CO129-399 - Governor Sir May - 1913 [1-2] — Page 64

9′1070JOB.

63

DION UMUM

» (duvijek oor vi bedra LA

.(Qkf.qsi .AGUE, AND

apning Yovi? voi dedon

wriush so zimer pajun Ch

Måske draden mios vil. AUDI

jam antil out

„Imatra Isyal vejimilm

2.5. DJ BOLUoaldo 8.7

nd to sfor e novon to givnaus vyisÏ

JONAIS JE ŠAn dia a 'TV

to nog on9 GIV nowww qui Seo vien ou blue JqLYONI DI

BIL BROTAL Tct mioo „nivo VT-İkİndus bla omor enanal e cig nå Swot od liide

Garage World Hd mola Jagim JI

10 TouwC sic.

J

780 ×Í

DA GEO

01.

1.

-

ان راندن .

+

O

CwC Rejon stalloh

.anoillu VOR

Show ydim. me out A

Ri Stand B6 zaton IX

anoɔ Rotamitoneb Jal to redum

pedgobe one standos suid ti‚[I9-

.ilom za rodon O5% bus că to

aid yd now 40 V tee),Ani... I Jon Losh Jism.-19 vol ent .& idone to reir son ui

~: cadou to teden bedimii a 19...

10 Qunni end of tut rx. lub to digo.eb a going wet mudun movies.cum aperi od rísiv Jon

.botiup ↑ ei 18.io. Jnow yenid 80

Dg dono swoivdo mi VI

t

nejon becrít und Tebnuu aums neq # Tu YI a od old 11 913 lata kinnicul of qẮT JOUBOU

*

and vs 310,00,01% Juodsi caneti e Ila d suvai reeura douf Violch w 13en no ni moijaivorio ni si muilw to from,emic JrenaIĘ

ĐÀM DAJ TUÏ Dumlerdo acity mid 10 inogan (a) ai eðu#Ɛ to yisdanovi dud (d) war: đen - que 107 gaindɔdo raul cotlivá na enfoo si to

be unnecessary to issue any more notes than are about necessary to cover the loss in conversion of the coin into bullion ?

It seems to me better to pay off the amount realised by sale of silver and only leave notes outstanding sufficient for the time to cover the loss on conversion.

Thus for every $100 called in and sold Government would issue say g18 or 820 in notes to cover the loss and expenses. This 18 or $20 would be the part of the liability covered by the Assets and General Revenue and it could be redeemed gradually by an appropriation of a certain amount per ennum for a period of years which might be used ultimately to call in the notes altogether or invested as security against a permanent issue as may be thought best.

The suggestion of issue for the whole of the coin would thus be

modified by a reduction of 80% or more and there would be only at most $2,000,000 in notes required instead of $10,000,000, thus reducing expense and meeting the difficulty of superfluous issue.

5. If the modified scheme were adopted the objection in paragraph 6 of the Despatch would be minimised as the amount outstanding would in all probability be offset to a large extent by the annual appropriation,

by the time China has a gold currency. (China moves very slowly and

even though there is apparent celerity on some occasions no one is

really aware how long the matter has taken to come to a head).

For Trasms givm abory in praia. 3

This

6. No interference will be cause as suggested in paragraph 8 of the

L letter that the Banks could or would object for reasons given above KĄ

paragraph 3. The Lercentile Bank would have been as well, if net better, pleased with a Government issue in the circumstances of their having to deposit dollar for dollar in respect of their own issue: in fact that was what its representative urged here before they were permitted to issue.

7. Paragraph 10. It is clear that to minimize expense and for con- -venience notes of greater value than $1 might be permitted.

8. Paragraphs 11 and 12. The procedure following on my suggested

modification would be as follows:-

04

3 910to1ed winov ¿I .ynels) wild to ou.670. Za njonal. Lat:190