354
A trifling incident tends to shew what the scarcity of these coins is.
A lady presented herself the other day at the Post Office window and begged to be allowed two dollars worth of small change. She was a stranger, and was unable to get change anywhere in the Town. Had the applicant been a man, I should unhesi- tatingly have refused, for I had with difficulty spared $80 from the scanty reserve in the Treasury for the wants of the Post Office and Stamp Office.
Had the shipment which is now to hand arrived but a week or two later, we should have bad to purchase small coins at a premium of about one per cent. for the use of the various Departments.
A profit of about 5 per cent. accrues on these coins.
I have the honour to be,
Sir,
Your most obedient Servant,
The Hon. W. H. MARSH, C.M.G.,
Colonial Secretary,
No. 48.
SIR,
(5)
A. LISTER, Treasurer.
TREASURY,
HONGKONG, 3rd November, 1883.
With reference to my letter No. 41 of October 29th, on the subject of a further supply of Subsidiary Silver Coin, I beg to call your attention to the following facts.
A consignment of $50,000 worth of these coins has just come to band. They were counted into the Bank on the 31st. No notice whatever has been issued to the public, indeed I am at a loss to know where the applicants for the coins got their information.
Nevertheless in two days issues have been made to the amount of $16,390, mostly in small sums. Had I not cut down some of the Requisitions, which were for immoderate amounts, the issue would have been over $26,000, or more than half the shipment.
A set of rules has been framed for the regulation of the issue of these coins, I would suggest that a few printed copies be forwarded to the Secretary of State.
I have the honour to be,
The Hon. W. H. MARSH, C.M.G.,
Sir,
Your most obedient Servant,
A. LISTER, Treasurer.
The quarter and half dollars so introduced would of course be tokens contain- ing 20 per cent. of alloy, but so far from this being a disadvantage, it might very possibly suffice to prevent the export of these coins to China, which, in the case of the present subsidiary coinage, drains the Colony of it as fast as it is imported. I am told that these coins are now in common use in Canton, throughout the Kwang- tung province, and are even beginning to be seen in the North. There is perhaps no great objection to China's being supplied with coin through this Colony, except that we cannot keep sufficient here. The following figures will shew that the large importations of silver coin we have lately made have not in the least tended to overstock the Colony, for the premium in the ordinary market on ten cent pieces
was:-
On May 1, 1883,.
22
"
"
.9
per cent,
November 6, 1883,
I
77
1.4
15
1
17 32
May 2, 1884, September 4, 1884,
The Chinese are well aware that these coins are alloyed, but their extreme convenience over-balances the popular prejudice against alloyed silver. A half- dollar, however, is a more serions matter to a native than 10 cents, and I think it quite possible that a token half-dollar, whilst passing here freely enough, might command no great circulation on the mainland. If this turned out to be the case, it would be a great boon to this Colony, for we could then keep here a respectable and fairly portable coinage for our own local use.
The experiment would have to be made with caution, for it would not do to encumber the Government with a large shipment of an unpopular coin. But even if the new half-dollar were a little unpopular at first, the eagerness of the Chinese to get five and ten cent pieces would float off any moderate quantity, if (as at pre- sent) the rule were enforced of issuing all denominations of coins together.
loss.
No attempt to provide a half-dollar of par value could be made without serious
I make no proposals at present about any definite supply, as it will probably be thought advisable to refer the general question home first.
I have the honour to be,
The Hon. W. H. MARSH, C.M.G.,
Sir,
Your most obedient Servant,
A. LISTER, Treasurer.
Colonial Secretary,
The Government would be much obliged to the Manager of the Hongkong
W. H. MARSH,
Colonial Secretary.
and Shanghai Bank, if he would state his views in this recommendation.
4th September, 1884.
To the Honourable T. JACKSON,
Colonial Secretary.
No. 26.
SIR,
(8)
TREASURY,
HONGKONG, 4th September, 1884.
I have the honour to call your attention to a point of considerable practical interest in connection with our subsidiary coinage.
It appears to me that if this coinage, instead of consisting of 5, 10, and 20 cent pieces consisted of 5 and 10 cent pieces, quarter dollars, and half dollars, it would be in every way more useful even than it is. There is moreover, I think, ample power to introduce quarter and half dollars under the Queen's proclamation of January 9th, 1863 (see Gazelle of May 2nd, 1863) and Ordinance No. 1 of
1864.
Memo. for the Colonial Secretary.
I do not agree with the Treasurer that token coins of the value of twenty-
five cents, and fifty cents each should be introduced into Hongkong.
I am of opinion that the present subsidiary issue of five, ten, and twenty
cout pieces meets the requirements of the Colony.
The export of subsidiary coins from Hongkong ought not to be looked upon as a grievance, considering that there is a large profit upon them; I think the profit upon said coins might be increased by judicious purchases of Silver in London from time to time when favorable opportunities occur. An ample supply of subsidiary coins ought always to be kept in Hongkong.
The proposed method of forcing the half dollar token coins into circulation I consider most arbitrary, and unworthy of the Government of this Colony.
Hongkong, 6th September, 1884.
T. JACKSON, Chief Manager, Hongkong and Shanghai Bank.
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