CO129-523-12 Currency situation 17-2-1930 - 9-7-1930 — Page 47

Hong Kong

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April 11.1930.

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[April 11, 1930

CURRENCY INQUIRY.

PRELIMINARY MEETING OF

COMMITTEE

A STRANGE ANNOUNCEMENT.

The Colonial Secretary informs us that the preliminary meeting of the Currency Committee was held on April 7, when details of the pro- cedure to be followed by the Com- mittee in the conduct of its inquiry were settled.

The meeting was unanimously agreed in the opinion that no rea- son had hitherto appeared to show that the use by Hong Kong of

a

currency based on any other metallic standard of value than that

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country of China would be anything but detrimental to the interests of the Colony.'

While this view agrees with our own opinion on the subject, it seems somewhat strange that a Committee appointed to conduct an inquiry into a controversial subject should commence its labours by a declaration which prejudges the gold versus silver issue.

The public are invited to submit views to the Committee on the terms of reference, the first of which reads:-"Is the present cur- rency the most advantageous for the purposes of the trade of this Colony.' In the official statement from the Colonial Secretary we find the Committee's answer to this question before a single witness has been heard! Surely it is premature at this stage for the Committee to make any statement whatever be- yond an expression of its willingness to hear all sides.

Knowing now that the Currency Committee is unanimously of opinion that any other metallic standard of currency than silver would be detri- mental to the interests of the Colony, advocates of a gold stand- ard are not likely to come forward very readily with arguments in sup- port of their views. The position is analogous to a Licensing Board, composed of men unanimously op- posed to the drink traffic, inviting the public to give evidence in favour of granting liquor-licences.

Meanwhile, what decision, if any, has the Committee come to in re- gard to admitting the Press when witnesses are giving evidence?

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