1885 — Page 194

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LAW AFFECTING CURRENCY.

1. Order in Council of 9th January, 1863, published in Government Gazette of 2nd May, 1868, doclares that Mexican Dollars or other Silver Dollars of oquivalent valuo duly authorised by the Governor of Hongkong shall be the only legal tender, and provides that Silver Coins reprosonting some multiple of the cont or one. hundredth part of the said Dollars shall be a logal tonder 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 proarable to Local Ordinance I of 1864.

2. Ordinance No. 1 of 1864 recites the above Order in Council, and provides that British Sterling is to be converted into Dollars at 4s. 2d. per Dollar, when the Governor proclaims it.

3. Proclamation under Ordinance 1 of 1864.—Sco Gazette of 23rd January, 1864. By this Proclamation Ordinance 1 of 1864 is to take effect from 16th February, 1864.

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4. Ordinance 2 of 1864.-This Ordinanco 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, 1866.-This Proclamation recites Order in Council of 1863, and proclaims the Hongkong Dollar and Half-Dollar logni tender.

6. Treasury Regulations of 20th October, 1866, published in Gazette of 12th January, 1867.-Those are regulations for Dollar, Half-Dollar, and Subsidiary Coinago made in pursuance of Ordinance 2 of 1854 (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 samo).

7. Ordinance 6 of 1865, sections 13, and 20.—This Ordinance relates to the offence of forging Bank Notes.

8. Ordinance 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 10 of 1865.— Soo Gazette of 21st October.-N.B.-This is important, as it permits the Chinese custom in South China of chopping Dollars.

Order in Council, 27th November, 1875,-Rate for issue of Silver Dollar to Her Majesty's troops reduced from 48. 3d. to 4s. Id.

The above Currency consists of the following Coins, viz. :—

1. The Silver Dollar of Mexico.

2. The Hongkong Dollar and Half-Dollar issued from Hor Majosty's Mint. 3. Silver Coins issued from Her Majesty's Mint, representing :-

(1.) One-fifth part of the said Dollar, commonly called Twenty Cont Piece;- (2.) One-tenth part of the said Dollar, commonly called Ton Cent Picce; and (3.) One-twentieth part of the said Dollar, commonly called Five Cont Piece.

4. Copper or Brunze Coins, also issued from IIor Majesty's Mint, representing:-

(1.) One-hundredth part of the said Dollar, and commonly called Ono Cont; and (2.) One-thousandth part of the said Dollar, and commonly called Mil or Cash.

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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, (20, 10 and 5 Cont) [$1,507,381.00 pieces; and 1 Cent and Mil pieces) put into circulation up to 31st December, 1885,.......................

It is impossible to state how many of the above Coins, and of Coins of other denominations are in circulation, but the probability is that of the Hongkong Silver Coins there is not 10 per cent, of the total issue at the present time within the Colony. The importation of Copper Coin has been discontinued.