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circulation at present, about $6.643,000 were issued before the year 1910.- and we estimate out of that sun probably nearly $5,000,000 have been lost or destroyed and will never be presented, and it would therefore appear that silver dollars to that extent are needlessly lying in the Government Treasuries instead of being used for the trade of the surrounding country,
Turning to the cost of the note issue, I would point out that the Hongkong & Shanghai Bank is the only Bank issuing a1 notes in this Colony which, though a great convenience and now almost a necessity to the publie, are the cause of more than half the ex- pense of our issue. It is shown in my letter to you of 5th April that the expense of our $1 note issue is about 2% p.a. in addition to the 1% tax paid to the Hongkong Government, though the whole is covered by coin which earne nothing.
Taking the number of Chartered Bank notes in the same ratio as our own, we estimate they have probably in eiroulation some 550,000 notes of various denominations, whereas our netes of the same de- nominations are 2.200,000 together with 2.050.000 notes of $1 each making a total of 4.250.000; from these figures it will be recog- nised that the expense of a note issue falls more heavily on the Hongkong & Shanghai Bank than on the Chartered Bank,
In comection with this, I would refer you to the fellowing letters, copies of which I understand are in your possession:-
Hongkong Govt,to Secretary of State for the Colonies Sir Geo. Grindle to H.M.Treasury H ̧li,Pressury Colonial Office
to Colonial Office to Sir Newton Stabb
25 Oet, 1922 8 Jan. 1983 1923
20 Feb.
5 Moh. 1923
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