7. The brazing time, of course, is all. course, Chinese New Year, at which period it is the custom amongst Chinese to pay debt and close all account. Only two or three or four days before the Chinese old year's eve, years ago, small coin was at 200 per cent premium: The Treasury had a quarter millions of coin, Iconsid2651 to be ample. Nevertheless, two months before the year, such a steady demand set in that, though the requisitions were cut down as much as they reasonably could be, in four weeks the whole was exhausted, and the issue had to be suspended, if only to keep a stock to issue, the few Banks had none, and Bank notes were not to be had for 'money'. The inconvenience to those who had many small payments to make, to the Commissarial, the Dockyard, to employers of labour, and public companies, was great that I resolved to allow such a state of things to recur if any vigilance of this Department could prevent it.
9. On the approach of the last Chinese New Year (January 24th, 1887) there was $180,000 worth of small coin in the Treasury, and this supply, amounting to no less than two and a half Coins, was for the use of the Police, etc. It was at this juncture that an urgent request was received from the Army Paymaster for $10,000 worth of coin. I was enabled to make this issue, because I knew that after the New Year, I could, if necessary, purchase small coin for Government use at a nominal premium. It has not been necessary to do so the next year, but until a shipment arrived we were on famine allowance, and the issue to the public was suspended. I should, however, state that no inconvenience appeared to arise from the exhaustion.