1886 — Page 205

(Q3)

LAW AFFECTING CURRENCY.

1. Order in Council of 9th January, 1863, published in Government Gazette of 2nd May, 1862, declares that Mexican Dollars or other Silver Dollars of equivalent valne duly authorised by the Governor of Hongkong shall be the only legal tender, and provides that Silver Coius representing some multiple of the cent or one- hundredth part of the said Dollars shall be a legal tender 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 preamble to Local Ordinance 1 of 1864.

2. Ordinance No. 1 of 1864 recites the above Order in Conncil, 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-Sce Gazette of 23rd January, 1864. By this Proclamation Ordinance 1 of 1864 is to take effect from 16th February, 1864.

4. Ordinance 2 of 1864.-This Ordinance provides for the establishing of a Mint in the Colony (which was established and worked, but has been removed for some years).

6. Governor's Proclamation in Gazelle of 14th September, 1866.-This Proclamation recites Order in Council of 1868, and proclaims the Hongkong Dollar and Half-Dollar legal tender.

6. Treasury Regulations of 20th October, 1866, published in Gazeffe of 12th January, 1867.-These are regulations for Dollar, Half-Dollar, and Subsidiary Coinage made in pursuance of Ordinance 2 of 1864 (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 same).

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.—See Gazette of 21st October.-N.B.-This is important, as it permits the Chinese enstom in South China of chopping Dollar",

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

The above Currency consists of the following Coina, viz.:-

1. The Silver Dollar of Mexico.

2. The Hongkong Dollar and Half-Dollar issued from Her Majesty's Mint.

3. Silver Coins issued froin Her Majesty's Mint, representing :—

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

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

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

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 Cent

pieces; and 1 Cent and Mil pieces) put into circulation up to 31st December. 1886,

} $1,983,981.00

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.