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(COPY.)
Mr. Carnegie to Prince Ching.
20
32948
RECY (RES 5 SEP 06
Pexing, July 9th, 1905.
Highnees Your bellendy,
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...0.X WAMTAM Aumilay nil
With reference to previous correspondence on
the subject of currency reform in China, I have the honour to
request the Board's earnest attention to the condition of the
coinage in Canton Frovince, respecting which i have just receiv
ed a despatch from His Excellency the Governor of hongkong.
His Excellency states that according to
information received, the Canton Mint issued in the year 1905 no less than 71 million twenty-cent pieces, and that the issue is proceeding this year, dollars being melted down to furnish
the silver required.
The result is that these small coins are
tending to become not a subsidiary coinage at all, but the main coinage of the Kuang Provinces, a fact evidenced by the $1. notes of the Provincial Bank bearing a special starp to the effect that they are redeemable in twenty-cent pieces, and further by the acceptance of these pieces in payment of shares in the recently issued loan for the Canton-Hankow railway.
His Excellency points out that the unrest - tricted issue of these subsidiary coins will entail the gradual iisappearance of the dollar in Canton Province and the substi- tution of a debased currency, of which the value in relation to commodities will vary from time to time according to the amount of silver put into it: while already the depreciated
value
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