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139
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that there is no ground for discrimination against their coins
since our own circulate at an almost equal discount. It would
create no large class of new offences, since the bankers &c.,
are few in number, and ordinary circulation is not for the
present interfered with. It would create no rights of search
except in the case of the bankers, who would be in co-operation
with the Government, and who would not dare to hold stocks, the existence of which would be easily known; the right of entry
and search would therefore in practice never be enforced.
The issue of a new coinage forms an import-
-ant feature of several of the schemes put forward. Mr.
Clementi suggests a Nickel coinage in order to prevent its being
taken to china as the existing coinage has been. I an averse to
any new coinage for these reasons:-
(a).
Provided the profit made on minting Hongkong
cains is retained as a Reserve Fund to be used for no other
purpose than for the maintenance of the stable value of the
coinage there is no reason why Hongkong should desire te
restrict its coins from circulation in China. The reserve fund
which will be in a steady ratio to the quantity so withdrawn
to China will enable this Government always to maintain its
currency at par, and the interest on that Fund can accrue to Revenue. There is therefore no object in issuing a new coinage
Nickel or other » while for my part I hold that it is a
distinct advantage to trade that Hongkong coins should be
current