1871 — Page 132

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COURSE OF EXCHANGE

IN 1871.

At the beginning of the year 1871, owing to the continuance of the European War, and the consequent depression of business of all kinds, Exclinnge on England and elsewhere was unusually low, and may be stated as follows, viz.: Bank Bills on demand at from 4,24 to 4/3; at 30 days' sight at 4834, mid at 6 months' sight at 4/4; by the middle of the year, the rates had becoine somewhat higher, viz.: on demanil at 4/4; at 30 days' sight at 4742, and at 6 montlis' sight at 4447, but still, having regard to pust years, these rates were very low; at the end of the year, the following were the quotations: demand at. 135 to 4,39; 330 days' at 444, and 6 months' at 4/5,

During the early part of the year, Bills were drawn by this Departament upon The Lords Commissioners of Her Majesty's Treasury and negacinted at the following rates and for the sums named :-

21st February, 1871, at 4/4 to 4/4 to the extent of £106,000.0.0 27th April, 1871, at 444 to 444} to the extent of £207,000.0.0

Since that date, Bills have not been drawn, but shipments of Specie have beon received from England. The only Coins that can he said to be current here—as all others are at a discount-ara the Dollars of Mexico and Hongkong, and tho subsidiary colange of Hongkong. It is to be noted that during the past year a now coinugo Ins bren issued by the Mexican Government, the value of the new Dollar being idontical with that of the old coin; owing to the prejudices of the Chinese, this coin ennnot at present be circulated in the Ports on the Const, but is current now in longkong and is also taken as finely ns the old coin in Singaporo and the Straits Settlements generally. No doubt, in the course of this your, it will become also recognized in Chinn, as the old eninage is already Comparatively scarce, and commands a considerable premium when unclipped; for elenn coin of the old die, 2 pir cont premium is roudily obtúmblo hero, nul for the “No, 1 Cleen" Dollar current in Shanghai, this Department lins, in one instance, paid 54 por cont premium, us much oven us 10 per cent living been demanded when tanders were called for.

Accounts generally are kept in this Department in Sterling money, but, for local reference only, a great portion is also obliged to he kept in Dollars and Cots, All money is paid from und reerived into the Treasury Chest, at 43 per Dollur. English weights und mensures only are recognized in this Department.

C. K. CLEEVE,

Assistant Controller.

Hongkong, 30th Junmry, 1874.

COINS.

The Currency of the Colony is now regulated by the Queen's Proclamuntion issued under Her Majesty's Ouler in Council of the 9th January, 18, a copy of which was published in the Hongkong Governmrat Gazette of the 2nd May, 1863, and such Currency, as hereinafter stated, was made a legal Teniler throughout the Colony, from the 10th February, 1864, as proclaimed in the Gazette of the 23rd January of the same year.

The above Currency consists of the following Coins, viz.:-

1. The Dollar of Mexico.

2. The Hongkong Dollar and Half-Dollar issued from Her Majesty's Mint. 3. Silver Coins issued from Her Majesty's Mint, representing:-

(1.) One-fifth part of the said Dollar, and commonly called "Twenty Cent Piece." (2.) One-tenth part of the suid Dollar, and commonly called “Ten Cent Piece,”—and (3.) One-twentieth part of the snid Dollar, and commonly called "Five Cent l'iece."

4. Copper or Bronze Coins, also issued from Her Majesty's Mint, representing:—

(1.) One-hundredth part of the sail Dollar, and commonly called “One Cent Piece,” and (2.) One-thousandth part of the suid Dollar, and commonly called “Mil” or

"Cash."

The Silver or " Ten Cent Pieces," and "Five Cent Pieces," aro a legal Tender of payment for any sum Hot exceeding Two Dollars, and the “Cent Pieces" Mils" for any sum not exceeding One Dollar.

or

*

AMOUNT OF COIN IN CIRCULATION.

Approximate Amount of Hongkong Dollars and Half-Dollars,

Approximate Amount of Hongkong Subsidiary Coins,

$1,421,487.50 231,581.03

Of Spanish and South American Dollars, or Gold and Silver Coins of other denominations, it is impossible, even by approximation, to ascortnin the actual amount in Circulation.