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CUPY.
No. 132.
Your Excellency,
C O
3892/ 1223
RECE
Red 22 OCT 06
H. E. M. Consulate-General,
Canton, 15th. September, 1903.
On the 13th. July last, Mr. Peter, Sub-Manager of
the Hongkong und Shanghai Eanking Corporation, met at my office four officers deputed by the viceroy to discuss measures for rerelying the injury caused to trale in South China and Hongkong by the unlimited issue from the Canton Mint of subsiliary coins now standing at a heavy discount. The deputies appeared fully alive to the deplorable state of things brought about by this unlimitel issue and undertook to bring to the viceroy's notice vr. Peter's advice as to the only practical means of bringing about an improvement. His alvice was that the Mint should be closel and this issue of subsiliary coin entirely stopped, by which beans the currency woull in course of time rehaouitate itself.
Hearing nothing from the viceroy for some tire, 1
wrote to ask what action he proposal to taxe, and on the 21st. August received his reply, a translation of which 1 enclose. At the same time I had a conversation with the viceroy's Secretary, faotai Wen Isung-yao, who informed me that the issue of subsidiary coinage from the Mint had been entirely stopped. That it is proposed to turn the Wint into an industrial undertaking and that deeming it expedient not to dismiss the Skilled staff off-hand, minting of silver and copper coins was stili carried on to the extent of some fis. 1,500 a day, but that none of this was going into circulation. He mentional that the out-turn formerly had
been to a value of between fis 30,000 and is. 40,000 dally.
i askel Tactai Wen if i could accept his state-
-ment as correct and official, and he assured me i could do so. 1 an,
however, again writing to the Viceroy to ask him for the farther informa-
Sxcellency
-tion
Sir Vatthew Nathan, K.C.4.0.