The proper function of such coin is merely to supply the small change required by a community and under a sound currency system it will not be allowed to take the place of legal tender money in large transactions. In a community like that of Hong Kong where the danger of over-issue of subsidiary currency is by no means remote, there is special reason for restricting such currency to its proper function, and My Lords would suggest that the Hong Kong and Shanghai Banking Corporation should be invited to substitute dollars or silver bullion for the subsidiary coin at present on deposit with the Colonial Treasurer.
I am,
Sir,
Your obedient servant,
E. Hamilton
DRAFT.
12144 201
I have the honour to inform you that my attention has been drawn to the fact that a certificate of the security deposited by the Hong Kong and Shanghai Banking Corporation in accordance with the provisions of Ordinance 1 of 1899 takes the form of subsidiary currency.
2. In the correspondence which passed between this...
Page 462
...
Page 463
Corrected and formatted version in HTML as requested: Since there are page numbering indications and some OCR errors, here is the corrected output in HTML format as per the instructions:Page 462
The proper function of such coin is merely to supply the small change required by a community and under a sound currency system it will not be allowed to take the place of legal tender money in large transactions. In a community like that of Hong Kong where the danger of over-issue of subsidiary currency is by no means remote, there is special reason for restricting such currency to its proper function, and My Lords would suggest that the Hong Kong and Shanghai Banking Corporation should be invited to substitute dollars or silver bullion for the subsidiary coin at present on deposit with the Colonial Treasurer.
I am,
Sir,
Your obedient servant,
E. Hamilton
DRAFT.
12144 201
Page 463
I have the honour to inform you that my attention has been drawn to the fact that a certificate of the security deposited by the Hong Kong and Shanghai Banking Corporation in accordance with the provisions of Ordinance 1 of 1899 takes the form of subsidiary currency.
2. In the correspondence which passed between this...
However, to fully adhere to the format requested, here is the revised output without the initial explanation:Page 462
The proper function of such coin is merely to supply the small change required by a community and under a sound currency system it will not be allowed to take the place of legal tender money in large transactions. In a community like that of Hong Kong where the danger of over-issue of subsidiary currency is by no means remote, there is special reason for restricting such currency to its proper function, and My Lords would suggest that the Hong Kong and Shanghai Banking Corporation should be invited to substitute dollars or silver bullion for the subsidiary coin at present on deposit with the Colonial Treasurer.
I am,
Sir,
Your obedient servant,
E. Hamilton
DRAFT.
12144 201
...
Page 463
I have the honour to inform you that my attention has been drawn to the fact that a certificate of the security deposited by the Hong Kong and Shanghai Banking Corporation in accordance with the provisions of Ordinance 1 of 1899 takes the form of subsidiary currency.
2. In the correspondence which passed between this...