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Juoda klámu nestined qužeb že skončen sjedi zí stand besad už
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komik kas žmOTINO
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gent yď blød najjizonon adi,moljagi)
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riods Lin Jons of alda
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74.
On the 2nd, 3rd, and 4th July the native banks gradually
re-opened, and the Order declaring the partial moratorium was
repealed on the last date. In the interval from the 4th July
to the 18th September there were sporadio attempts to damage
their credit, in the course of which seven, as referred to above,
had to suspend payment.
75.
ness.
tal Financial Measure - (d) £3.000.000
brade Lean.
-
The Boycott has paralysed our trade. Even if it were
lifted to-day the merchants would be obliged in some way to find money before they could carry on any large volume of busi-
Added to this there is a real stringency of currency
a shortage of means of payment which is making it impossible even for merchants with very large, though solid, assets to raise the working capital required to meet their losses and
resume trade.
What is the cause of this stringency? In the first place some $16,000,000 of cash was withdrawn from the Chinese banks between the 19th and the 22nd June, and a good deal of that went out of the Colony to South China before the Government's pro- clamation prohibited export. Some bank-notes of large denomina- tion have been smuggled out since; more has been, and still is being, hoarded in the Colony. It is estimated by a competent authority that at least $10,000,000 of our currency is being thus held out of circulation. There is therefore an actual shortage of hard cash. We have, further, the estimate of the compradores of our leading banks that $40,000,000 of our bank-notes are mut of circulation, or not in active circulation, the figure being arrived at as follows:-
Reserves in the three leading Banks
Reserves in other non-native banks
Held in South China (Canton, etc..)
And the above estimate of the amount
hoarded
Total
$7,000,000
13,000,000
10,000,000
-
10.000.000
-
$40.000.000
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