( 140-)
COURSE OF EXCHANGE.
Exchange opened in 1875 at a much lower rate than in the preceding year, and, with very slight variation, maintained its downward tendency throughout the entire period, as will be seen by the following statement of woothly averages at which drafts were obtainable, viz. :—
PERIOD.
At 6 months,
At 3 months,
At 30 days' sight, At sight,..
4,24
Jan. Feb.
4:21 4/2 423 42 4,2 4/2
Mar. April. May. June. July. Aug. Sept. Oct.
Nov.
Der.
42
412 402
4/2
4/13 4/13 4/13 412
4,14 4/14/13 4,13
4/24/13 4/1 4/1 414 4/2 4:11 4.04 405 4/04 404 4/13 4/1
4/1 4/03 4:08 40 401 404 40 4/1 4/1 4/0%
|
4/0 4,0 4,0 4,0 4,0
This difference would appear to have resulted from the very depressed state of trade generally throughout the East; and also from the uncertainty which for some time existed as to the continuance of peaceful relations between Great Britain and China.
The visible falling off which took place in the months of July and August, was owing, in a great measure, to the excessive demand for Bills and the decline in Silver at home and the exceedingly low prices, with which the year closed, were also attributable to the latter cause.
No funds were raised by means of Treasurer's bills during the past 12 months, the supplies sent from England, together with Colonial Military Contribution, and other sums received locally, having been sufficient to meet all demands upon the Imperial Treasury.
Mexican Dollars of the No. 1 class are still the only dsecription current at Shanghai and the other Northera Ports, and they consequently continue to command a premium of from 1 to 1 per cent.
for
The supply of subsidiary coins (5, 10 and 20 cent pieces), obtained in May last through the Colonial Govern- ment, was much needed, and of the $20,000 then received, $14,000 still remain in the Treasury vault; but the yearly requirement cannot be estimated from that fact, as, had not so many of II. M. Ships been unexpectedly required elsewhere, the demands upon me for small coins by the Naval Cashier, would have been much larger. It would prove a great boon, if a similar quantity could be placed at the Treasurer's disposal annually, such coins do not remain in circulation here long after their issue, and can only be obtained at a premium.
With regard to the system of Shroffing, which obtains here and at the Treaty Ports in China and Japan, I certainly think that it is one which entails an immense amount of unnecessary trouble and expense, being an entire imposition from beginning to end; and I am of opinion that were Dollars, and Half-Dollars, similar in ap- pearance to the subsidiary coins, issued from the Royal Mint, bearing Her Majesty's head upon them, and on the reverse side their names, and the absolute value of the silver contained in them, clearly indicated in Chinese characters, they would soon be favourably received by the native trailers, to the exclusion of the Mexican Dollars at present in use, and eventually be the means of eradicating an institution which has already existed too long, and has nothing whatever to recommend its continuance beyoud the interests of the Shroff's.
I am the more strengthened in my idea upon this subject, by the avidity with which the subsidiary coins are everywhere sought after by the Chinese.
C. WEBB,
Treasurer.
Hongkong, 29th January, 1870.
2
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 Gazelle of the 2nd May, 1803, and such Currency, as hereinafter stated, was made a legal Tender throughout the Colony, from the 16th February, 1864, as proclained 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 :-
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(1.) One-fifth part of the said Dollar, and commonly called Twenty Cent Piece, (2.) One-tenth part of the said Dollar, and commonly called Ten Cent Piece, (3.) One-twentieth part of the said Dollar, commonly 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 Ceut,—and (2.) One-thousandth part of the said Dollar, and commonly called Mil or Cash.
The Silver coins of Twenty, Ten, or Five Cents value are a legal Tender of payuvut for any sum not exceeding Two Dollars, and the Ceuts or Mils for any smu 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 Approximate amount of Hongkong Silver and Copper Subsidiary Coins put into circulation up to 31st December, 1873,...
$ 355,9$1.00
Hongkong Silver Subsidiary Coins obtained from England in the year 1974, and subse- $ quently issued,
Hongkong Silver and Copper Subsidiary Coins obtained from England in the year 1875, and subsequently issned, deducting the amount in the Treasury on the 31st December, 1875,...
18.000.00
$ 47,587.00
It is impossible to state how many of the above Coins and of Coins of other denominations are in circulation,
but the probability is that of the Hongkong Silver Coins there is not 10 per cent of the total issue at the present time within the Colony-