:
ARW
Objects and Reasons,
Up to recently Hongkong copper coin was at a very large discount but recent measures for redemption has reduced it to a figure which it is considered cannot he further reduced without legislation on account of the free circulation of foreign coins.
As the discount causes great hardship to many businesses in the Colony and as the amount of Hongkong coin in circulation and in stock at the present time is estimated to be no more than is required for the needs of the Colony, opportunity is now taken to prohibit the circulation of foreign coins.
It is believed that, with the successful operation of this Bill, the coin in question will rise, almost if not quite, to par. The principle of the Bill has been approved by residents representing all sections of the business community.
C. G. ALABASTER, Attorney General.
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