Terms, and would therefore be so considered in Hongkong. It appears, however, by the above recited Proclamation, that the Coinage of England is declared to be an illegal tender.
I submit for Your Excellency's consideration that it would be advisable to declare the gold, silver and copper coinage of England to be legal tender in Hongkong, and between all British subjects in China. The necessity of this will be more apparent when it is considered that all Government Accounts are kept in Pounds, shillings and pence, and that the Dollar is fixed at the exchangeable value of 4 shillings and 4 pence.
The whole question of a coinage for Hongkong might well be brought under the consideration of Her Majesty's Government. The Dollar, although long known and recognized in China, is a foreign Coin, issued by various states, and differing in weight and quality.
The Rupee is almost a foreign coin, and will probably in course of time be entirely changed into British Currency in India, as has been the case at Bombay, and in other Colonies. It would be politic to have the coinage of our Sovereigns generally known and circulated in China; it would be useful by reason of its varied denominations - the sovereign and half sovereign in gold; the crown, half-crown, shilling, sixpence, and threepence (or 4, 2/-, 1/-, 6d and 3d) in silver; and the 1, 1/2 and 1/4 penny in Copper. I am informed by Mr. bet Lay, the Officiating Consul at Canton, that the Chinese admire our Coinage very much, that it would readily circulate at Canton, and that the large traders would soon keep their Accounts and make their purchases and sales in British money. The want of small Coinage is much felt in Hongkong for the retail and daily transactions of life - purchases of Commodities and wages of labour.
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