10. Subsidiary Coinage. The withdrawal of cupro-nickel 10 cents and 5 cents coins and the substitution of the new security rim nickel coins introduced towards the end of 1937 has been continued and cupro-nickel coins ceased to be legal tender as from 1st November, 1939. The following amounts of subsidiary coins were "in circulation" on 31st December, 1939, in addition to small quantities of silver coins.
Cupro-nickel 10 cents 192,000 Nickel security rim 10 cents. 2,312,500 Cupro-nickel 5 cents 18,000 Nickel security rim 5 cents 375,00011. Exchange Control. Exchange control came into effect a few days after the outbreak of the war with Germany with the publication of the Defence (Finance) Regulations on 8th September 1939. The measures taken are described in the report of the Assistant Financial Secretary (Exchange) which is annexed.
4. ADMINISTRATION.
Mr. S. Caine, Financial Secretary, left the Colony on recall to the Colonial Office on 6th December, 1939, and Mr. H. R. Butters was appointed Acting Financial Secretary as from that date.
Mr. G. S. Kennedy-Skipton acted as Assistant Financial Secretary from 4th August to 15th October and Mr. R. R. Todd from 16th October to the end of the year.
Mr. D. Kelvin-Stark acted as Assistant Financial Secretary (Exchange), from 7th September to the end of the year.
13. Reports by the Accountant-General on the Accounts for 1939 and by the Assessor, the Superintendent of Inland Revenue, the Controller of Stores and the Assistant Financial Secretary (Exchange) are appended.
Hong Kong, 29th May, 1940.
H. R. BUTTERS,
Acting Financial Secretary.