CO129-523-13 Currency situation 16-6-1930 - 16-6-1930 — Page 53

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My

but which only arrived after such publication.

Executive Council agreed that importation might be

allowed of such portion only of these consignments

as were, in the opinion of the Treasurer, clean and

unchopped. An examination of the consignments, however, showed that 95% of the coins were chopped,

and importation was not permitted. No further

application has been received.

5. The report of the Currency Committee and

the evidence adequately set out the present position

in regard to currency, and I shall be glad if it may

now be referred to such financial experts as Your

Lordship may select, with a view to obtaining

advice as to what measures, if any, are desirable

to deal with what is admittedly a very difficult

matter of paramount importance to this Colony.

I do not feel that I can usefully add

anything to the report beyond inviting attention to

certain salient features.

6. I think that it is almost universally

admitted that a gold basis, as ensuring greater

stability, is preferable to that of silver, and that

it is desirable to adopt the former as soon as it is

safe and practicable to do so. The evidence and

memoranda attached to the report, however, show

almost conclusively that, in view of the peculi ar

position of Hong Kong in relation to China, the

adoption of a gold basis, so long as China retains a

silver