Enclosure 2
HONGKONG LEGISLATIVE COUNCIL
PRESENT:-
29TH DECEMBER, 1910.
HIS EXCELLENCY THE GOVERNOR, SIR FREDERICK JOHY DEALTRY LUGARD
K.C.M.G., C.B., B.S.O.
HON. SIR F. H. MAY, K.C.M.G. (Colonial Secretary)
HON. MR. W. REES DAVIES, K.C. (Attorney-General).
HON. ME. C. McI. MESSER (Colonial
Treasurer).
HON. MR. W. CHATHAM, C.M.G. (Direc- tor of Public Works).
HON. MR. F. J. BADELEY (Capt. Sup- erintendent of Police).
HON. MR. A. W. BREWIN (Registrar- General).
HON. MR. WEI YUK, C.M.G. HON. DR. HO KAI, M.D., C,M.G. HON. MR. H. E. POLLOCK, к.c. HON. MR. E. OSBORNE.
HON. MR. E. A. HEWETI
HON. MR. KESWICK
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the depreciation of our subsidiary coinage. We have written off monthly seven per cent. on the face value of silver subsidiary coin and 20 per cent. on the face value of copper; that is, on all small coins received by the Government as legal tender in the col- lection of taxes, especially in the New Terri- tories. That percentage has been written off because the loss is necessary and inevitable on of our Hongkong coinage. At the end of realisation in consequence of the depreciation
$469,368 face value of subsidiary coinage. 1909 there was a balance in the Treasury of
During 1909 there had been written off in the way described the sum of $63,523, so that the sum I have named had been
written down to $405,845. In consequence- of the decision which was taken some three years ago to withdraw from circulation all subsidiary coinage received by the Govern- ment as legal tender this sum was remitted home to England for demonetisation early in the present year and its demonetisation involved a further loss of $23,482.
At the end of April a further sum had
MR. C. CLEMENTI (Clerk of Councils) accrued in the Treasury of $210,000, and of
Minutes
The minutes of the last meeting were read and confirmed.
Financial Minutes
THE COLONIAL SECRETARY, by com- mand of His Excellency the Governor, laid on the table Financial Minutes Nos. 93 to 114, and moved that they be referred to the Finance Committee.
THE COLONIAL TREASURER second- ed.
HIS EXCELLENCY-Gentlemen, among these financial minutes there are three of considerable magnitude, upon which I will offer some explanation to the Council. The first of these, No. 108, is for a sum of $114,000 for redemption of subsidiary coin- age. I think it would interest you to hear a few facts with regard to this matter. It has been the custom to write off in the Treasury books a certain percentage of the loss which is unavoidable in consequence of
this $26,358 had been written off. I agreed that this amount should be sent home, and it involved a further loss of $29,876, so that on a little over two lakhs our total loss was $56,234. This loss was proportionately larger than the sum that we had lost on the previous remittance, because a larger pro- portion of it consisted of copper. The total loss on demonetisation on copper is 66 per did not expect this loss would be so heavy, cent. as against 14 per cent. on silver. I and therefore the vote in the estimates, which was only $10,000, was exceeded by $39,716.
By September a further sum of $219,000 had accumulated in the Treasury, and this was sent home while I was away in England; the estimated loss on demonetising this is $54,670. These sums, together with the amount which has to be written off monthly to the end of the year, accounts for the whole of the vote now before you. No more will be sent home this year, because the Treasury cannot afford any further penditure on this account, but it is estimated that at the end of this year we will have in hand about $244,169, upon which $19,412 will have been written off
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