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No. 53.
No. 2.
Sir,
108
Government House,
Hongkong, 3rd. April, 1907.
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I have the honour to acknowledge your letter
of the 22nd. March informing me that in a conversation you had
with the Viceroy on that date, His Excellency expressed his
dissatisfaction at the reckless way in which subsidiary coins
had been minted by the Provincial Mint and his intention not to
allow any further manufacture of these coins for a period of
3 months so that time be allowed for investigation.
2.
The decision to which His Excellency has
come in this important matter affords me much satisfaction
especially as I am convinced that the result of the Viceroy's
investigation will be that the period for which the Canton Mint
is to be closed for the manufacture of subsidiary coins will be
extended until those that have already been opened become re-
-habilitated by more extended distribution and partial absorp-
-tion. Undoubtedly the time when the subsidiary coins will no
longer be at a discount is, owing to the vast stocks that have
been put in circulation, remote but if further supplies from
any source are rigidly excluded from the Two Kwang Provinces
there is equally little doubt that this time must arrive.
3.
As is Excellency is aware it is only rather
more than a year ago that the value of subsidiary coins in
relation to dollars began to fall heavily. Previous to that time subsidiary coin, mainly imported from Hongkong, had been limited to what was required to meet the natural demands of the Pro-
-vinces for a considerable number of small silver coins in
which small transactions could be effected. It was when the
Government of Canton issued quantities of these coins independ-
-ently of the requirements of such transactions and practically
Britannic Majesty's Consul-General,
forced
CANTO N.