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Enclosure 2.0)
RECE
Rec 24 AVC 06 Letter from Mr. E. Osborne to Mh. “E. A. Hewett, Chairman, Chamber of
Commerce, dated the 30th. April, 1908.
Sir,
Hongkong,
579
I have the honour to draw the Chamber's
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attention to the recent fall in the value of British subsidiary coins
by which this Company and others whose business lies on a cash basis,
are losing heavily.
2.
And apart from loss to individuals the
matter is, I submit, of sufficient importance to the colony at large to
warrant the consideration of your Committee.
3. For many years and until recently, Chinese
subsidiary silver coins were at a discount of about 56; British subsi-
diary silver coins maintained a parity of value with the dollar; whilst
British copper coins as measured in Chinese silver coins were at a
premium varying from 2 to 4 per cent. British subsidiary silver coins
are now quoted about 5% discount and copper 9%. +
The former disparity between British and
fe. Chinese coins was I understand due to a difference in finances.
4. Recently the Canton silver coin has shown
a tendency to further depreciate and, what is of more importance to
Hongkong, has apparently dragged the British coin with it, the reason
assigned being that the debtor, finding he can discharge his liabilities
in the baser coinage, has no further use for the higher.
5.
Following immediately upon the minting in
Canton of copper coins, the British one cent piece sunk to the level of
its Chinese counterpart, and, it is assumed, for the same reasons as led
to the fall of silver coins.
8.