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7 CONFIDENTIAL.
C 0.
19371
547
[RECT
GOVERNMENT HOUSE.
HONGKONG. 17th. March, 1914.
I would myartin
? Copy
to
авить:
ما
A proposal. Treasury, discuring jenerally
inform
communication
present
a dorised
is
бер
fo. by tel kas Supp with teamsung, but mat not disposed to appen
Aus
1/4/14
8t is not necessary to go to dreas.
do is be perfores
he
до
Till bems he suny fout that he should of course buy Smith & seculs through an agent otherwins the discount will des.
appear.
abonée. IG.
6.17.4.14
Sir,
a.22
atu
...
Referring to correspondence ending with my
Despatch No. 55 of the 19th. February relative to the subsidiary coinage of this Colony, I have the honour to report for your in- -formation the present position of affairs in respect of that coin-
-age.
2.
On the 1st. July, 1912, the Foreign Copper Coin Ordinance, 1912, came into operation, with the result that Chinese copper coin went immediately out of circulation. In anticipation of a possible shortage of Hongkong copper it was thought advisable to give the public reasonable facilities for buying these coins, and accordingly it was notified by the Treasury on the 27th, June, 1912, that any sum in copper up to a maximum of $2,000 would be issued in exchange for silver subsidiary coin; with the consequence that the discount on copper fell from some 14 per centum to some 8 per centum, being the rate of discount on the 10 cent piece.
Enquiry made later by the Treasurer tended to
show that there was not more copper coin in the Colony than was
needed for ordinary requirements and accordingly in Lay, 1913, the
Treasury ceased to issue copper except in exchange for dollars or
notes. The immediate result was that the Loney Changers in
combination increased the discount on copper from some 10 per
centum, the rate at the time upon the 10 cent piece, to 12 per centum, but the Treasury thereupon comienced buying copper in
3.
exchange
HE RIGHT HONOURABLE
LEWIS HARCOURT, M.P.,
&c.,
&c..
&c...