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already fallen about 5 per centum an effect presumably
due to the action taken by this Government, and of the
suspension of the issue of subsidiary coins from the
Canton Mint since March last. I am myself, however, in-
-clined to ascribe this fall in discount directly to the
cessation of the issues of enormous quantities of subsidiary
coins by the Canton Mint in the case of Chinese coins, but
to doubt whether the fall in discount on Hongkong coins
may be wholly or chiefly ascribed to the withdrawal of so
comparatively small a quantity as we have already withdrawn
and to think that the partial rehabilitation of the Hong-
-kong coins is due rather to sympathy with the Chinese
coins just as it originally fell in sympathy with the
depreciation of those coins.
4. •
Upon receipt of replies from His
Majesty's Minister and His Majesty's Consul-General I shall
address Your Lordship further in this matter. On the
practically unanimous recommendation of the Committee I
have decided not to dispose of the coins withdrawn from
circulation, either by shipment to England or otherwise for
the present.
I have the honour to be, My Lord,
Your Lordship's most obedient,
humble servant,
Mugard
Governor, &c..