52 -
No. 52.
Copy of despatch from Secretary of State for Colonies to Governor of Hongkong.
HONGKONG.
Confidential.
53-
No. 55.
Copy of Colonial Treasurer's Circular to the local banks and money-changers.
Confidential.
TREASURY, 24th October, 1912.
119
No. 48. Nos. 49 to 1.
No. 52.
DOWNING STREET,
20th September, 1912.
SIR, I have the honour to acknowledge the receipt of your Confidential despatch of the 2nd August, with regard to the subsidiary coinage of Hongkong; and to transmit to you, for your observations, a copy of correspondence on the subject with the Lords Commis- sioners of the Treasury.
2. As regards the first paragraph of your despatch I have to enquire whether in pre- sent circumstances you consider that the subsidiary coins now accumulated on Government account should be sold as bullion or passed into circulation again or held for the present; and I shall be glad if you will telegraph your recommendation on this point.
3. I have to explain, in reply to the last paragraph of your despatch, that a copy of the Treasury letter of the 29th March, 1911, was forwarded to your predecessor in my despatch No. 97 of the 6th April, 1911.
Governor
Sir F. H. MAY, K.C.M.G.,
te.,
dc.,
&c.
I have, &c.,
No. 53.
L. HARCOURT.
Translation of telegram from Governor of Hongkong to Secretary of State for Colonies.
22nd October, 1912.
Chapelries, London.
Your despatch of 20th September recommend sale $1,000,000 ten conts $40,000 twenty cents face value if you approve Crown Agents should be instructed.
No. 54.
MAY.
Translation of telegram from Secretary of State for Colonies to Governor of Hongkong.
23rd October, 1912.
Governor, Hongkong.
No. 53.
Your telegram 22nd October Crown Agents have been instructe.l.
HARCOURT,
SIR,-In the event of the Government deciding to purchase as much subsidiary silver coin of the Colony as is available, I ain directed to enquire what would be the largest amount you would undertake to sell and deliver about two months from this date and also what rate you would expect for each denomination of coin.
I should be much obliged by receiving an answer to this letter within a fortnight from date if convenient,
No. 56.
A. M. THOMSON, Treusurer.
Extract from the South China Morning Post of the 19th November, 1912.
Chinese Coins Barred.
Gratifying Success.
An
Yesterday, the new movement came into operation in many parts of Hongkong where- by the acceptance of Chinese silver coins was barred. On the electric cars on the lower levels not the slightest bitch took place from the moment the first car left the shed. official journeyed by it, in the third class compartment, and it was marvellous how readily British coins were brought out. People had provided for the new rule, and few had to step off the car as they were boarding it because they heard the announcement made by the conductor that only Hongkong coin would be taken. The local token must have been called into circulation in large quantities, for thousands of pieces are handled daily by the servants of the Tramway Co. The Chinese know that it would cost them 15 cents pro- bably to ride in a rickshaw from West Point to Causeway Bay, whereas it only means the provision of a British five cent piece and they are accommolated on the car. Conversing with a prominent Chinese merchant yesterday, a Tramway official was informed that the Canton authorities were delighted with the rule enforced by many firms in Hongkong in regard to the acceptance of British coin only. Serious trouble has been experienced in the Two Kwangs, and there has been a shortage of silver coins. This ban now placed on the Chinese token will materially assist our neighbours.
The King Edward Hotel has notified its patrons that no Chinese coins will be taken there.
No incident of any note took place on the Star Ferries in connection with the new demand yesterday. Strange to relate, a local gentleman made inquiries on Monday morn- ing as to how British copper coins stood at exchange and a broker quoted as follows :-
$1 Hongkong note, 104 British copper cents.
5 Chinese 20 c. picces, 98 copper cents.
10 Chinese 10 c. pieces, 97 copper cents.
Some Chinese who boarded the electric cars near the Central Market were somewhat astonished when the demand for British coins was made, and they got off, but soon re- appeared with the money demanded.
One gentleman yesterday was highly amused at the proportions which this movement has already assumed, for when he visited his hairdresser Chinese coins were declined.
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