C.O.
56
4391
RECO
objects
? write to Treas.
reas. proposing this, and implora
them for early conson, since we wish to give
long notice of prohibition.
By the way,
the consolidating currency Ord.
referred to by Gov. in par. 7 will have to be
an O. of the King in Council.
Please see also 2217 as to the prohibition
of the circulation of foreign notes. I don't see
why the taking of this step should be dependent
the approval of the issue of Govt. notes to
redcem subsidiary coinage, and I would propose to
ses. to give the Gov. permission to pass the
when he considers it necessary. To flood
H.K. with the Canton notes is a species of black-
maidl and intimidation.
I Spirit quite like to Collins'
کوفی
Я
think he begs the question by calling
the sineller issuin nicavectible. But I
agree with him
tis and 2217
Gary
It would be nece vertible in the ter ssure auf Sthe mimediate action, full as the mus
hd. 18/2
as proposed
Ch 10.2.13
yes *. 19.3.13
7619.2.13.
5
"The Grundr of the Colony & Me Com or secunde
th.
CONFIDENTIA L.
Sir,
Rea 6 FEB 13
GOVERNMENT HOUSE,
HONGKONG.
11th. January, 1913.
Treas
248312
12
In your Confidential Despatch of the 20th. September last, receipt of which has already been acknowledged by
40483 my Despatch of 21st. of ilovember, you transmitted for my observa-
Eve
-tion a copy of correspondence with the Lords Commissioners of the Treasury on the subject of the subsidiary coinage of this Colony.
As indicated in the 10th. paragraph of my
do Despatch of the 21st. of November, I concur in Their Lordships'
objection to the redemption scheme as put forward in Er. Justs
Greg letter of the 13th. January last on the ground that the issue of
notes which would be necessary to ensure success would be greater than in accordance with prudence.
Losure 1.
2.
The scheme however if modified on the lines
suggested in the accompanying memorandum by the Acting Colonial
Secretary would, I venture to submit, prove a success, while at the same time removing the only objection of Their Lordships; and my Executive Council have unanimously advised that these proposals should be recommended for your favourable consideration.
In connection with the scheme I would state
that it is considered that possibly Hongkong Subsidiary coin to the face value of only $10,000,000 is in circulation in the neigh- -bouring Province of China, and it is considered certain that the Hongkong coins in circulation there would not flow back suddenly to the Colony until at any rate Chinese coins more popular with the people than are the Hongkong coins are issued. The prospect that
THE RIGHT HONOURABLE
LEWIS HARCOURT, M.P.,
&c..
&c.,
&C...
at