( 144 )
COURSE OF EXCHANGE.
Exchange in 1877 will be found upon reference to the monthly averages at which Bills were drawn, to have opened with rates somewhat in advance of those at the close of the previous year, but with slight fluctuations a downward tendency prevailed throughout the entire twelve months.
DATES OF DRAFTS,
Demand,
Oct.
Jan.
Feb. Mar. April. May. June. July. Aug. Sept.
Nov. Dec.
פון
407
4/1 ** 8/1191
300
ז
244
14
CH
3/11 3/11 3/11 3/10 3/10 3/11600 4,0 4/0 3/11 3/10 4/0 4/0
3/10 3/10 3/10***
***
091
| 4,0 3/11 3/11
At 30 days after sight, At 6 months after sight,
4/2
3/10 4/2 4/2 4/0 3/10 4/3 4/2 4,01 3/11
3/11" 3/10 3/11 3/113/11** | 3/11***
The famine in India crented heavy demands for silver in that country, which not only affected Exchange, and the price of silver, throughout the East at the commencement of the year, but tended to its maintaining a higher value during the whole of that period than it would otherwise have reached.
The prices of Tea and Silk in China were lower than usual, exports also lacked the stimulation of previous years, causing China rates to rule lower than those of India, in consequence of which extensive shipments of Sycee from Shanghai, and chopped dollars from Hongkong, were made to that country; and although the total value of the Treasure so disposed of amounted to about seven millions of dollars, yet the local rates failed to attain any degree of firmness.
In America the effort to make Silver Dollars a legal tender, was unsuccessful, but until the failure of that endeavour became a certainty, the holders of Silver were very retentive, thereby, in no smali degree, influencing the London Market. The persistency of the Californians as sellers of Silver must always have a deteriorating effect upon the price of it.
The premium upon Clean Dollars has been comparatively low throughout the year, owing to the great depression in the Silk Trade generally, and prices have ruled from 1 to 3 per
cent.
Trade Dollars are passed between the Banks, although not a legal tender in Hongkong, and are current at Amoy, Canton, Foochow, the Straits Settlements and Saigon.
Hongkong, 25th January, 1878.
C. WEBB,
Treasurer.
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, ns hereinafter stated, was made a legal Tender throughout the Colony, from the 16th February, 1864, as proclaimed in the Guzelle 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 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 Cent, 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 payment for any sum not 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 Approximate amount of Hongkong Silver and Copper Subsidiary Coins put into circulation $ 355,081.00
up to 31st December, 1873, ....
Hongkong Silver Subsidiary Coins obtained from England in the year 1874, and subse- $ 48,000.00
quently issued,.
Hongkong Silver and Copper Subsidiary Coins obtained from England in the year 1875, $ 172,000.00 and subsequently issued, deducting the amount in the Treasury ou the 31st December, 1876-77, }
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.