over,
-*
the aid of costly ful imita-
The perfectly milled lingly difficult to imitate, and the franc piece, with the words in tters on the edge, "Diên: protége la brance," is quite beyond the counterfeiter's art. Forty years ago it was almost impossible to get any small change in Hongkong, payments by foreigners, even of the smallest sums, being always made by chits. Among the natives cop- per cash and broken silver were universally em- ployed in retail trade, this small silver being scrupulously weighed with much formality by the ivory stick, corresponding to our English steel yard. The careful examination of a few dollars worth occupied half a morning, as it was often counterfeited in base metal, silvered the identification of which was extremely difficult. The copper cash, too, was greatly depre- ciated and mixed with imitations. The payment of 10 cash would often occupy as many minutes in altercation over the quality of the coins, the best of which were constantly withdrawn for India. These were glorious days for the Chinese shroffs, and every other shop in the Queen's Road had a money changer's seat on one side. The ring of the chopping hammer now formed the music of the China town, to which indeed it was not wholly confined, as occasionally a Bank, having to make a payment of several lakhs of dollars to another Bank, and running short of chopped currency, would chop clean coin to the required amount, rather than give the advantage to a neighbour. Then were the wars of the balances." As
"the borrower is ever servant to the lender," it was decreed that all payments were to be made according to the receiver's weights; and it was clear that the turn of the scale" was a thing by no means indifferent. There was frequently hot contention and scale-makers and adjusters were in great request. This was in the sixties, a decade of considerable activity in finance. There were eleven foreign Banks in China and as their legitimate business was insufficient, they were driven to prey upon each other. Mr. Wiggins, of the Commercial, in Shanghai, upon one occasion, purchased two drafts of £100,000 each from the Agra, and. sent his broker for a third draft of the same amount; he came back
without it, but felt that he had not made a bad morning's work. Commission, £250.
The Jews had no difficulty in recognizing Cesar's likeness upon the Roman coins and the Chinese of Hongkong should be able to recognise the figure of Britannia, or the re- presentation of our beloved Queen.
•
The Scripture incident which the above words recall, given alike by three of the four Evangelists, suggests the thought of the power and political influence of a currency, which has been wholly neglected; until very recently, in China and Hongkong. We learn from the Indian press that the new British dollars have been mostly absorbed by Siam, We would not grudge these being current in either Burma or Bangkok, but if they are to be converted into ticals it seems a pity that these good people should keep us waiting for new currency whilst they melt our Britannias into silver marbles, leaving us only the chopped Mexicans. It is consolatory to know, however, that at present they are not being so converted, but are being stored or hoarded by the Siamese Government, and also that the Hongkong and Changhai Bank liave an adequate supply on hand. One of the reasons for their coming so slowly info circulation is doubtless found In the convenience of Bank paper, of which the er portion of our currency now consists. coins should be such that they can be led with pleasure, and preserved with care, instead of being so repulsively they are naturally quitted at the Can anyone forget the securing a new coin as a so much the value as every visitor few coins for
carefully
ften times for, e a Chinese
wort Jess
THE HONGKONG WEEKLY PRESS AND
ten per cent. than the habitually receives, bits
ex108
memorial signed
On the 31st of May 1877 by 245 bankers, merchants, and traders of Hongkong was presented Government against the mutilation of our coins.
the
Chi
sm
com
coins of
fand
receives fresh rem labour and the take the trouble, for their wages and othe the difficulty of the Chi less the trouble. The co at once. The larger the of having these clean bright pieces 81 notes, 50, 20, 10, and 5 cents hand is really very great. With are not burdensome, one is armed and never need accept any change at
sure at
seem
ese
The Hongkong and Shanghai Bank in 1868 did what it could to avert the closing of the Mint. Its Chief Manager, Mr. Thomas Jack- son, has done more than any other man in discouraging the defacement of our currency and in obtaining for us the British dollar; and we may be well assured that, if the experiment can be safely tried, the Government will not fail to consult with him and with the Chamber of Commerce with reference to the re-establish- ment of the Hongkong mint. If an issue of 24 millions of dollars worth of subsidiary coin in a year can be relied upon, at a profit of at least 8 per cent., seeing no carriage or insurance would be inourred, this would to show the unfavourable side of
Some of the preceding remarks wo provide $200,000 a year, to say nothing compradore and shroff. Now for of the advantage of minting our British What is the reason that the handling of dollars in Hongkong instead of Bombay. has, from the beginning of our int It might also be found possible to improve with China, been so largely left to the natives upon the design of the British dollar, which is altogether too crowded with conventional and Primarily on account of its unwieldliness, commonplace ornament, but lacking in dis-extreme difficulty of endonu tinctive character. The figure of Britannia genuine, and the irksomeness of the with her elongated trident very poorly replaces vigilance required to guard valuables of all the representation of our Queen Empress; it may be remarked that no image is more easily impressed upon the memory, and more readily recognised, than the human countenance; and hence the difficulty of successful counter-manence of the relation which subsists in most feit.
cases between employer and employed, the offices frequently descending from father to son. of my servants are the sons and one the grandson of those earlier in my
in my employ.
and
It seems that our subsidiary coins are valued upon the mainland of China, where they are preferred by the native bankers to those of the Chinese mints. Indeed, there is a growing disposition to absorb small money in India, China, and Japan. The fact is so far unex- plained. This is possibly due to advance in copper, or it may be that its very smallness induces an enormous number of poor people, who are unable to command a dollar, a yen, or even a rupee, to hoard it in preference to the broken silver which they put by formerly. Anyhow, it is not only our friends in Bir- mingham who have been very busy lately, but an immense absorption of this product of the Chinese mints has taken place, such indeed, if my information is correct, as will cause considerable astonishment. The facility which this small money affords in retail trade cannot be over-estimated. Its introduc- tion into Hongkong has greatly helped to teach Chinese here the value of time. Formerly natives seldom moved at anything beyond a slow walking pace; now we see them almost running along Queen's Road, very much as people do over London Bridge.
In future orders for subsidiary coins it might be well to include half dollars, which are scarce, and are very useful for local currenoy. The profit on the 50 cent pieces should be slightly greater, as also their durability.
ac
nstant
eover.
kinds from theft. The custodians of our trea- their painstaking and marvellous sure have, as a rule, proved faithful M have made them almost indispen other proof of this is needed than
heper
0
SIX
At the time when the foreign factories were
burned in Canton by the command of Commis sioner Yeh, and a general flight took place to the Commercial Bank of India, dispatched his Hongkong, Mr. Henry Rutter, the agent of office coolie, A, Noon, in an open boat, with out any guard, down the river to Hongkon
こざ
fidolity to
This came safely, without any loss. It is the with over $100,000 in silver coin on boa good qualities of the Chinese which has led to their extensive employment in the handling of money. Can we wonder that the very not of seeing so much and passing so much through their hands should lead to the desire to retain a little, in the way of squeezes from ou and so repay themselves for their fi
outsiders,
their foreign masters, or that, placed in posses- sion of enormous sums, in some few cases the temptation has proved altogether irresistible The character of the currency has been the root of the evil. This created an army in Hongkong and the Coast ports which lived upon its defects and anomaliest 18 very difficult for a London cabman to be strictly honest, and probably impossibl for & hinese money changer, and, so long as the of coins continues, together with the of accepting by weight, and paying away the temptation will be too great to sup the small monthly salary by securing out of it. Some one has tersely remarked so soon as men cease to assist one the world will come to an end. It equal truth be said that, were it not many faithful among the chinese, the ex of this British colony of Hongkong w impossible. Tho marvel is not that nese are imperfect, but that they ar they are not that we have currency an troubles, but that we are able. land, to get
do But I some of
red:
The public is very much indebted to the Hongkong and Shanghai Bank and its officials for their painstaking in the issue of this money. The correctness of the square multiply ing boards employed is infallible. It is a mistake to suppose that these British subsidiary coins are at a discount in the colony. So far from this being the case, they are accepted with the greatest eagerness. As an experiment I made the smaller payments during last summer, in coins of 20 and 10 cents pieces, to the amount of $5,000. These payments ranged from $1 to $170, and the only objectors were the Stamp and Post Offices and Chinese compradores and shroffs. The payments were greatly facili tated by packing the coins in little $5 rolls, with tough bank post paper. The unwilling ness of the shroffs to accept these coins is readily explained by the fact that they fill the he drawer to the exclusion of the Chinese subsi- diary pieces, generally received by them only at a discount, an advantage being subsequently secured in paying them away, in small sums, at
The recent issue in such er rmous
these subsidiary Chinese
oing
stimulus connterfeiting,
on of some of the
MI
classed
man
turn
thất