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COURSE OF EXCHANGE.
Exchange in this Colony fluctuated considerably during the year 1874. In January drafts on home at six months were 43 the Dollar, and advanced towards the end of March to 4/4 and 4/44, caused, I believe, through the famine in India, and consequent dearness of money; the price then temporarily declined (from what cause I know not) to 4/3g und went up again. In June 444 was the ruling price, then again changes tool place, but only in Eighths or Quarters; the year closed at about 1% under the price at which it opened, viz. :—
Drafts at 3 months..... Drafts a sight
Treasurer's Bills at 30 days' sight may, I think, have been disposed of at 4/11.
..4/2.
.4/14.
The second advance was cansed, I conclude, by the preparations for the Export Season, and the rapid and heavy decline after, from the state of trade, which apparently was very bad, particularly in Silks, and the low prices obtained in England and the European markets generally for Silver. I cannot state positively, but I believe large consignments of Silver reached China, both in Bars and Dollars, owing to the prices being su low in Europe, and so long as Silver remains cheap in Europe, Exchange cannot advance materially in China.
The prices for Silver were lower in England, I believe, in 1874, than in any former year, so that so great a difference as 1, or even more was shown in the ounce, from this cause very marked effects will be seen by the following statement, viz. :—
In 1873 money was raised here on Treasury Bills to the extent of £273,755, while not one Bill was drawn during 1874: within the year no less than $1,054,676 (One Million Fifty-four thousand, Six hundred and Seventy-six), were received causing £224,116 to be placed on the debit side of my books; in addition to this, large sums were received from other sources. This large influx of Silver sliould, I conceive, be of general benefit to the Country, though perhaps a slight disadvantage to Bankers' operations, and to the inconvenience of leading Merchants, who want to remit money to England, and are always ready to buy Treasurer's Bills.
Under the head of Coins, there has been little change; private Reports have reached me of the New Mexican Die Dollar being received favorably in almost all Ports, and no doubt the class designated No. 1 Shanghai Dollars preserve their high value, yet the whole system is to my mind erroneous, causing much inconvenience, chicanery, and probably injury to trade (except to the sellers of Coin, the Bankers in particular). However closely or particularly Dollars may be shroffed at one place, many will be rejected by the Shroff's at the other places where they are sent, for most frivolous causes. It does appear to me a great pity such opportunities should exist for facilitating the Chinaman's tendency to dishonesty, I cannot but conclude that if Dollars of true value with Her Majesty's fead upon them were issued they would soon be generally received without this shrotting.
THOS. W. COOPER, Treasurer.
Hongkong, 25th January, 1875.
COINS.
The Currency of the Colony is now regulated by the Queen's Proclamation issued under Her Majesty's Order in Council of the 9th January, 1863, a copy of which was published in the Hongkong Government Gazette of the 2nd May, 1863, and such Currency, as hereinafier stated, was made a legal Tender throughout the Colony, from the 16th 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 Dollur of Mexico.
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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-tentli part of the said Dollar, and commonly called Ten Cent Piece,— (3.) One-twentieth part of the said Dollar, and conmmonly called Five Cent Piece. 4. Copper or Bronze Coins, also issued from Her Majesty's Mint, representing :-
(1) One-hundredth part of the said Dollar, and commonly called, One Cent,—and (2.) One-thousandth part of the said Dollar, and commonly called Mil or Cash.
legal Tender of payment for any sum not The Silver coins of Twenty, Ten, or Five Cents value are a exceeding Two Dollars, and the Cents or Mils for any sum not exceeding One Dollar.
AMOUNT OF COIN IN CIRCULATION.
•
Approximate amount of Hongkong Dollars and Half-Dollars struck at the Hongkong Mint,....$1,421,487.00 Amount of Hongkong Silver Subsidiary Coins (20, 10, and 5 Cent l'ieces) put into t circulation during the year,
$ 48,000.00
Amount of Hongkong Copper Subsidiary Coins (Cents and Mils) put into circulations 11,000.00 during the year,..
It is impossible to state how many of the above Coins and of Coins of other denomiations are in circulation.