Horgkom Weekly Press
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562
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21 ΤΗ
THE SILVER BASIS.
BANKERS' DECISION.
MEXICAN AND BRITISH DOLLARS ON PARITY WITH NOTES.
A representative meeting of the bankers of the Colony-including
members of the banks-was held in the Board
leading Chinese
on
October 22 Room of the
Hong Kong & Shanghai Banking Corporation. The meeting was private, but on its conclusion Mr. A. H. Ferguson, Manager of the local branch of the Chartered Bank, announced that the follow- ing decision had been arrived at, and would be duly announced in all local European newspapers :—
The Banks of the Colony give notice that on and after Thurs- day, October 24, they will be pre- pared to receive and will pay out Mexican and British dollars on the same basis as the notes of the issuing banks.
"We have merely confirmed the decision to return to silver parity," "The Chinese said Mr. Ferguson.
banks are coming in with us, and to-day's meeting has been a matter of settling ways and means and smoothing out difficulties.
"We shall withdraw the $1 notes and pay out silver dollars in their place. This, however, is a tempor- ary measure, and the $1 notes will be circulated again when the public has got used to the idea of taking either silver or notes.
"We have taken this decision because the Shanghai tael is out of hand, and we must get back to the silver basis. The thing had to come, and in the end it will be to the benefit of trade in the Colony."
25-10-29
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