No. 32.
700
Government House,
Hongkong, 23rd January,
143
MC
33349
Sir,
I have the honour to acknowledge the receipt of your Despatch No. 318 of the 26th September, 1901, enclosing copy of a letter from the General Post Office on the subject of the equivalent in Hongkong Currency of fifty centimes.
2. The Acting Postmaster-General points out that at the close of 1901 the rate of exchange did fall below the rate mentioned in the enclosure to your Despatch under acknowledgment. He adds that except with the object of safeguarding the Post Office against loss due to a continued drop in exchange there is no other reason why the suggestion made to fix the rate at 25 cents Mexican to 50 centimes may not be agreed to.
The Acting Colonial Treasurer points out that during the last few days the rate has almost touched 1/10 at which rate 50 centimes equals 21.645 cents or over 21¼ cents. But as 4 cents has been taken as the equivalent of one penny, whereas at the present rate of exchange one penny is equivalent to 4¼ cents, he considers that until the dollar drops
THE RIGHT HONOURABLE
JOSEPH CHAMBERLAIN, M.P.,