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rehabilitation of the Hongkong coin will prove a benefit to the
lower classes.
45 1946
5.
It was stated in Sir M. Nathan's Confidential
Despatch of the 26th, of July, 1906, that the prohibition of the
circulation of Chinese coins in the Colony was impracticable be-
-cause the enforcement of such a law would fill the Gaol of the
Colony and would deal a mortal blow at the large traffic and petty
trade between Hongkong and Canton.
I have carefully considered the first object-
-ion and I am of opinion that prohibition of importation (except
by Bankers and Money-changers) and of circulation, would act
automatically in causing the Chinese coins to disappear from
circulation even as the recent law of the same nature in respect of Foreign Copper coin has done. As regards interference with
traffic and petty trade I do not think such would result, for the
Chinese are so accustomed to traffic in exchange that with
adequate facilities for changing money no such interference is
anticipated. In this connection I would point out that the only
Chinese member (Mr. Wei Yuk) of the Committee appointed by Sir F.
Lugard to investigate the question of rehabilitating the Hongkong
coinage was in favour of prohibition, and that Sir Kai Ho Kai was
also in favour of such action see his opinions in answer to the
set questions at pages 118 to 137 of the printed correspondence relating to subsidiary coin of 1906-1908.
As regards trade itself it is not denied by
any that, as stated by some in answer to Question 7 of the questions referred to, trade is carried on by means of Bank drafts and orders and not through the medium of subsidiary coins.
6.
These views are apparently endorsed by the Chamber of Commerce from whose reply (copy enclosed) you will observe that in their unanimous opinion the time has now arrived when the use of subsidiary coinage other than that of the Colony should be prohibited and that the law should come into force on the 1st. day of January, 1914. With this opinion I and my Execut-
-ive Council concur and I therefore venture to transmit for your
Conclosure 3.
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