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4. The issue of One Dollar Notes is a question which, on more than one occasion, has been the subject of correspondence with Your Lordship's predecessors, who seem to have acquiesced, with considerable reluctance, in the present issue by the Hongkong and Shanghai Banking Corporation. The Colonial Secretary and Auditor General (Mr. MARSH) in a minute, which I enclose, anticipates objection on the part of Your Lordship to an increased issue by the local Bank, although the Hongkong Chamber of Commerce has strongly recommended it. Mr. MARSH is of opinion that the Bank should be called upon to withdraw its Dollar Notes from circulation, and that the Government should issue a sufficient number in their place.
5. The Colonial Treasurer (Mr. LISTER), while expressing the opinion that the Bank should be allowed to continue its present issue, agrees with Mr. MARSH in thinking that this Government should issue, over and above the $226,000 now in circulation, a sufficient number to meet the local demand. Mr. LISTER gives also, in some detail, the plan which he thinks should be followed, and the number of notes which the Government should issue. I commend his minute to Your Lordship's particular consideration.
6. I am not at present prepared to submit any definite scheme for Your Lordship's consideration; but, unless I should receive by telegraph your disapproval of that course of action, I will lay the matter before the Colonial Legislature during its approaching session; and will report, at an early period, the result of the deli- beration of that body, which will contain several able and experienced men of
business.
The Right Honourable
THE EARL OF DERBY,
I have, &c.,
G. F. BOWEN.
Sc.,
&e.,
&c.
Enclosure 1.
HONGKONG, 9th August, 1883.
SIR,
The undersigned respectfully beg you to bring to the notice of His Excellency the Governor, the following grievance, severely felt by nearly all in the Colony, especially those who employ large number of Chinese workinen, viz.: the scarcity of One Dollar Bank Notes and Subsidiary Coins, 20c., 10c., and 5c.
By reason of the Government having placed a limit on the issue of this neces- sary currency, there are times when inconvenience is caused to those who require to disburse wages to workmen, the Hongkong and Whampoa Dock Company, Limited, alone employ upwards of 1,600 men daily, and as each man has to be paid separately and to the fraction of a day, unless well supplied with small currency, it is almost impossible to effect this.