in kems.
in the
Mai
auxims
م الله
stated that the Mexican & Mar it wolf is meren and has a tendency to steps which will tend budun the nominal differeme of one for cut. For there we sous
demable & consider Whether the Bade Motlar would ust be admitted legal tendio with the Mexican dollar &
of clear this matter up is the percenies that in their Lowships lette
definite any linder ack. They do not Jeinine
the slut actually recommend the exclusion of the American Ditar. He then fun demir once more to drink their attention to thier alternative and if they have not teffinint wift Analle them to give opinion. He would suggat
With alterna hus
Lorong
stinting
the
pinninen.
für aller
thum
an authoritativ
The
referen with the distrof
އ
the spot
of the defer comilation by the fat is
* adopted in will he recepay withdraw the anthanty whand grent
meof
the H. Kong Banks trisen $1ater
and an
this
inljus suitre
لا مترس
the
the two lark Inpatches from Mast in the Senseof the above for comoden hou
a
that there is
When Mr Zemantle sale reigns
-proclamation defining
no law or
The
If the Mexican Bran the refers, the fin, Cayler & proclamation is nmd by the Mexican
is. the fabrication of Wars in the Metin mint is conducted in a rule of themt faction I honest and non guranteed by law. Point art Withe to the premium of the Shaits RM 22/5 iton
Page 16
18471/74.
12999/75.
SIR,
Printed copy of 13988.
96
20th December, 1875.
I AM directed by the Lords Commissioners of H.M. Treasury to inform you that they have given their best consideration to the corres- pondence enclosed in your letter of 16th June, 1874, in which the different bodies representing the Banking and Mercantile community of Hong Kong expressed their views upon a reform of the currency of that settlement; but that they have delayed their reply to the Secretary of State, until they should have had before them the information for which they asked in their letter of 28th November dealing with the issue of one dollar notes by The Hong Kong and Shanghae Bank.
That information is contained in the despatch from the Officer administer- ing the Government of Hong Kong, dated 10th June last, and enclosed in your letter of 17th August, and my Lords are now in a position to make known to the Secretary of State the conclusions at which they have arrived, after care- fully weighing the various proposals submitted to Her Majesty's Government.
The currency of Hong Kong is regulated by the Order in Council bearing date 9th January, 1863, which ordained that the dollar of Mexico, or other silver dollar of equivalent value, was to be the sole legal tender of payment in the Colony (subsidiary coins to a limited extent excepted).
On the 9th December, 1873, the acting manager of the Oriental Bank, writing in the name of the bank, requested the Governor to consider the advisability of proclaiming, under the power conferred upon him by the said Order in Council, and its attendant proclamation, the Japanese Yen, and the United States Trade Dollar to be legal tender.
Ile stated, in support of his request :--
(1) That the supplies obtainable from the mints of Mexico have been very uncertain, that the weight, fineness, and pattern of the Mexican dollar have been frequently altered, and that the Mexican Govern- ment may, at any time and without warning, adopt measures which would limit the supply of dollars circulating in Hong Kong, and thus seriously affect our commerce in the East.
(2) That the Japanese Government is in a position to coin "on an exten- sive scale, and in a perfectly reliable manner"; that the operations of the Japanese miut are conducted by a carefully chosen staff of foreign officials; that the director, Major Kinder, was the gentleman formerly selected by Her Majesty's Government to superintend the mint in Hong Kong; and that the silver dollar of Japan, known as the Yen, is the counterpart of the Hong Kong dollar both in weight and fineness.
(3) That the Congress of the United States had authorised the Mint of San Francisco to issue the coin known as the Trade dollar, which is
9663/74.
15490/74.
12999/76.
in
of the same fineness as, but somewhat heavier than, the Hong Kong dollar
*The Hong Kong dollar, and that the Trade dollar had been proclaimed legal tender in cally, the ine
was, practi- Canton by the Viceroy.
weight and fineness Sir Arthur Kennedy,
88 the Mexican, on the receipt of this letter, judiciously communi- cated Mr. Cameron's request to the Hong Kong Chamber of Commerce, and to the Local Banks, in order to ascertain the views of all the bodies practically acquainted with the monetary requirements of the Colony, and therefore best entitled to express an opinion upon the subject.
d'Escompte.
2. The Chartered
til Instia.
3. The Chartered
My Lords understand from the correspondence that there are fivet banks, +1. The Comptoir besides the Oriental, established in the Colony, and they find that the five are unanimous in their conclusion that the Japanese Yen should not, at all events Bank for the present, be declared legal tender, It is evident that the mercantile Australia, and China. community of Hong Kong do not feel sufficiently assured that the Japanese
Mereuntile Bank of covernment will maintain the declared weight and fineness of their coin.
should be added that the Chamber of Commerce of Hong Kong discussed the
It India, London, and question at length, and that they declined to recommend the admission of the Yeu to legal tender, although Mr. Cameron supported his proposal before them and Sharghne Buuk. fully and ably.
China
4. The National Bank of India.
5. The Hong Kong
Page 17
in kems.
in the
Mai
auxims
م الله
stated that the Mexican & Mar it wolf is meren and has a tendency to steps which will tend budun the nominal differeme of one for cut. For there we sous
demable &consider Whether the Bade Motlar would ust be admitted legal tendio with the Mexican dollar &
of clear this matter up is the percenies that in their Lowships lette
definite any linder ack. They do not Jeinine
the slut actually recommend the exclusion of the American Ditar. He then fun demir once more to drink their attention to thier alternative and if they have not teffinint wift Analle them to give opinion. He would suggat
With alterna hus
Lorong
stinting
the
pinninen.
für aller
thum
an authoritativ
The
referen with the distrof
އ
the spot
of the defer comilation by the fat is
* adopted in will he recepay withdraw the anthanty whand grent
meof
the H. Kong Banks trisen $1ater
and an
this
inljus suitre
لا مترس
the
the two lark Inpatches from Mast in the Senseof the above for comoden hou
a
that there is
When Mr Zemantle sale reigns
-proclamation defining
no law or
The
If the Mexican Bran the refers, the fin, Cayler & proclamation is nmd by the Mexican
is. the fabrication of Wars in the Metin mint is conducted in a rule of themt faction I honest and non guranteed by law. Point art Withe to the premium of the Shaits RM 22/5 iton
16
18471/74.
12999/75.
SIR,
Printed copy of 13988.
96
20th December, 1875.
I AM directed by the Lords Commissioners of H.M. Treasury to inform you that they have given their best consideration to the corres- pondence enclosed in your letter of 16th June, 1874, in which the different bodies representing the Banking and Mercantile community of Hong Kong expressed their views upon a reform of the currency of that settlement; but that they have delayed their reply to the Secretary of State, until they should have had before them the information for which they asked in their letter of 28th November dealing with the issue of one dollar notes by The Hong Kong and Shanghae Bank.
That information is contained in the despatch from the Officer administer- ing the Government of Hong Kong, dated 10th June last, and enclosed in your letter of 17th August, and my Lords are now in a position to make known to the Secretary of State the conclusions at which they have arrived, after care- fully weighing the various proposals submitted to Her Majesty's Government.
The currency of Hong Kong is regulated by the Order in Council bearing date 9th January, 1863, which ordained that the dollar of Mexico, or other silver dollar of equivalent value, was to be the sole legal tender of payment in the Colony (subsidiary coins to a limited extent excepted).
On the 9th December, 1873, the acting manager of the Oriental Bank, writing in the name of the bank, requested the Governor to consider the advisability of proclaiming, under the power conferred upon him by the said Order in Council, and its attendant proclamation, the Japanese Yen, and the United States Trade Dollar to be legal tender.
Ile stated, in support of his request :--
(1) That the supplies obtainable from the mints of Mexico have been very uncertain, that the weight, fineness, and pattern of the Mexican dollar have been frequently altered, and that the Mexican Govern- ment may, at any time and without warning, adopt measures which would limit the supply of dollars circulating in Hong Kong, and thus seriously affect our commerce in the East.
(2) That the Japanese Government is in a position to coin "on an exten- sive scale, and in a perfectly reliable manner"; that the operations of the Japanese miut are conducted by a carefully chosen staff of foreign officials; that the director, Major Kinder, was the gentleman formerly selected by Her Majesty's Government to superintend the mint in Hong Kong; and that the silver dollar of Japan, known as the Yen, is the counterpart of the Hong Kong dollar both in weight and fineness.
(3) That the Congress of the United States had authorised the Mint of San Francisco to issue the coin known as the Trade dollar, which is
9663/74.
15490/74.
12999/76.
in
of the same fineness as, but somewhat heavier than, the Hong Kong dollar
*The Hong Kong dollar, and that the Trade dollar had been proclaimed legal tender in cally, the ine
was, practi- Canton by the Viceroy.
weight and fineness Sir Arthur Kennedy,
88 the Mexican, on the receipt of this letter, judiciously communi- cated Mr. Cameron's request to the Hong Kong Chamber of Commerce, and to the Local Banks, in order to ascertain the views of all the bodies practically acquainted with the monetary requirements of the Colony, and therefore best entitled to express an opinion upon the subject.
d'Escompte.
2. The Chartered
til Instia.
3. The Chartered
My Lords understand from the correspondence that there are fivet banks, +1. The Comptoir besides the Oriental, established in the Colony, and they find that the five are unanimous in their conclusion that the Japanese Yen should not, at all events Bank for the present, be declared legal tender, It is evident that the mercantile Australia, and China. community of Hong Kong do not feel sufficiently assured that the Japanese Mereuntile Bank of covernment will maintain the declared weight and fineness of their coin. should be added that the Chamber of Commerce of Hong Kong discussed the
It India, London, and question at length, and that they declined to recommend the admission of the Yeu to legal tender, although Mr. Cameron supported his proposal before them and Sharghne Buuk. fully and ably.
China
4. The National Bank of India.
5. The Hong Kong
1
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