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COLONY'S NEW SILVER
MEASURES
Government To Issue Notes And Coins
The exportation of Hong Kong Dollars and silver bullion, sil- ver subsidiary coins, Mexican dolars from the Colony is problhiť- ed by the Ordinance and Proclamation issued by the Government after an Extraordinary Meeting of the Legislative Council held on Saturday when these new measures were passed.
The authorisation of the issue and re-issue of Government 51 noles and of cupro-nickel 10 cent and 5 cent places W2 also made. This is an emergency, measure to maintain the supply of currency of relative y small denomination. The notes are not intended to replace the existing bank notes but only to replace the deflar colna, ་.
The meeting of the Council was presided over by His Excel- lency the Officer Administering the Government. Sir Thomas Southorn, while others present were:
His Excellency the Acting General Officer Commanding the troops, Major-Geneṛal W M Thackeray.
The Colonial Secretary, the Hon. Mr. D. W. Traiman,
The Attorney General, the Hoa, Mr. C. G. Alabaster.
The Secretary for Chinese Affairs. the Hon. MẸ. N L. Smith
The Colonial Treasurer, the Hon, Mr. E. Taylor.
Hole, Commander G. F.
Hon.
R.N., Reured), Harbour -Master-
The Hon. Mr. R. M. Henderson, Director of Public Works
The Hon. Dr. W. B. A. Moore. Acting Director Medical and Sanf- tary Services
The Hon. Mr. M. J. Breen Postmaster-General
The Hon. Sir Henry Pollock, the Hon. Sir William Shenton, the Hon. Mr. M. K. Lo, the Hon. Mr. J. P. Braga, the Hon. Dr. S. W. Tso, the Hon, Mr. J. J. Paterson, the Hon. Mr. T. N. Chau and Mr. E. A D. Councils)
Forrest (Clerk of
The following the Government Gazette Extraordinary Notification. issued at noon yesterday:
"In exercise of the powers con- ferred by section 4 of the Importa- tion and Exportation Ordinance, cinds paragraph (1) of the Reguli 1915, the Governor in Council res tion published by Government Notification No. 439 in the Gazette of June 7, 1935, and the word "or" at the end of paragraph (1) thereof. and makes the following additionat
Regulation—
No person, other than the Treasurer and persons acting un- der his direction, shall, after 12 noon of Saturday, November 9. 1935, export any British dollars, Mexican dollara, Hong Kong sub- sidiary silver coln, or silver bai- lion from this Colony to any country or place."
At the special Couneti mee:ing the Hon. Mr. C. G. Alabaster sald: "Sir, with your consent I rise to move the Suspension of so much of the Standing Orders of this Council as stands in the way of this Coun- el meeting without written notice or an Order of Business, and of the introduction and passing through all its stages at this meeting of a Bill, copies of which are before *Imembers."
Text of Bil1. The Bill was then read and pass- ed. It reads as follows:
An Ordinance to provide for the issue by the Treasurer of one dollar legal tender currency notes,
Be it enacted by the Governor of Hong Kong, with the advice and consent of the Legislative Council thereof, as follows:--
1. This Ordinance may be clied as the Dollar Currency Notes Or- dinance, 1935.
2. It shall be lawful for the Treasurer to issue and re-issue one- dollar currency notes in the Colony.
3. Such notes shall be legal ten- der for the payment oi Any amount.
4. The Treasurer shall establish
a note security fund into which he
of currency of a relatively small denomination.
Arrangements have been made to replace them by one-dallar bank -notes. As soon as an ade- quate supply of the latter becomes available it is intended that no
more Government one-dollar notes shall be issued and that those in alrculation. shall be gradually w.thdrawn therefrom.
General Statement. "The following is a general state- ment of the alms of and reasons for which the new legislation. Is passed:-
HONG KONG DAILY PRESS, MONDAY, NOVEMBER 11, 1935.
REUNION DINNER SIR LEITH-ROSS
CHINA'S CURRENCY
Flying Officers Meet
The Reunion Dinner of the 'F- ing Officers was held on Satur- day night at the Gloucester Hotel, and was very well attended, Mr.
9. R. Kerr was in the chair and Comdr. supported by Wing
Bishop,
O.BE, A.F.G. and Mr C. E. Moore, Hon. Secretary.
Others present were;
Mr. F. W. Ross, Mr. E. I. Wynne- Jones, Mr. F. J. F. Farr. Mr. H
Beddon, Mr. H. G. Wallington, Mr. H. Leydon, Mr. C. A. Fidler, D.C.M., Mr. F. A. Swoffer, O.B.E., Mr. B. F. Bugars, Mr. D. Latimer, DF.C., M.C., Mr. E. A. Jenkinson. Mr. H. A Pearson, D.F.C., M.C., Mr. G. May, Mr. B. H. Church MO., and Mr. J. Urquhart.
Letters of regret it their in ability to attend were received from Mr. M. H. Turner, Dr. J. C. McGowan. Mr. A. Sommerfelt, squad. Ldr. C. R. Keary, RAF, Mr. J. Geall and Mr. J. C. Dunbar. Mr. Kerr gave the toast of "The King," and Wing Comdr Bishop the "Silent Toast."
the Government of the Colony of
Hong Kong and its Dependencies
"Whereas by Article 4 (3) of the Hong Kong (Coinage Order, 1895), It is provided that if any new coins are co.ned, the said Article shall,
"The Government have prohibited the export of Hong Kong dollars after the date fixed by the Gover and silver sub-coin, Mexican dol-nor, in a proclamation made with lars and silver bullion (which in the approval of the Commissioners cludes "chopped" dollars) from the of the Treasury and a Secretary of Colony. The export of Chinese State setting forth in a Schedule saver coin, etc., (except to China
the same partlettars with respect la already prohibited.
to each coin as are set forth in the Third Schedule to the sald Order, apply to the new coins as it the Schedule to the proclamation were added to that Third Schedule:
The Government are Also Ru- thurising. by Ordinance and Pro clamation respectively, the Iseus uf Government $1 notes and of cupronicket 10-cent "and pieces.
4
cent
"And whereas new coins have been coined:
the
"And whereas the Lords Com- The new $1 notes are not in- Laded to replace the existing missioners of His Majesty's Trea- pank-note issues. but only to re-sury and a Secretary of State have place the dollar coins. These approved the making of this pro- notes are issued as an emergency clamation setting forth in measure to maintain the supply
denomination. of currency of a relatively small
They are not in iended to remain permanently in circulation, but are to be replaced by $1 banknotes as soon as ar adequate supply of the latter, for
which arrangements are made, is available.
bein
Schedule hereto the same particu- lars with respect to each coin as are set forth in the Third Schedule to the sald Order:
the
9.
of "Now. 1, in exercise powers vested in me, hereby pra
November that after claim 1935, Article 4 of the Hong Kong (Coinage) Order, 1895, shall supply Thereafter it is intended that note the new coins in the Schedule more Government one-doilar notes to this proclamation as if such shall be issued, and that those in Schedule were added to th=`Third
shall circulationi
be gradually Schedule to the said Order. withdrawn. In the meantime the
"Given under my hand and the
new $1 notes will be freely ex- Public Seal of the Colony at Vic- changed into banknotes as well toria, Hong Kong, this ninth, day as into the new token coin at the
of 'November, 1935.
A
Treasury: at the District Office at Talpo: and at the following Post Offices:-General Post. OMɛe, How- loon, Yum Kong and Talpo.
new note description of the issued herewith. !
New Coins. The new coins are struck from the same dies as the old, and are identical with them in design They all bear the effigy of EM. -King George V and the date 1935. The new notes are legal tender for the payment of any amount, and the new coin for amounts up to $2.
Stocks of the new notes and sub-coin will be made available during the weeks end and will be obtainable as follows:-
a-Notes from the Hong Kong and Shanghai Banking Corpora
tiori
a-Sub-com,
1-from the Hong Kong and Shanghai Banking Corporation. the
Chartered Bank of India Australia and China, and the Mercantile Bank of India Ltd:
2-At the Treasury in unbroken bags (containing $400 and $125 of 10 cents and 5 cents respectively); 3t the G.P.O. and Kowloon
measures
Description of Note. The Hong Kong Government One-Dollar Note,
Ave inches by three and one-eighth and is printed in several colours on white paper,
ON
Loan Emphatically Denied
Shanghai, Nov. 7.
The rumours that the recently announced currency scheme, of the Chinese Government resulted from an arrangement for a British loan or credit to China has led to an emphatic denial by Sir Frederick Leith-Boss, Chief Economic Adviser to H, M.'Gov-" ernment, who, it is understood, authorized the denial to be pub- lished abroad. On the basis of that denial Mr. A. Ariyoshi's statement, was made on Tuesday.
Sir Frederick has, he admits, discussed loan possibilities with the Japanese and American Ambassadors but, as he explained to the "North-China Daily News" yesterday, the Chinese Govern- ment had been compelled to take action by the market situation without assurances of a loan from the Powers.
Nevertheless, to a country, in China's position, a loan would be useful and it was hoped eventually that, with the co-operation of ather Powers, including Japan, some arrangement might be made.
Turning to the Chinese Govern-, cent, silver and 40 per cent, other ment's currency scheme, Sir Fred-securities, native banks, financial erick said that its general lines Institutions, Individuals, etc.. "De- were not surprising, as the aban- ing the applicants A large num→ donment of silver had been widely ber of persons changed their silver. anticipated. What was surprising for notes at the Central Bank on was the rapidity of enforcement the first day and the number was without external support. - It was increasing on the based on the principle of self-help and the wished it every success. The reserves held by the three banks
constituted resources suficient to tide the Government over until the balance of trade became more fav. ourable For the success of the scheme, he emphasized, reforms of the banking system, particularly the
creation of an independent Central Reserve Bank and a ba lanced budget, were essential.
He admitted that these reforms had been discussed with the Chin- ese Government as part of any carrency scheme and he expressed satisfaction that the Chinese Gay ernment had undertaken to put them into effect.
4.4
AMERICAN BANKER'S ATTITUDE Mr. J. A. Mackay, assistant vice- president of the National City Bank, explained that his bank was quite willing to co-operate with the Chinese Government in regard to the reforms, provided the proper protection were given by Washing- tan.
ነፃ
"We must look after the interests of our depositors," Mr. Mackay selves against suits in the United said, "and we must safeguard out- States Court. In no circumstances could we yield all the sliver which
now in our vaults and for which we paid more than the cost price." Mr. Mackey sent a long despatch about the situation to the head of
the bank
in New York ice of
yesterday.
days.
following two
The silverstock's in Shanghai
ending Monday were estimated by
scmb Chinese bankers to be more than $334,000,000, of which more than 12 per cent, were held by the foreign banks. According to a rough estimate" by a Chinese ban ker. the total silver stocks in the country, including ornaments, were known to be $2,700,000,000, 1 which $1,700,000 000 were in Col sycee or bars-
RUMOUR REITERATED
In spite of denials of the loan,
the "Shanghai 'Mainichi" yester day came out with a strange re- port that Britain had decided up- on the establishment of a 10,- 000,000 credit in favour of China jointly by the Hong Kong and
Banking Shanghai
Corporation, the Chase Bank, and the Charter- ea Bank of India and Australia. in addition to a £80,000,000 Bri- tish "cumulative loan.”
CHINESE MEASURES
APPROVED
London Inclined To View Decrees Favourably
London, Nov 6. Emphasizing that this was the ratio of the pound sterling's de- preciation, City quarters yesterday favourably commented on the news DEMAND FOR NOTE
of the Chinese currency's devalua- Following the enforcement of the don 'by approximately 10 per cent.. new currency polley, there has Certain observers in the Brisish been a persistent demand for notes | capital are hilined to see in the issued by the Central Bank, the cepreciation of the dollar an in- Bank of China, and the Bank of ¦ dication that it will become Communications, which have been tached to the sterling monetary decreed legal tender. According to group. Others, however, point out an estimate made at the Issue De- that such an interpretation is at
least premature.
nt-
Front. The most conspicuous partment of the Central Bank, features are an oval full-face por-approximately $7,000,000 in bank. It is generally thought that Nan- trait of His Majesty the King ou notes
were taken
out from the king's monetary measures are in- the right; and an oval medallion three Government banks on Mon-spired by the experiments con- on the left, and the frame sur
day, the first day, and a little less ducted during the past few years than this amount on Tuesday and practically all over the world and Wednesday. The majority of these seem to aim chiefly at the defence notes were supplied by the Central of China's silver fund, the creation Bank.
of a solid monetary system and the These notes were given on the protection of Chinese trade against presentation of silver, or 60 per foreign competition.—Havas
rounding the. note, are in purple On the frame at the top are the words "Government Of Bong Kong"; on medallions at the four corners are the figure 1 (top right and bottom left).
Within the frame, and between the oval medalioni mentioned above, are the English words "One Dollar" in bold block ahadowed capitals "These Notes Are Local Tender For The Payment Of Any Amount": below this, in bolder capitals "One Dollar" in English and Chinese, and, at the bottom a facsimile of the signature of the
Colonial Treasurer.
The background in the centre of the note, between the medallions, is a reticulated pattern of many faint colours, among which green,
remainder of the background with All of these will also take in on in the frame is an inconspicuou behalf of the Government an old age-green with a reddish diaper coln and sub-coin tendered in ex- pattern covering it. The notes are
WEDDING BELLS
*x
Tod-Western
shall pay all monies be receiver P.O, and at the District Office at pink and brown prédominate. The RN., of HMS. Daring.
for such currency notes. The fund shall be held on deposit at one or more banks in the Colony and shall be dvaliable for withdrawal from
Talpo, in amounts up to $100.
P
PROBATES
Granted By The Supreme Court
circulation of such portion of the change, Banks, companies, shop-umbered in black with a letter olhil, Gerrards Cross, Buckingham- the lawful attorney, for sealing keepers and others are asked not the alphabet and six figures, ashire, England, entered the church tale of the said currency notes as
to re-issue or circuate the old the top right and bottom
left wearing a white" "poult de sole the Treasurer may from, time to Hime deem it desirable to with- coin and sub-coin, which will be corners within the frame, draw: provided that a portion.of the fund may le temporarily in vested at the discretion of the
Treasurer.
Objects And Ressons. This Ordinance authorises the Treasurer to issue and re-issue one-dollar currency notes which will be legal tender for the pay- of any amount. These mente notes are not intended to replace the existing bank-note issues, but only to replace the dollar coins It is not intended that they thal remain permanently in circplation They are issued as an emergency measure to maintain the supply
St. John's Cathedral was the scene of a pretty wedding on when Miss Ursula Saturday Phyllia Western became the bride
Local estate to the value of of Lieutenant John Henneth Tod. $59,800 was left by Mr. Willam Strachan, "late of 36 Tregonwell The Rev. H. W. Baines officiated | Road, Bournemouth, Hants," who at the wedding.
dled as the above address on The bride, who is the daughter March 16, 1935. An application of Mr. and Mrs. Western of Dint by Mr. G. G. N. Tinson, solicitor, certified copy of probate of the will, was granted. dress, with a train decorated with Back. The back is white, with white marguer tes. She was adven
Mrs. Elizabeth Mackay, late of away by Captain R. & Benson, 47 Gramp an Road, Kowloon City, a large ornamental wracery design darker in the middle, which bears R.N., and was attended by Ms who died at Kowloon Hospital
the July 8, 1834 left local estate the words "One Dollar" in Chinese Evelyn Tud, the sister of (above) and English (below), and bridegroon, Miss Frudence John-mounting to 820,100. Probate of more lightly printed on the two son and Miss Sara. Mary Coventry the wild has been granted to Wings of the design, which emerg: as bridesnis s
Edwina Louisa Rogers, the eldest from behind the darker centre and
daughter. Text Of Proclamation.
two leaf-like decorations nankinį. Immediately after the meeting | thé centre. Above are the wordi the following proclamation was "Government of Hong Kong," and made: By His ̈' Excellency, Bir❘ in each corner the symbol $1.
The New Cupro-Nickel 10 cem Wilfrid Thomas Southern, Knight Commander of the Most Excellent and 5 cent pieces are struck from Order of the British Empire, Com-the same dies as the 800 fine silver Danion of the Most Distinguished 10 cent and 5 cent pieces, and Order of Baint Michael and Saint bear the effigy of His Majesty King George, the Officer Adminstering Cierge V and the date 1935.
withdrawn after an interval suf- clent to allow of the distribu- tion of the new notes and coin, but to exchange them as soon as poss ble at the banks etc., named above. (or through their neg bankers) for the new currency.
The bridegroom, who is the elder son of Colonel and Mrs. Tod of Probate of the will has been Four Marrs, Alton, Hampshire, I granted to Chu Shluscheung," the England, was attended by Lt.dest son, in the estate of Mr. Commander A. B. Coventry. R.N.. Chu Pik-tung, aas Chu Chum, as best man.
merchant, who left local estate
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