CO129-523-12 Currency situation 17-2-1930 - 9-7-1930 — Page 53

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the matter very fully in Executive Council on the 13th of March last and the Council advised by a majority of seven to two that the best course to pursue was to appoint a Committee of Enquiry on the question of the Hong Kong Currency with the terms of reference given in the following paragraph. I concurred in this advice though I think

that the advantage to be gained will lie more in the allaying of public anxiety than in the discovery of a solution of

our currency problems.

9. I have accordingly appointed a committee consisting

of :-

The Honourable Mr. C. Mcl. Messer, 0.B.E., Colonial

Treasurer, (Chairman).

The Honourable Dr. R.H. Kotewall, C.M.G., Member of

Legislative Council.

Mr. M.J. Breen, Postmaster General.

Mr. C.G.S. Mackie, Resident Partner, Messrs. Mackinnon,

Mackenzie & Company.

Mr. A.H. Ferguson, Manager, Chartered Bank of India,

Australia and China.

Mr. V.M. Grayburn, Chief Manager, Hong Kong & Shanghai

Banking Corporation.

Mr. D.O. Russell, Manager, Messrs. Loxley & Company.

Mr. C. Champkin, Bullion Broker.

with the following terms of reference:-

1.

2.

3.

Is the present currency the most advantageous for the purposes of the trade of this Colony? In what respects, if any, is the present currency situation in the Colony unsatisfactory? If the situation is unsatisfactory, in what

way can it be remedied?

4.