HONGKONG'S COINS.
Interesting Facts and Figures.
HISTORY OF CURRENCY PROBLEM.
It was the receipt of a bright have to thank the wisdom of the now one-cent piece flaunting the Hongkong Government for the dato 1925 that set one wondering. stabilised state of parity enjoyed Where had that coin some from by our small coinego.
SUBSIDIARY COINS.
AN INTERESTING HISTORY
THE HONGKONG TELEGRAPH,
| suggestion was, however, publioly taken up again during the adi ministration of Sir Horoulos, Robinson. There were strong complaints of the insufficiency of | tho, small silver coins obtained from England and there wore violent Quotuations in the jexchange value of the various
legal currencies. In 1852 8lr| Hercules obtained the sanction of the Colonial Offico to the official re-establishment of a) silvor, standard, based on tho Mexican dollar. A Royal pro clamation was published in 1863 stating that Moxionn or other ailver dollars of equal value were to be the only, legal tender. A Hongkong Mint was eventually established (1865).
Mac-
Japanese Government for $60,000, whilst the buildings and ground word sold for the purposes of a sugar refinery to Messrs. Jardine, Matheson and Co., for $65.000, Thus the Colony realised a total, of $125,000 as the result of an outlay which, only three years before, amounted to nearly half a million dollars.
and how many of them had been minted? The average man takes a lot for granted, his coins in history regarding the currency of There is a very interesting cluded, yet it seamed
THE MINT. only this Colony-a history which in- reasonable to want to know all cludes the establishment of a
The sito now occupied by about that glittering new coin.. Mint hero at a cost of about Jardin's "agar Refinery at East Enquiries made at the Colonial $500,000, and its sale only a few Point was appropriated for the years later at an enormous loss purposes of the Mint, additional Treasury revealed the inform One can only attempt a brief outland being reclaimed from the ation that there has been quite line of what has been a vexed sea. A water supply was secured a big and steady demand for now problem over since the Colony and the erection of buildings copper coins during the past few has been established, acknow- commenced in 1863. The fota! years. The rate of absorption is ledging extensive reference to cost of the Mint (buildings, very high, having regard to the Dr. Eitel's book. In the very machinery, étc.,) had been over early days when Sir Henry Pat $400,000 when it was opened in size of the Colony, and there must tinger was in charge (1842) the April, 1866. The annual mainten- be a lot of copper coin taken out Mexican dollar was takon se the ance cost about $70,000, and yet of the Colony which never finds standard and there was a fixed during the first two years it only its way back. In 1923, $25,000 rate at which Indian coine and earned about $20,000 in seignorage worth of one-cent pieces were Chinese copper cash were cat a time when the Colony was issued, in 1924 there were $50,000 cepted as legal tender. Two-and practically insolvent and the worth minted and issued and ina-quarter of the East India Com-Governor (Sir Richard April this your there was recoiv, pany's rupees, were equal to one Donnell) was pressed with ed from the Royal Mint in Lon-valued at 1,200 to the dollar. copper coins, both cents and mile, dollar, the Chinese cash being financial difficulties, At first, don, where our coins are made, a further $25,000 worth. In three This did not work particularly were coined, but later on five. well, but matters were made cont, ten-cont, and 20-cent pieces. years, therefore, $100,000 of new
great deal worse by a wera turned out. The working money in the form of copper ona- cent pieces has been issued. In proclamation by Sir John Davis in of the Mint proved to be so ex- other words, ton million copper and copper coins of the United in 1868, after the local Banks had 1845 ordaining that the gold, silver pensive that it was closed down coins. That is very high, for a
Kingdom, the Indian gold mohur, refused to take it over. The small place like Hongkong.
the Spanish, Mexican or South machinery was Bold to the American dollar and Chinese cash should all be legal tender. It was an attempt to establish a uniform gold standard and British currerey in Hongkong, but there was no demand for gold, whilst sivet, coined or uncoined, con- tinued to pass current in the Colony by woight. An attempt was made in 1846 to introduce a sufficient "quantity of pounds, shillings and pence to compete
MORE TROUBLES. with the Mexican and Spanish dollars, but, although the smaller But the curranoy question of coins proved useful. for small the Colony was by no means payments, the "chopped" dollar solved. Side by side with the It will be remembered that reigned supreme. In 1850 the dollar, the Chinese had always a few years ago the subsidiary Spanish dollar commanded a high used the national Chinese tael (a coins of the Colony were premium, Mexican dollars, rupees weight of syoce silver) and the very much at a discount and that and English money being at an keeping of accounts by all-firma Chinese coins were also used,
enormous discount. Various was an intricate matter. Round The Government began to collect remedial schemes were propound-about the year 1870, the Chinese the subsidiary coins paid into tho
ed and in 1852. (administra. had no faith in the foreign dollars Treasury and shipped something tion of Sir George Bonham) the and they bored and cut them for like $22,000,000 worth back to coinage of a British dollar was the purposes of testing, or they England, so that the supply of first mooted. The proposal, how- chopped" them for identifica- local coin was not so superfluous.ever, was sholved for years. tion. Every dollar became terribly. The exclusion of Chinese money Matters went on very unsatis- defaced and mutilated, the Chin was also a factor in bringing our factorily until 1857 when ese looking upon them as so much subsidiary coin to par.ty, though Australian sovereigns and half-cee silver and taking them only the process was accompanied by sovereigns wore added by the by weight. Dollars were broken considerable trouble, a boycott of Colonial Office to the already long into small places, the particles the tramways rosulting from the list of coins of legal tender boing used in place of small coins. Company's refusal to accept any- but the Governor (Sir John "Chop" dollars, in different stages thing but Hongkong money. In
Bowring) urged upon the Home of laceration, and broken pieces Shanghai, Hankow, Poking and other northern ports there is
Government the inconvenience of silver, weighed,out from hard to of making the sovereign the hand and re-aesayed in every endless confusion and 109s
standard of exchange in. a transaction, were the medium through subsidiary coins being country where gold was not of business. For small trans at ปี discount, "and the legal tender. He urged the actions the Chinoso used trouble is aggravated by the fact introduction of a British dollar the'r own copper cash but these that copper money is at a lower and the establishment of a Mint, had a discount than nickol money. The
fluctuating, value and, difference between "big" money
but those proposals were rejected apart from banknotes of $3,'and by the Treasury Board as being upwards, thero was virtually no and "small" money is the bano not only prémature but a risky fixed money currency in the of all who go shopping, and wo and expensive, experiment. The Colony. In 1882 Government
So far as the silvor subsidiary coins are concerned, there have been none minted fortwenty years and there is stili än ample supply in circulation. There is about $17,000,000 worth of subsidiary coin in circulation, whilst the bank note issue represents just over $51,000,000-& figure con- siderably lower than that of 1923 when there were nearly $60,000,- 000 worth of bank notes in ciroula tion..
LAST
LINE LIMERICK CONTEST.
The fourth week of our Last Lipo Limerick Competition is now in progress. A prize of $10 is offered for the best last line. Competitors should remember that the last lite must rhyme with the first two.
Last Line for This Limerick Must Reach the Telegraph Office by Noon on Monday, 15th June, 1925, Envelopes must be marked "Limerick."
Miss Ann had a mishap quite shocking, Which soon all the traffic was blooking,
The cause of the fun Sent the girl on the run,
-NAME.
· ADDRESS
pormission was given to "the Hongkong and Shanghai Bank to issue $1 notes and these supplied | a musk-felt want. Different American Trade and Japanese) kinds of silver dol'ara (Muxican, continued to be used af varying! rates to the tael and there was a strong feeling among foreign business. men to do away with the "chopped" dollar and in- troduce a British dollar coin which should be guarded against defacement. In 1875 representa- tions to that offect, were made to Home but nothing was done. A large supply of subsidiary coin WAE, however, obtained, and Hongkong has secured its small. monoy from Home ever sinc".
!
British dollars were first minted in1895, various quantities arriving from London and Bombay up to a few years ago, when a stop was made. It is seldom ono: 9068 B British allverdollar in actual cir culation now, many of them being hoarded in the hands of Chinese, whilst large quantities aro kept in roserve by the Banks against thoir note issues. The $1 note is in sole use.
Regarding the deprcolation of subsidiary coins a few years ago, it is interosting to record that! between the years 1895 and 1904 no. loss than $30,595,000 (face value) of subsidiary coins were imported by the Government, and that since 1906 over 826,000,000 worth of such coin bas born with- drawn from oirculation and domonotised. The last shipment to London was in 1922,
THURSDAY. JUNE 11,
BILLIARD CUES
THE FAMOUS
"PEALL" RECORD
$12.50 each.
FOUR POINT
EBONY BUTTED $8.00 each.
SELECTED
PLAIN ASH $3.00 each.
ALL BILLIARD ACCESSORIES IN STOCK
CHALK
RESTS
COMPO
BALLS, &o, &c.
CUE TIPS
WAFERS
CHALK
SUSPENDERS, &c., &c.
Lane, Crawford, Ltd.
The only Sports House that Gives Service,
COOK
BY
GAS
GAS COOKERY
IS
GOOD COOKERY
GAS in the KITCHEN
Means Punctual welf
Cooked Meals" and A Contented Domestic Staff.
Hongkong & China Gas Co., Ltd.
Renewed Health and Vigour
await you at
HARROGATE
BRITAIN'S FAMOUS SPA
"THERE is no place in the world so eminently suitable at which
recuperate after prolonged residence in the East.
The reasons are as follows:
(1) The invigorating moorland air.
(2) The wonderful abundance of natural mineral waters (87 different).
(3) The expert advice of medical men who specialise in Tropical diseases.
(4) The most up-to-date Spa treaments in the work.
(5) The gaiety and delightful situation of the town.
(6) The extensive facilities for every kind of sport and amusement...
If you're coming to England this year, make a bee-line" for Harrogate.
Fulhnan and Fast Restaurant Car Trains daily from King's Cron Station, London
A BOOKLET giving full particulars about Harrogate will be sent, free on application to MESSRS. THOS, COOK & SON's offices, or F. J. C. BROOME, General Manager, The Royal Baths, Harrogate.
Hotel MAJESTIC Harrogate
Stands in its own grounds of tea
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overlooking the Royal
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Write for Tari
FINEST SPA HOTEL IN
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Powell
Telephone C. 3146.
Special Show of
TURKISH TOWELS
48" x 807 $2.25 each.
50" x 80" $8.25
23 x 44 $2.50 each,
93 x 60 $5.25 each.
30 x 407 $3.00 each.
31 x 56. $4.50 each.
50
$2.00 each. $2,75 cach,
24 x 40 $1.00 each.
Damask & Huckaback Towels.
18 x 32 $3.25 each.
15 x 24 $1.50 each.
24 x 43 $2.25 each.
20 x 38 $1.05 each.
23 x 35 $1.50 each.
Tea Cloths, Glass Cloths, Dusters, Huck. & Turkish Towelling by the yard.
Damask Table Cloths & Napkins
at very low prices.
in all sizes.
PEAK FIRE DANGER
There was another outbreak of firo on the Peak last week, true, in this instance it was, only matsheds, but it might have been your home!
A large number of Peak rosidents have recently installed the best safeguard "FIREFOAM. "Be wise and follow their lead.
FOAMITE-FIREFOAM
Full Particulars trom-
THE UNITED
ASBESTOS
ORIENTAL
AGENCY LTD.
2, Queen's Bldge. Tel. C. 236.
DAIRY FARM NEWS
Special Announcement
PACKED EXPRESSLY FOR
ZEALAND CO-OP DAIRY CO LIM
ANCHOR
BRAND
ILB
NETT
SUPERFINE
PURE
QUALIT
BUTTER
CREAMERY
THE DAIRY, FARM, ICE AND COLD STORAGE CO., LTD.
On and after Monday 8th inst, Anchor" Brand butter will be retailed at our Depot and Branches,
Our Customers will, therefore, have the choice of two finest quality Butters-Daisy and "Anchor" Both being Government Graded as "Choicest"The highest possible grade in Australia and New Zealand respectively. Facsimile of "Anchor" wrapper is shown above.
The Dairy Farm, Ice & Cold Storage Co., Ltd,