CO129-422 - Governor Sir May - 1915 [5-6] — Page 564

tio

„neulattiam

4

Junipeg må ruta valo si ham sanivas dwi .bronce czaridů to "EL TOT

Plove no trete ama od oval melv to Minut

Jemuts to dovod zorul a és orvesori aynis

ww medit dood two to

mut yffroitazotan ni aj vinma do d

-

8 10

-

Elo niffee bus gube

kim mai puď mid-

for

wd of ex not redene i di thamau tumpas, mid JA

gindu zelum has „Alga fine od m

There are two good reasons for not doing so:-

557

1. The effect would be to depress exchange artificially and the volume of business on one side would soon cause a reaction. We could not continue to receive silver dollars which could be import- -ed at say 1/8 at par with notes the purchasing price of which was considerably higher.

2. By Government regulation the Bank is required to deposit dollar for dollar the equivalent of every additional note which we issue, and we have to reckon with the fact that some day these notes will come back leaving us with a mass of silver which might

and probably would involve us in heavy loss.

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Notes come back to us without any silver dollars going out, they return in the ordinary course in payment for import business &c. Our note circulation has dropped about $10 millions at times without a dollar leaving us.

-

A nu arev bise

with ma Meir

+

+

ali da prijatejo jd stizne$25

yi sore »i jurkojaro? ent

prodín Wie dwodo el ezendorā vomit

de bien në vê seit dri wad ad of Mlog si mi mielit ar

raje od ter

+

Tevile pë

迹

F

Note:-

The large minting of coins in China has agravated the

situation by depreciating the value of the silver dollar. For

instance the cost of coining a British dollar today and laying it

down in the Colony would be about 1/8%, whereas they (British or

Kexican dollars) can be bought in Shanghai and brought here at a

cost of 1/8 per dollar.

British and Lexicon dollars in Shanghai are the same

price in the market as the Provincial coins minted in China.

soy

54. M. J. Stabb * June, 1915.

95

„Farate mi

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