CONFIDENTIAL.
Hongkong.
My Lord,
C.O. 30549
RECEIVED (26 AUG 07)
Government House,
Hongkong, 25th July, 1907.
19659
I have the honour to acknowledge the receipt of Your Lordship's Confidential Despatch of the 18th ultimo, and to note your approval of the action proposed in the matter of redeeming the surplus issue of Subsidiary Coin.
2. As regards the period of 50 years mentioned in the 2nd paragraph, which is a very outside estimate, it is not anticipated that the matter of bringing the coins in circulation up to par value would take so long, since in the meantime the usual wear and tear and loss of coins are going on, and the proper demand may in the meantime increase.
3. At the same time, I think it desirable that this Government should be authorised to purchase from time to time from the Bank at the rate of discount of the day sums in subsidiary coin not to exceed ...
THE RIGHT HONOURABLE
THE EARL OF ELGIN, K.G.,
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