PUBLIC RECORD OFFICE
Reference :-
TLC.O. 882
5 PUBLIC RECORD OFFICE, LONDO
ALLY WITHOUT PERMISSION OF THE BE REPRODUCED PHOTOGRAPHIC COPYRIGHT PHOTOGRAPH-NOT TO
42
Mr. Granville Sharp seconded.
COLONIAL CURRENCY COMMITTEE:
Mr. T. Jackson thought that it would be exceedingly injudicions to pa any hostile resolution at that meeting. If they passed the resolution it might look as though they regarded the Chinese as interlopers, and it was to the Chinese that they bad to look for the circulation of their coinage. He advised that they should not pass any resolution on the subject.
The resolution was not put to the meeting, and the proceedings then terminated.
PETITION by Banks in favour of a Barrian DOLLAR
The following in the petition of the Banks on the subject of a British dollar, and the latter of the Chamber, referred to at yesterday's meeting of the Chamber of Commerce :-
SIR,
Hongkong, 16th February, 1877. To the Honourable J, Gardiner Austin, C.M.G.,
Colonial Secretary.
THE undersigned, representatives of the Banking Institutions in Hongkong, have the honour to submit, for the consideration of His Excellency the Governor, the desirability of endeavoaring to induce the Home Government to take steps for supplying to Hongkong and other Colonies where dollar are the standard currency, a coinage of British manufacture; feeling confident that in a country like China, where British interests are so predominant over those of any other foreign country, a coinage of well ascertained purity, guaranteed by the British name, would, in a very short time, be received throughout the Treaty Ports as freely as the Mexican dollars, and might, in view of the uncertainty of the supply from Mexico, be fairly expected, eventually, to supersede the coinage of that country.
2.-Depending, as we do at present, upon Mexico for the dollars current in Hongkong and the principal ports of Chins, it is hardly necessary to point out the very serious inconvenience which is frequently experienced from the stoppage of the supplies consequent upon the almost chronic state of disruption which exists in that country, and it is a matter of notoriety that during the last year such inconvenience was greatly felt in Hong- kong and that the financing business of the Colony was seriously hampered thereby.
3. We would respectfully point out that with Colonies such as are possessed by Great Britain, where dollars are the only current coins, there is an element of unfit- ness in a dependence upon any foreign country for supplies, more especially so when such dependence is un a country so utterly unreliable as Mexico, and that, from purely business point of view, there is absurdity in supposing that England cannot compete with Americs and Mexico in the manufacture of coinage for her own possessions.
4. The experience of Her Majesty's Government with regard to the Mint established in 1866 in this Colony was such that it would, we fear, be hopeless to endeavour to induce a repetition of the experiment at the present time. We are, however, strongly of opinion that the failure of that institution was too readily admitted; that with further experienos, careful management, and economical working, the Colony would have benefited by its continuance, and neighbouring Colonies, as well as the ports of China, would have shared such benefit. To theorise upon such a subject is, however, useless, but we would express an opinion that the introduction of a British dollar into the British Colonies in this part of the world, and eventually into Chins generally, would probably lead to the re-establishment of the Hongkong mint, the central position of the Island, the cheapness of skilled labour, and the fact that it is a British possession, rendering Hongkong eminently suit. able for och an institution.
5. For the present, however, all we would ask is that Her Majesty's Government will coin in England dollars equal in tinenews and weight with the Mexican dollars, aud we would suggest that, in the event of this being favourably considered, the representatives of the Ritorn banks in Londou should be consulted as to digra and other details.
f. Representations from the Straite Colonies have already gone home on this subject, and we trast Hie Excellency will see fit to give hearty support to the
anggestion we have the honour to put forward.-We have the honour to be, sir, your obedient servants, For the Oriental Bank Corporation,
(Signed) C. MORLAND Kmı, Manager.
For the Chartered Mercantile Bank of India, London
and China,
(Signed)
H. H. Naison, Manager.
For the Chartered Bank of India, Australia, and China,
HY. THORBURY, Acting Manager.
(Signed) For the Comptoir D'Escompte de Paris,
(Signed) B. J. MACKENZI, Acting Manager. For the Hongkong and Shanghai Banking Corporation,
(Signed) T. JACKSON, Chief Manager. For the National Bank of India,
SIR,
(Signed) C. E. TROMSON, Acting Manager.
Hongkong General Chamber of Commerce, February 21st, 1877.
Tux Managers of the Banks established in Hong- kong having forwarded to the Committee of this Chamber copy of a despatch addressed to you by them on the 16th instant respecting the coinage and isane by Her Majesty's Government of a dollar coin equal in fineness and weight to the Mexican dollar, for circulation in this and other Colonies, I am requested to address you un the subject, and to express the fall concurrence of this Chamber with the tenour of the despatch in question.
It is unnecessary to recapitulate the argumenta so forcibly set forth by its writers as to the advantages of having such a coin produced under the guarantee of arising from the occasional interruptions of applica Her Britannic Majesty's Government, the inconveniences from Mexico, and the unfitness of relying upon any foreign country to furnish the current coin of British Colonies. The opportunity which would be afforded of introducing into China generally a standard British dollar, and the possible eventual re-establishment of the Hongkong mint, form additional arguments in favour of the project. And this Committon would only add to the considerations most fully discussed in the despatch in question its suggestion that Her Majesty's Govern- ment be argod to bestow its immediate and carefu! attention on the subject.
I have, therefore, the honour to request that you will lay this communication before His Emellency the Governor, with view to his informing the Secretary of State for the Colonies of the opinion of the Chamber- 1 am, sir, your most obedient servant.
(Signed) W. KISWICK, Chairman,
The Honourable J. Gardiner Austin, C.M.G., Colonial Secretary,
No. 16.
Sia W. BOBINSON to the MARQUESS OF RIPON.
(Received Oct. 9, 1893.) (No. 181.)
Government House, Hongkong,
5th September 1893.
MY LORD MARQUES,
I GET that I have been unable to make an earlier reply to the enquiries contained in your Lordship's telegram of 26th July, on the subject of the supply of Mexican dollars, and the question of the oir- culation of the Japanese yen in Sonth China, but the delay has been unavoidable owing to the dimculty of obtaining reliable information respecting the laiter question.
I have now the honour to transmit for your Lordship's consideration the enclosed copies of letters from Mr. Jackson, the local manager of the Hongkong and Shanghai Bank, relating to the supply of Mexican dollars, and of a letter from the consul at Canton, and of a memorandum from Mr. McLeary Brown, Com. missioner of the Imperial Chinese Customs, on the subject of the circulation of the Japanese yen in South
Yours, &o. (Signed)
Chine
WILLJAN ROBINSON. The Right Honourable the Marquess of Ripon, K.G.,
&o.
&o.
&c.
Enclosure 1 in No. 16.
APPENDIX J.
CHIEF MANAGER, Hore KONG AND SHANGEAL BANK, to COLONIAL SECRETARY, Hong Kong and Shanghai Banking Corporation,
Hong Kong.
August 10, 1893. In reply to your letter of date, I beg to anuer telegraphic advices received by this Bank between the 1st of July and the 10th instant, about Mexican dollara and bar silver.
SIB.
I may remark that intrinsically dollars are 1d. per os. leas valuable than bar silver, their fineness being 900 against a fineness of 9354 for bar silver.
During an experience of 29 years I have rarely seen the price of Mexican dollars per os. rule higher than the price of bar silver; such a premium could only denote a great scarcity of the coin. Mexican dollars were extremely soarce during the whole of the period under review, and only once have they ruled under the bar silver price, vis., the telegram of the 9th instant.
During the whole of July dollars were practically anobtainable either in London or America. They are becoming more plentiful now; all the same I think we should have a second coin to fall back upon, in the event of Mexican dollars being sosroe, and as a heavy premium, such as they have ruled at from the 1st of July to this date.
I have, &c. (Bigned) T. JACKSON,
Chief Manager. The Honourable G. T. M. O'Brien, C.M.G.,
Colonial Secretary, Hong Kong.
MEMORANDUM of BAR SILVER and Mexican Dollar.
Quotations received from London, Ist July to 9th August 1898.
July 1 Bar silver 881 | Mexican dollars.
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43
P.8.-Mexican dollars are plentiful now; but all the same, similar scarcity to what we have recently experienced might again arise to the great inconvenience of trade.
(Initialed) TJ
The Hon. G. T. M. O'Brian, C.M.G., Colonial Secretary,
SIT,
Enclosure 3 in No. 16.
H.B.M.'s ACTING CONSUL GENERAL, Canton, to COLONIAL SECRETARI. (No. 75.)
H.B.M. Consulate General, Canton, July 29, 1893.
I HAVE the honour to acknowledge the receipt of your Dospatch No. 1,114 of the 28th instant.
In reply I beg to state that according to inquiries instituted here the Japanese yen circulates as freely in this district as the Mexican dollar. That is, all com. pradores, bankers, merchants, shopkeepers, in and About Canton do not make any distinction between sho two dollars. These are taken as being of the same value and accepted together in settlement of accounts. But the yen is still comparatively rare here, and it is possible that a short distance inlaud it may be looked on with suspicion.
I have, &c. (Signed) T. WATTERS,
Acting Consal General.
The Hon. G. T. M. O'Brien, C.M.G.,
Colonial Secretary,
Hong Kong.
34).
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offering.
None offering.
Enclosure 4 in No. 16. MIMORANDUM FROM MR. McLEAVY Brown. CIRCULATION OF JAPANESE YEN IN CHINA.
The attitude of the Chinese Government towards the Japanese yen is the same as their attitude towards the Mexican and all other silver coins of similar size and value (e.g. Spanish, Peruvian, Bolivian, and American trade dollars), that is, they have agreed to authorise and require the Haikwan Banks as the ports to receive is in payment of Customs duties at its intrinsic value to them, namely, for the weight of pure silver contained in it, no allowance being made for mintage. There is on the one hand no law making it legal tender, that is, compelling its acceptance sa a soin in payment of debta; nor on the other hand is there any law preventing its circulation: the people are left free to take it or refuse it as they please.
As far me I know the yen circulates as yet among the people but sparingly in any part of China, and only when and where the Mexican dollar, which is, I believe, slightly richer in silver, omnot be obtained in sufficient quantity. The yen seems to be received more freely than anywhere else in and near Fooohow, and its use is said to be also extending in the Canton province,
The making of the yen a legal tender in Hong Kong would most likely have a tendency to increase_its circulation in the neighbouring parts of China. The intimate relations and constant traffic between Hong Kong and the mainland would bring is gradually into greater nas in the interior. It would be a matter, however, for the people themselves; the Chinese Govern. ment would bring no pressure to bear one way or the other,
(Bigned) I. MOLNAVY BROWN.
2nd September 1893,
84d.
Enclosure 9 in No. 16.
CHIEF Managen, Howo Koww and Shanghai Banx, to COLONIAL Bromstart.
Hong Kong.
September 5, 1893,
I see to soknowledge the receipt of your letter No. 1,283 of this date, in ee Ten and Mexican dollars, and in reply beg to state that I cannot add to the views expressed in míns of 10th ultimo on the subject.
I have, &c. (Signed) T. JACKSON,
Chief Manager.
No. 17.
The MARQUESS OF RIPON to Six W. ROBINSON.
(Sent October 97, 1893.)
TELEGRAPHIC.
[Answered by No. 18.]
Referring to your Despatch No. 150, when may report be expected of Committee to consider question of British dollar!
F 2