5578/04.
sir
Endlosure 1.
Ha
1.
C O
36193
279
Gost
at Haieday
24th October, 1010.
XXX
With reference to Your Excellency's despatch of the 3rd
of June to Sir E. Grey in which you stated that "the inting of all
coins now in circulation was to cuase from the publication of the
Regulations" for the reform of the currency recently issued by the
Board of Finance, I have the honour to bring to your xcellency's
notice that it is reported to me by Hie Britannic Majesty's Consul
General at Canton, in reply to my enquiries on the subject, that
the Canton Mint has temporarily resumed the coinage of 20 cent
pieces on the 18th instant. it is stated in the public Press that
this step is in relief of the money market in which there is much
stringency owing to the financial orisis in Canton.
From the enclosed translation of what purports to be u
notification by the Provincial Treasurer it would appear that the
true reason probably is that the reserves of the Ta ch'ing („overn-
ment Bank) are not deemed sufficient to meet & possible run upon
it.
But whatever the trus reason is I would ask you to be
good enough to move the Chinese Government to suspend the persiss-
ion at the earliest possible moment in the interest of the already
depreciated silver coinage of the Province which will be further
depreciated by any fresh issuer of coin.
2. The financial crisis at present sziating is, as
1 Your Excellency is no doubt aware, largely due to the issue of
bank notes by private Chinese Janks without proper security for
His Britannic Majesty's Chargé d'affaires,
PEKING.
their
f
44