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C. O.
581
Enclosure 2.(#)
31358
RECE
¡REC 24 AUC 06
Letter from Mr. E. A. Hewett to Mr. E. Osborne datel the 28th, May,
1906.
Hongkong General Chamber of Commerce,
Hongkong, 28th. May, 1908.
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sir.
I have to acknowlelge the receipt of your
letter of 30th, ultimo in which you direct attention to the loss
sustained by your Company and others through, what you term, the
fall in the value of British subsiliary coin, and to inform you that
your letter has received the careful consideration of the Committee
of the Chamber of Commerce.
In the first place owing to the fact that
legal tender of subsidiary coin is limited and that intrinsically
it is not worth so much as the currency dollar, its exchange value
is neturally liable to fluctuate according to supply and demand.
2. The Committee of this Chamber are agreed
that the question of the loss in the purchasing power of British
Subsidiary coin, however it may have been caused, is one which
deserves serious consideration.
3. Without necessarily accepting either the
statement in this paragraph as to the actual discount at which the
British coin is now reported to stand, or that which gives the percentages of relative values in the past, the Committee do not wish to question your general remarks of a retrospective nature.
It would appear that the large demand for
Hongkong Subsidiary coin arose in the Southern Provinces of Chins,
and while the Colony at the moment undoubtedly benefited by the
then existing state of affairs, it was not to be expected that this
outsile