}
548
ร
exchange for ten cent pieces and the two coins were again quoted at the same rate. But in a very short time the discount on copper commenced to fall and the Money Changers' selling rate on these coins hus for some weeks past been at par.
4.
The Foreign Silver and Nickel Coin Ordinance, 1913, as amended by Ordinance No. 1 of 1914, came into operation on the 1st. March, the provisions prohibiting the import and possession of foreign silver subsidiary coin being suspended until further notice. Throughout 1913 the discount on the lion kong ten cent piece and on the Chinese twenty cent piece steadily increased, the year opening with a rate of some 6 per centum while the highest quotation, at the rate of 12 per centum, was reached on the 30th. December. It was obviously in the interest of the Loney Changers to depreciate the exchange value of the Hongkong coin, but early in the new year the market began to be affected by the imminent prohibition of the Chinese coin and in January and February, while the average discount on Chinese subsidiary silver was 11.89 and 12.60 per centum respectively, the average rate on the liongkong ten cent piece declined from 10.42 to 8.29 per cent un. During the present month the discount on the Chinese coin has remained at 12%, and the rate on the Hongkong ten cent piece has fallen from 7 at the commencement of the month to 4 on the 11th. March. On the 12th. March it rose to 5, owing, it is reported, to the sudden placing of $600,000 on the market. Hongkong subsidiary coin of other denominations have, by reason of their comparative scarcity, remained throughout at a
lower quotation. On the 12th. Larch the discount on the 50 cent,
20 cent and five cent piece was 2, 3, and 24 per centum respective-
-ly.
5.
The success which has attended the initiation of the policy of prohibition is very ratifying, and the complete rehabilitation of the subsidiary coinage, which is the final object of that policy, may perhaps be accomplished at an earlier date than has been anticipated. The public have realised that the Government intend to see the matter to its conclusion and
thia
N