Enclosure 2.
C. O.
15453
RECR
EOE 20 MAY 12
ATTORNEY GENERAL'S CHAMBERS,
Hongkong... 24th. Apri
401
.1912.
Report on Ordinance No..11.. of 1912.
I have cxamined the accompanying Ordinance entitled
‘An Ordinance to prohibit the importation and cireula-
tion of foreign copper and brenze coins."
and I am of opinion that the Ordinance is one which is not contrary to the Governor's Instructions,
Up to recently Hong Kong copper coin was at a very large dis-
seunt but recent measures fer redemption has reduced it to a figure
which it is considered cannot be 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 Hong Kong coin in circulation and in
stock at the present time is estimated to be ne mere than is required
for the needs of the Colony, opportunity is new taken te prohibit the
circulation of foreign coins.
It is believed that, with the successful operation of this
Ordinance, the coin in question will rise, almost if not quite, te par.
The principal of the Ordinance has been approved by H.M. Secretary of
State and by residents representing all sections of the busines,