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November 10, 1909.
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Sir John Jordan has had the honour to address
communications to the Wai Wu Pu on more than one occasion at
the request of the Governor of Hongkong on the subject of the issue of subsidiary silver coinage bythe Chinese Mints.
His Excellency the Governor of Hongkong now xx
writes to inform him that during the three years 1906-1908 the Colony has incurred an average annual loss of $184,204 in the demonetization of Hongkong small coins as a result of the depreciated Chinese currency, which, though not legal tender, circulates in Hongkong; and that the depreciation of the subsidiary coinage has seriously affected the business of
His Excellency nearly all the mercantile firms in the Colony. suggests, as the most effective means under existing circum- stances for controlling the output of the Chinese Mints, the prohibition of the coinage of any coins in a province where such coins are circulating at a discount, leaving the pro-
vincial mints free to issue new currency whenever any parti- cular coin reaches par value. For this purpose all subsidiary
coinage should be grouped as one currency.
Sir John Jordan is convinced that the Chinese Govern- ment are desirous of remedying the evils of the existing depreciation of silver coins in many parts of China, and he has the honour to request that the suggestion of the Governor of Hongkong may be taken into favourable consideration.
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