347
boin
very
knowing that they would be paid partly at least in this depreciated
naturally framed their tenders so as to
what a merchant of the Colony effect.
$1000 would cost the Colonial,
Free—the loss, and this estimate
could get
built or supplied for
Treasury from
Such
was
$1100 to $1200.
the nature
9
Vie
grievance
embodied in the —
tale
memorial. I may here add that
consequence firstly of
less in e
withdrawal
the
favorable decision in
Ex
case
the law has been g years the decrease and subsequent
me
Parliamentary grant and partly of
argued by before the Supreme Court in 1854, the result of which, duly reported to the Colonial Office was the enforcement of payment "in dollars.
Crown Land.
Before sending the memorial to its destination Sir George Bonham submitted it to the
Commissary General JWz I. W. London) who
disapproved from
the facts and conclusion this Governor's permission I was enabled to record.
Smith now in
and
by
my rejoinder to Mr Smith's objections. These documents accompany
the memorial, and will
the
Service
America And although the
the United States
admits British
Public Proclamation of P May
of Hong-Kong, practically
money into the lawful Currency it has never been currency
there at all.
a.
lawer value
It has been a marketable article and has
assumed than what the proclamation assigned to it. In truth, the money transactions
of the government
are so small in comparison with the large Mercantile operations conducted in the Island, that it is by these latter that the real currency of the place must be effectually decided.
the pen may
#stroke
declare couries or old mon to be legal
g sender, but amid the peculiarities
legal
9
Chinese Commerce such
declaration will have little
effect in the market value
7
of the auficates
question.
when the Falaries
was unknown in China and
o Officials
evidence
in the calculation.
and cents best-
by
g
fare
the
Convenience
made
the act
the
Those
upon
whose recommendation the
was based on a
In the second place it is important - that to remember that,
originally fixed this British money consequently
could not have been considered
Every Merchant in China keeps his Books in Dollars
the crcden and
Treasury the accounts
the Colony statement of salaries in sterling Home Authorities and not
may
the Home 9 are kept in Sterling and the
of
g originally fixed.
not be amiss to add here that a considerable reduction
The
main Evroue in bot Smittie
course be found
argument pas
in the Colonial Office
as it seemed to me)
misconception
9
of the fact
the east
Jay
was that the British Com
Correct—to
the practical and real state The Dollar, he said, was at a premium; whereas the was at a discount. It is you
ratis
Jalaries were
A.
in London that the Dollar is at—.
-premian
discount in res
as the Handard, but it
as
in
ence to the Sovereigne reference surely follows that, Hong-Kong the British com must be gauged in its relation to the Dollar which is to all intents purposes
the Standard there.
and
Another objection I think was that as the salaries werkn
Pounds Hillings
stated in
should
Horting money.
They
bl
so in
e paid. But in the first place it is
laborer is entitled to his
Jarr
to contend
erage
in the
and French
that a
the plac
I believe
currency of acknowledged.
where the labor is done—a principle a
has taken place from time to time in the rates of Salary.
action.
it must be borne in mind that the impacted and to as Again
valul in the Dollar,
certain extent—acknowledged enhancement—
can on
only be realized may by and
bye give
Seurant—ouch increas
9
exchange operation (and those operations
on the spot—; and never ou
But as et
awerse result) and to the
Government profitters; He spends his money comes with his salary within the
u value
rarely
still be said that the
Eychange
value
g
the
soul.
endvic et
Wasy
benepis
Sphere of exchange operations.
may dollar, this acknowledged, must in
servant, I would point out that such notion like the sarut
the government
Olens
to
· flow from something
veron which moiste
(2)