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WEDNESDAY, AUGUST 2, 1978
MORE SMALL COINS ON THE WAY
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THE SHORTAGE OF 10 CENT AND 20 CENT COINS WILL SOON BE IMPROVED WHEN THE ROYAL MINT MAKES ITS FIRST DELIVERIES LATER THIS MONTH, THE FINANCIAL SECRETARY, THE HON. PHILIP HADDON-CAVE TOLD THE LEGISLATIVE COUNCIL TODAY.
REPLYING TO. A QUESTION FROM THE HON. PETER C. WONG,
MR. HADDON-CAVE NOTED THAT THE SHORTAGE HAS OCCURRED ALTHOUGH THE VALUE OF COINS OF THESE DENOMINATIONS PUT INTO CIRCULATION IN 1977 WAS MUCH LARGER THAN IN 1976.
THE SHORTAGE OF 10 CENT COINS SEEMED TO DEVELOP LAST YEAR AND IT WAS THOUGHT THAT THIS WAS A SOMEWHAT TEMPORARY PHENOMENON.
MR. HADDON-CAVE SAID THE SITUATION WAS FURTHER AGGRAVATED BY THE FACT THAT THE NORMAL FLOW OF SMALL DENOMINATION COINS BACK INTO BANKS AFTER THE LUNAR NEW YEAR DID NOT MATERIALISE THIS YEAR.
THE ROYAL MINT WAS THEN ASKED TO GIVE ABSOLUTE PRIORITY TO THE MANUFACTURE AND SUPPLY OF THESE COINS OVER ORDERS FOR OTHER HONG KONG COINS WHICH THE MINT HAD IN HAND; HE TOLD THE COUNCIL.
+THERE IS, HOWEVER, THE FINANCIAL SECRETARY EXPLAINED, +A LIMIT TO WHAT CAN BE DONE IN THIS RESPECT AS SMALL COINS ARE NOT PRODUCED BY THE SAME EQUIPMENT AS COINS OF HIGHER DENOMINATIONS AND OUTPUT CANNOT BE INCREASED SIMPLY BY SACRIFICING EARLY DELIVERY OF OTHER COINS.+
+ NEVERTHELESS THE MINT HAS BEEN ABLE TO REPROGRAMME PRODUCTION WITH GREATER EMPHASIS ON 10 CENT AND 20 CENT COINS AND THE FIRST DELIVERIES ARE EXPECTED LATER THIS MONTH;+ HE ADDED.
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