rise, there was no

necessity to raise any considerable loan; and that thirdly since hither-

-to China had never raised any loan on the security of land-revenue

which in accordance with the present circumstance should assuredly be

included in the national revenues if such revenue was taken by all pro-

-vinces as security to raise foreign loan, not only would much pre-

-judice be caused to land-owership, but also the centralisation of

administrations would be injuriously affected. In reply I would state that the proposed imediate institution of the bank was merely devised under pressing necessity. If the regulations require that all banks should only be conducted by merchants, my scheme has already complied with the requirement without the least contravention; and if the bank is to be under the Central Government, it may be transferred to the

charge of the Board (of Finance ?), which will then be responsible for

A- the payment of the loan including the necessary interest. By this arrangement, not only will all obstacles be avoided, but also the transfer of the bank after the note currency has been properly maintain -ed will give much convenience. As to the notes, over £20,000,000 worth