1892 — Page 226

(Q3)

LAW AFFECTING CURRENCY.

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1. Order in Council of 9th January, 1863, published in Government Gazette of 2nd May, 1863, declares that Mexican Dollars or other Silver Dollars of equivalent valuo duly authorised by the Governor of Hongkong shall be the only legal tender, and provides that Silver Coins represonting some multiple of the cent or one- hundredth part of the said Dollars shall be a legal tender for any sun: 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 Council, and provides that British Storling is to be converted into Dollars at 4s. 2d. per Dollar, when the Governor proclaims it.

3. Proclamation under Ordinance 1 of 1864.-See Gazelle 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 workod, but has been removed for some years).

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

6. Treasury Regulations of 20th October, 1866, published in Gazelle of 12th January, 1867.-These aro regulations for Dollar, Half-Dollar, and Subsidiary Coinage made in pursuance of Ordinance 2 of 1864 (the Hongkong Mint Ordinance, sec. 2 of which ompowors the Governor to frame regulations under which the Mint shall receive Silver Bullion, and coin the same).

7. Ordinance G of 1865, sections 13 aud 20.-This Ordinance relates to the offence of forging Bank Notes. 8. Ordinance 10 of 1865.—Offences against Coinage, but scotions 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 Gazelle of 21st October.-N.B.-This is important, as it permits the Chinese custom in South China_of chopping Dollars.

The Army rate of exchange for issue 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. 8. Silver Coins issued from Her Majesty's Mint, ropresonting:-

(1.) One-fifth part of the said Dollar, commonly called Twenty Cent Piece;- (2.) Oue-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.) Ono-handredth part of the said Dollar, and commonly called One Cont; aud (2.) Ono-thousandth part of the said Dollar, and commonly called Mil or Chab.

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 (50, 20, 10 and

Cent pieces; and 1 Cent and Mil piocos) put into circulation up to 31st December, 1892,

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$8,220,125.00

It is impossible to state bow 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 cont. of the total issue at the present time within the Colony. The importation of Copper Coin has boon discontinued.