(Q3)
LAW AFFECTING CURRENCY.
1. Order in Council of 9th January, 1803, published in Government Gazette of 2nd May, 1863, declares that Mexican Dollars or other Silver Dollars of equivalent value duly authorised by the Governor of Hongkong shall be the only legal tender, and provides thint Silver Coins representing some multiple of the cent or one- hundredth part of the said Dollars shall be a legal tender for any sum not exceeding Two Dollars, and that Copper or Bronze Coins representing the cent or one-hundredth part, or the mil or cash representing one- thousandth part of the Dollar shall be a legal tender for any sum not exceeding One Dollar. Provides also as to the preparation and devices of such Coins to be issued from the Mint. (See preamble to local Ordinance 1 of 1884.) 2. Ordinance No. 1 of 1864 recites the above Order in Council, and provides that British Sterling is to be converted into Dollars at 44. 2. per Dollar, when the Governor preclaims it.
3. Proclamation under Ordinance 1 of 1864.—See Gazette of 3rd January, 1864. By this Proclamation Ordinance 1 of 1804 is to take effect from 16th February, 1864.
4. Ordinance No. 2 of 1864.-This Ordinance provides for the establishing of a Mint in the Colony (which was established and worked, but has been removed for some years).
5. Governor's Proclamation in Gazette of 14th September, 1860.-This Proclamation recites Order in Council of 1863, and proclaims the Hongkong Dollar and Half-Dollar legal tender.
6. Treasury Regulations of 20th October, 1866, published in Gazette of 12th January, 1867.-These are regulations for Dollar, Half-Dollar, and Subsidiary Coinage made in pursuance of Ordinance 2 of 1864 (the Hongkong Mint Ordinance, sec. 2 of which empowers the Governor to frame regulations under which the Mint shall receive Silver Bullion, and coin the same).
7. Ordinance No. 6 of 1865, sections 13 and 20.-This Ordinance relates to the offence of forging Bank Notes.
8. Ordinance No. 10 of 1865.-Offences against Coinage, but sections 4, 5, 16, 17, 26 and 27 not in force by Proclamation in Gazette of 21st October, 1865, under the Ordinance.
9. Proclamation under Ordinance No. 19 of 1865,—Sce Gazette of 21st October.-V.B.—This is important, as it permits the Chinese custom in South China of chopping Dollars.
The Army rate of exchange for issue of Silver Dollars to Her Majesty's troops is now fixed quarterly by the Imperial Treasury.
The rute for 1st quarter of 1894 was 25, for 2nd quarter 23, for 3rd quarter 2-, and for 4th quarter 2- per Dollar.
The above Currency consists of the following Coins, viz. :—
1. The Silver Dollur 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―
J
(i) One-fifth part of the said Dollar, commonly callel Twenty-Cent Piece ; – (it) Ouketouch part of the said Dollar, commonly called Ten-Cont Piece; and (iii) One-twentieth part of the said Dollar, counnonly called Five-Cent Piece. 4. Copper or Bronze Coins, also issued from Her Majesty's Mint, representing-
(i) One-hundredth part of the said Dallar, and commonly called One Cent; and (ii) One-thousandth part of the said Dollar, and commonly enlled Mil or Cush.
Cent
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 (50, 20, 10 and 5-$11,918,125.00 pieces; and 1-Cent and Mil pieces) put into circulation up to 31st December, 1804,
It is impossible to state how many of the above Coins, und of Coins of other denominations are in circulation, Jut the probability is that of the Hongkong Silver Coins there is not 2 per cent. of the total issue at the present ume within the Colony. The importation of Copper Coin has been discontinued.