1891 — Page 221

(Q3)

LAW AFFECTING CURRENCY,

1. Order in Council of 9th January, 1863, published in Government Gazette of 2nd May, 1863, declares that Merican Dollars or other Silver Dollars of equivalent value duly authorised by the Governor of Hongkong shall be the only legal tender, and provides that Silver Coins representing some multiple of the cent or one- bundredth part of the said Dollars shall be a legal teuder for any sun not exceeding Two Dollars, and that Copper or Brouze Coins representing the cent or one-hundredth part, or the mil or cash representing one-thousandth of the Dollar shall be a logal tender for any sum not exceeding One Dollar. Provides also as to the part 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 Council, and provides that British Sterling is to be converted into Dollars at 48. 2d. per Dollar, when the Governor proclaims it.

3. Proclamation under Ordinance 1 of 1864-See Gazelle of 23rd January, 186k. 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).

5. Governor's Proclamation in Gazelle of 14th September, 1866.-This Proclamation recites Order in Council of 1863, and proclaims the Hongkong Dollar and Half-Dollar legal tender.

6. Treasury Regulations of 20th October, 1966, published in Gazelle 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.-Sec Gazette of 21st October.-N.B.-This is important, as il permits the Chinese custom in South China of chopping Dollars.

The Army rate of exchange for issuo of Silver Dollars to Her Majesty's troops is now fixed quarterly by the Imperial Treasury.

The rate for 1st quarter of 1891 was 3/8, for 2nd quarter 3/5, for 3rd quarter 3/2, and for 4th quarter 3/2 per Dollar.

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

1. The Silver Dollar of Mexico.

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

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(1.) Que-fifth part of the said Dollar, commonly called Twenty Cent Pieco;- (2.) One-leuth part of the said Dollar, commonly called Ten Cent Piece; and (3.) One-twentieth part of the said Dollar, commonly called Five Cent Piece.

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

(1.) Onc-hundredth part of the said Dollar, and commonly called Oue 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 Ceut

pieces; and 1 Cent aud Mil pieces) put into circulation up to 31st December, 1891,......

$7,216,125.00

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 2 per cent. of the total issue at the present time within the Colony. The importation of Copper Coin bas been discontinued.