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31799

No. 30.

COLONIAL OFFICE to THE CHARTERED BANK OF INDIA, AUSTRALIA,

SIR,

AND CHINA.

[Answered by No. 32.]

Downing Street, 2nd September, 1903.

I AM directed by Mr. Secretary Chamberlain to acknowledge the receipt of your letter of the 25th ultimo,* urging that the further importation of Mexican dollars into the Straits Settlements should be prohibited immediately.

2. I am to inform you, in reply, that the matter has already been fully con- sidered by the Secretary of State, who sees no reason to prohibit the importation before the time contemplated in the Currency Committee's report.

3. I am to add that a copy of your letter will be forwarded to the Governor.

31799

SIR,

No. 31.

I am, &c.,

C. P. LUCAS.

THE SECRETARY OF STATE to THE GOVERNOR.

(No. 294.)

Downing Street, 2nd September, 1903.

I HAVE the honour to acknowledge the receipt of your despatch, No. 314, of the 28th July,t forwarding a copy of correspondence which has taken place with the Singapore Chamber of Commerce on the subject of the currency.

2. I take this opportunity of transmitting to you, for your information, the accompanying copy of correspondence with the Chartered Bank of India, Austra- lia, and China, on the subject of the importation of Mexican dollars into the Colony.

33913

No. 33.

THE CHARTERED BANK OF INDIA, AUSTRALIA, AND CHINA to COLONIAL OFFICE.

(Received 11th September, 1903.)

[Acknowledged September 21, 1903.]

Hatton Court, Threadneedle Street, London, DEAR SIR,

10th September, 1903. REFERRING to the letter, dated 25th ultimo,* addressed to the Colonial Secre- tary by the Chairman of this bank, we beg to inform you that we have to-day received advice from our representative at Saigon that the Decree issued by the French Government in Paris authorising the prohibition of the further importa- tion of Mexican dollars into Indo-Chine, was brought into operation on 14th ultimo; while on the 2nd instant our Saigon agents telegraphed us that the duty of five per cent, charged up to that date on the export of Mexican dollars, had been abolished.

Our Saigon representative further wrote to us on the 14th ultimo:-

"The Government of Indo-Chine are now importing heavily the piastre de commerce, and some two millions have already arrived from France, which will be put into circulation immediately. It is estimated that there are fifty to sixty millions of Mexican dollars in circulation in Indo-Chine."

We would point out that sterling exchange in the Straits Settlements is con- siderably higher than sterling exchange in China and Indo-Chine; consequently, there is great inducement to ship the bulk of the fifty to sixty millions of Mexican dollars then in Indo-Chine to the Straits Settlements so long as the importation of Mexican dollars into the Straits Settlements is not prohibited.

I am, &c.,

T. H. WHITEHEAD,

Manager.

I have, &c.,

J. CHAMBERLAIN.

34283

No. 34.

32975

No. 32.

THE CHARTERED BANK OF INDIA, AUSTRALIA, AND CHINA to

COLONIAL OFFICE.

(Received 4th September, 1903.)

Hatton Court, Threadneedle Street, London,

3rd September, 1903.

SIR,

I HAVE to acknowledge receipt of your letter of 2nd instant, No. 31799/1903, § addressed to the Chairman of this Bank, who is at present out of town.

I note that the Secretary of State sees no reason to prohibit the importation of Mexican dollars into the Straits Settlements before the time contemplated in the Currency Committee's report.

I may mention that telegrams received from our Singapore Manager this morn- ing indicate that Mexican dollars have been imported during last month to the extent of $3,600,000 in excess of exports, and this amount will be further augmented by a shipment of $1,100,000, which left Hong Kong towards the end of August.

I am,

&c.,

CALEB LEWIS,

Manager.

• No. 29.

+ No. 28.

Nos. 29 and 30.

No. 30.

THE GOVERNOR to THE SECRETARY OF STATE. (Received September 14, 1903.)

(No. 351.)

SIR,

[Answered by Nos. 35, 36, and 38.]

Government House, Penang, 22nd August, 1903.

I HAVE the honour to acknowledge the receipt of your despatch, No. 223, of

the 3rd ultimo,t forwarding an Order of His Majesty in Councilt making further provision for the currency of the Straits Settlements.

2. The necessary proclamation under Section (2) of the Order in Council will be issued on the arrival of the first consignment of the new Straits dollars from Notices in Bombay. This should take place about the 20th September next. English and the native languages will be issued at the same time, informing the public of the new coin which the Government is putting into circulation.

3. I would suggest that your sanction might at once be given to the issue of a proclamation under paragraph (3) of the Order in Council, the effect of which would be to make the Straits dollar the standard coin of the Colony, and to rele- gate the Mexican dollar to the second schedule of the Order of 1895, thus putting it on the same footing as the British and Hong Kong dollars, which can be demone- tized under paragraph (4) when the proper time comes. There appears to be no reason why, after its arrival in the Colony, the new dollar should not at once receive its official recognition as the standard coin, especially as the Mexican dollar, which now nominally occupies that position, has for some years formed only a trifling portion of the whole circulation of the Colony, as compared with the British dollar.

↑ No. 19.

• No. 29.

↑ L.F.

PUBLIC RECORD OFFICE

سنسان

Reference :-

CO. 882

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PUBLIC RECORD OFFICE, LONDONİ ALLY WITHOUT PERMISSION OF THE BE REPRODUCED PHOTOGRAPHIC. COPYRIGHT PHOTOGRAPH--NOT TO

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