é or Individual.
Treasury
901
April
previous Paper.
No.
Hong Kong
12144
(Subject.)
Note Issue Security,
Shanghai Bank
460
DOMESTIC.
C.O. 12144
*
Rec'd Red 8 Apr. 01
H. K. and
Subsidiary coin cannot be accepted as deposit for dollars.
Bank should be asked to replace it with dollars.
sequent Paper.
Mr. Lucas
(Minutes.)
I left this paper to discuss with Mr. Johnson, and I have also talked it over with Mr. Thomson, the Treasurer of Hong Kong.
In writing to the Treasury, I spoke of the deposit of $4,100,000 in dollars, and $900,000 in subsidiary coin.
This subsidiary coin should have been reckoned at 90% of its nominal value. As Mr. Thomson explained, this was intended as a rough approximation to the bullion value of the subsidiary coin.
(Rough, because instead of reckoning it at 88.88% of its face value, they should strictly have reckoned it...
Treas.