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both on the mainland and in the Colony.
If diplomatic representations could have succeeded in causing a check to be placed on the operations of this Mint it is conceivable that in course of time the subsidi-
ary coins of both Governments might under prudent control
have recovered to par
Now, however, the Chinese Government has ex-
pressed its intention of creating a uniform currency for the whole empire based on the standard dollar and of demone- tising all the coins, both Chinese and foreign, at present
current.
it
Whether this policy proves successful or not, appears to My Lords to be in the highest degree improbable that the future currency arrangements of China will be such as to permit of the continued circulation of the enormous quantities of Hong Kong coinage at present in the country at rates in excess of its bullion value.
If this anticipation is realised, such coins will necessarily flow back into the Colony until their value there falls to, or below, bullion value, and any measures calculated to retard such fall would, so far from producing any permanent remedial effects, merely involve the Colony in fruitless expenditure upon the redemption of coins imported for that purpose which if ordinary economic forces are left to their operation will disappear from circulation by being melted down, as soon as their exchange value tends to fall below their value
as bullion.
My