CO129-399 - Governor Sir May - 1913 [1-2] — Page 66

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12. Paragraph 17. The sugested arrangement with the Banks is I

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13. I have no doubt whatever as to the public confidence in the notes provided their figure is in the first instance restricted generally to the amount of the loss in redemption, with the safeguard of an accumulating Reserve Fund, and the Treasury's objection to the scheme is minimised by the modification sugested by me. I venture to think that my figure is not beyond limits of prudence.

I do not think there would be any need to have more than ssy $1,500,000 or $2,000,000 out as a maximum at any one time if the notes were redeemed regularly by the appropriation instead of maintaining a

Reserve Fund.

The above amount could easily be handled by this Government

which will have a surplus of Assets over Liabilities of $2,500,000 in

hand at the end of this year.

14. The above is all that occurs to me to be said in favour of the

scheme outside, of course, the actual desirability of rehabilitation

by any practicable method which is indisputably great.

15. The objections to the codified scheme are of a minor nature, viz,:-

the trouble and expense of the issue.

(a). Al notes have a short life; their issue I have been told does not

pay the Hongkong Bank even under the conditions of only one-third value

as deposit.

(b). A staff of clerks to deal with issue could be dispensed with by arrangement with the Banks for taking over from or paying back to the Treasury notes in fairly large maxs amounts, in which case perhaps the Treasury staff would be sufficient, with the addition of an extra

hand to keep the necessary registers.

(c). Both these expenses would be reduced if my sugestion that some 810 and 85 notes were permitted instead of their being only $1 notes. 16. The cost of issue in these circumstances might be so small as not to compare with the desirability of rehabilitation of the subsidiary

currency.