215
Enclosure 2
The HongKong Daily Press of 20th
Mr. JACKSON-Mr. Chairman and gentlemen, thor has been a short reference in the Chair- wan's speech to the British dollar. It is a very important item indeed in connection with the faturé commerce of this colony. I think it affords us an opportunity of placing the cur rency of the colouy in a sound condition and doing away with the foolish system of chopping dollars. I believe the Goveromeut have beau advised at home by experienced men that it would La impossible to do away with chopping the British dollars. I do not at all agree with the advise they have acted upon. From our point of view it is highly desirable that our currency. should also be a legal tender in the Straits Settle- ments. The banks hore have considerable into- rest in the banks in the Straits. If these dollars ars chopped they coase to be current in the Straits. They are currant in Hongkong, but not in the Straits. It is a great grievance and at the end of the 19th century we ought not to tolerate chopped currency. (Hear, hear). It would be in. the interests of every single trader in this place, of every private individual, and of nove more than the Chinese themselves, if the system were stopped altogether. This custom of chopping is a very auctant one, and I think the time bas now come for it to bad ne away with. I would like, before this meeting separates, to have au expression of opinion that the Government should legisi.te that the British doilar shonid not be chopped and if it is chopped that it should not be the currency, (Hear, hear). We all how we had 7.1.7 to the dollar, one of the reasous being that the tael weight is pretty well the universal ons all over China, but the chopped dollar is not accepted in Shang- hai. Surely the Government would not come to the conclusion that the Shanghai oastom would not apply bera The objection must arise that ten Mexican dollars are worth more by count than by weight. The weight of the Mexioso dollar is a very irregular oue. It is supposed to be 417 or 418 grains, whereas the weight of the British dollar is 416, so that they are very much the same. At all events the loss is so slight that every one would put that consideration no one side for the purpose of placing the earrency on a proper tosti g.
Mr. SHARP-I am very glad that Mr. Jackson bas salt what be his. I ha intended to say a word about chopping dollars, but I was very much afraid that anything which I might say might not be appreciated by Mr. Jackson, who is the briaunger of the Hongkong and Shanghai Baoking Corporation. because I can imagine that a bank might think that its in- terests were in some way identified with the chopping of dollars, for this reason, that they on
I have chop as many coins as they please. known banks chop a hundred thousand coins. and go through a great deal of labour overnight before they are paid out in the morning, in order that the bank may secure a premium apon unekopped dollars which remained in their treasury. I am delighted to find that Mr. Jauksou takes a clear view on this matter, and I think he bases his view upon the idea of bettering the general interests of the colony. 1
There
Mail, 1895.
Aware
prop T
of the and I
There is no question whatever that the mutila. tion of our coins is against the interests of trade. Why should there always be a premian apen remittances to Singapore and Japan ? For no earthly reason than that the coins with which we have to pay for those bills are at a discount. If you want to ssud a remittance to
1 have to soud Singapore you
I do not know remittance-a clean coin.
really whether people are injury which is bereby inflicted, would like to direct your attention for a minute to a little anecdote which occurred more than thirty years ago. I sold an invoice of clean Mexican for the Commercial Bank to the Agra Bank. It was then that the proportion of in- different low touch coins, which had been habit- nally rejected by the banks' compradores for me years previously, had been greatly inoress- sing-ingressing year by year autil it bad ba- come quite a formidable matter. On this ocea- sion between six and seven hundred dollars ware rejected by the compradoro of the Agra Bank. I asked what they were worth, and the raply was "Oh, these coins no good touch, have got tin iusida; bat maakee, 30 cents." Thirty cents was all the money that was offered for these 650 dellars. I was the intermediary employed in the transaction. and therefore was called upon to de I went into my best to settle an arrangement. another bank close by and said Compradore. what are these dollars worth" "Oh, very littls tough" was the reply, "25 or 30 cents." I 1 got thought this was more unsatisfa tory. iuto my little pony trap, and drove down to American Messra. Olyphant and Co., the firm, whose business then was next door to the Commissariat Buildings. I went in and saw the managing partner, Mr. Parkin, and said to bim, "Will you allow me to do a little business with your compradors ?" He said "By all means." I said to the compradore, "There are these 650 Mexican dollars. They are at five par cent, premium. Please allow your shroff look see." He called in his shroff, who shroffed these
630 Mexicans. He said "They are all good." | I said "I thinkee perhaps have got some pieces inside no blong good; ms.e better you call in another shroff. He then sent in next door for The shroff came the shroff of Fletcher & Co.
in and carefully examined them a second time. ¡ He said They are all good," but selected one: coin, and said "This pieces b'long old year, you more better go Lane Crawford bay one bat." (Laughter), I said "You can secure blong number one." He said "Clean dollar just 1 now long five per cent. premium.
the
He notes." said Maskee, give me gave me the notes, and I drove off to the bank. gave them to the manager, and said "For good- Bess sake don't say anything about these or wise there will be a reclamation." Nothing was said about it. There was not a bad dollar amongst them. Both these meu are now dead, but the compradors of the late firm of Olyphant and Co. j is, I believe still living, and he will confirm my statement. The attempt of the Agra Bank com- pradore to put nearly 500 dollars into his poeret oat of this ballion shipment was thus defeated, !
TREASURY but
10096
(REC 1 JUL 95