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(4).
That the present state of affairs results in a
heavy tax on the Colony is admitted, and this condition of affairs should be put an end to at the earliest possible date in the true interests of the Colony.
The Committee, however, would point out that this state of affairs has for many years formed a source of considerable prifit to many of the middlemen, i.e., Compradores, Shroffs, Contract- -ors and others who act as paymasters for others. The abolition of this source of revenue will therefore be much resented and will probably result in merchants, and employers generally, having to readjust their scale of payments, though this would be gradual according to the improvement in value of the Hongkong Subsidiary coin.
Indeed it will probably be found that in some cases where large forward contracts have been made for works extending over a considerable period, tae existing contracts will require revision as the
Contracts, in preparing their respective tenders, have no doubt relied
on making a considerable part of their profit out of the"Squeeze" made
by them on the day labourers' wages.
For the above reasons, the Committee consider that
not less than 9 months' notice should be given of the intention of the
Government to prohibit the use of Chinese subsidiery coin in the Colony.
(5). The Committee are entirely in agreement with the Government as to the duty of a Government to see to the stability of its
currency, a condition which unfortunately does not at present exist in
connection with the Hongkong subsidiary coinage.
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The Honourable
.(8)
The Colonial Secretary.
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