PUBLIC RECORD OFFICE
Reference :-
6
THETIC.O. 8
882
ALLY WITHOUT PERMISSION OF THE BE REPRODUCED PHOTOGRAPHIC- COPYRIGHT PHOTOGRAPH-NOT TO
2 PUBLIC RECORD OFFICE, LONDON
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dollar of Spain, Mexico, or the South American States," he was probably not aware that, by the East Mint Law of Spain the silver dollar of that country has been depreciated below the value of the Mexican dollar; and that the currency of Spain is now practically based on gold coins of equivalent value to the gold coins of the United States. The Proclamation, however, contains a provision which will enable the Governor of Hong Kong to authorise the currency of any other silver dollar of equivalent value to the present Mexican dollar. This step you will of course not take without instructions from
home.
The silver pieces to be issued from Her Majesty's Mint are described in the Proclamation as to consist of silver containing 20 per cent. of alloy. As the Mexican dollar contains on an average only about 10 per cent. of alloy, the contents of precious metal in the new subsidiary or token coins will be of less amount by 10 per cent. than the value which they are to represent in exchange. They will then be on the same footing relatively to the dollar as the silver money of Great Britain stands relatively to the sovereign, that silver money being overvalued to the extent of about 10 per cent., and being maintained at its nominal value by a limitation of the amount for which it shall be a legal tender.
The measures adopted have been based on the recommendations made in Sir H. Robinson's despatch of the 26th May 1862.
It has been suggested to me that the introduction of the new system of currency would be facilitated if the Local Government were to announce its readiness to exchange all British silver and copper coins in circulation in the Colony, at the date to be fixed by you for the new token currency, at a par of 4s. 2d. to the dollar. It appears to me that the suggestion is deserving of the consideration of the Local Government, and that the measure might be carried into effect with little if any loss to the Colony, as the profit on the new token currency would probably more than cover the expense of transmitting the British coins to this country for disposal,
So soon as the measures now proposed shall have been carried into execution, Her Majesty's Government will take into their consideration the subject of the issue of a further Proclamation regulating the rate at which the dollar shall be issued to the troops at Hong Kong, with reference to the prevailing relative prices of gold and silver.
The Officer Administering
The Government of Hong Kong.
I have, &c. (Signed)
Enclosure No. 1 in No. 6,
ORDER IN COUNCIL.
NEWCASTLE.
At the COURT, at OSBORNE HOUSE, ISLE OF WIGHT, the 9th day of January 1863,
PRESENT:
The QUEEN'S MOST EXCELLENT Majesty.
ARCHBISHOP of CANTERBURY.
LORD PRESIDENT,
DUKE of SOMERSET.
SIR GEORGE GREY, Bart.
WHEREAS by the Order of Her Majesty, in Council, dated the 6th day of August 1862, a Proclamation was approved for the regulation of the currency of Her Majesty's colony of Hong Kong, and it was ordered that the same should take effect, and come into force from the date of the publication thereof in Her Majesty's said island of Hong Kong and its dependencies.
And whereas the said Proclamation has not yet been promulgated in the said island, and it is expedient that the same be revoked in order to the issue of another Proclamation varying and extending its provisions.
And whereas there was this day read at the Board, the draft of a Proclamation to be so issued instead of the first-mentioned Proclamation, and Her Majesty having taken the same into consideration, was pleased by and with the advice of Her Majesty's Privy Council to approve thereof, and to order, and it is hereby ordered by the Queen's most Excellent Majesty, by and with the advice of Her Majesty's said Council that the said recited order shall be and the same is hereby rescinded.
And it is hereby further ordered that the Proclamation approved this day by Her Majesty, (copy whereof is hereunto annexed,) do take effect and come into force in Her Majesty's said island and its dependencies in the manner thereby directed.
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And the Lords Commissioners of Her Majesty's Treasury, and the most noble the Duke of Newcastle, one of Her Majesty's principal Secretaries of State, are to give the necessary directions herein accordingly.
(Signed) E. HARRISON,
Enclosure No. 2 in No. 6.
DRAFT PROCLAMATION.
WHEREAS by an Order in Council bearing date the 28th day of November 1844, We were pleased by and with the advice of Our Privy Council to approve of the Draft of a Proclamation declaring certain coins to be a legal tender of payment within Our Colony of Hong Kong, at certain rates therein specified, which Proclamation was published on the 1st day of May 1845, at Hong Kong, by the Governor and Commander-in-Chief, and came into force from that date, and whereas by Our Order in Council bearing date the 16th day of October 1852, We were pleased by and with the advice of Our Privy Council to approve of the Draft of a Proclamation declaring that the silver coins of Our United Kingdom shall not be a legal tender in payment of sums exceeding forty shillings within and throughout Our Colonies in Australia, New Zealand, Ceylon, Mauritius, and Hong Kong, which Proclamation was published on the 27th day of April 1853, at Hong Kong, by the Governor, and came into force on the 1st day of October 1853, and
Whereas by an Order in Council bearing date the 22nd day of October 1856, We were pleased by and with the advice of Our Privy Council to approve of the Draft of a Proclamation declaring the rates at which certain gold coins, called Australian sovereigns and half sovereigns, which are struck at the Branch of Our Royal Mint, at Sydney, in New South Wales, are to pass current in Our Colonies of Ceylon, Mauritius, and Hong Kong, which Proclamation was published on the 9th day of July 1857, at Hong Kong, by the Governor, and came into force from the 11th day of July 1857.
Now We by the advice of Our Privy Council have thought fit to declare and ordain, and by the advice aforesaid We do hereby declare and ordain, that from and after a day to be fixed by the Governor or officer administering the government of Hong Kong, by Proclamation, the said herein-before recited Proclamation published at Hong Kong on the 1st day of May 1845, and so much of the Proclamations published at Hong Kong on the 27th day of April 1853, and 9th day of July 1857, respectively as have effect, and are in force in the said island of Hong Kong, shall be revoked and annulled.
And we do hereby further declare and ordain that from and after the same date the dollar of Mexico, or other silver dollar of equivalent value, as may from time to time be authorized by the Governor or officer administering the government of Hong Kong, shall be the only legal tender of payment (except as herein-after directed) within Our said island of Hong Kong and its dependencies.
And we do hereby further ordain and declare that such silver coins as may be issued from Our Mint, representing some multiple of the cent. or one hundredth part of the said dollar shall be legal tender of payment for any sum not exceeding two dollars, and such copper or bronze coins as may be issued from Our Mint representing the cent. or one hundredth part, or the mil or cash representing one thousandth part of the said dollar, shall be legal tender of payment for any sum not exceeding one dollar.
And we do hereby further ordain and declare that the silver and copper coins to be issued from Our Mint as aforesaid shall be prepared as follows:-
The silver pieces of money shall be prepared of silver containing twenty per cent. of alloy. Every such piece shall have for the obverse impression Our effigy crowned with the inscription "Victoria Queen," and for the reverse impression an inscription indicating the value of the piece in cents. of a dollar, with the words "Hong Kong," and the date of the year, and the same inscription repeated in Chinese characters.
A copper piece representing one hundredth part of a dollar shall have for the obverse impression Our effigy crowned with the inscription " Victoria Queen," and for the reverse impression the inscription "One cent, Hong Kong," with the date of the year, and the same inscription repeated in Chinese characters.
Another copper piece representing one thousandth part of a dollar shall be perforated in the centre, and have for the obverse impression the inscription " V. R.," surmoun by a crown, with "Hong Kong, One Mil,* and the date of the year, and for the impression the inscription Hong Kong, one cash or one mil, represented in characters.
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