CO129-177 - Sir Kennedy Acting Governor Austin Lieut Governor Hennessy - 1877 [1-5] — Page 107

having been the practice

to place the semi-annual tender, after supplying the wants of the

Control Department, with the

Bank "at exchange of the Day" and of the advisability of postponing the circulation

for a few months until exchange

Should rise" and in the third

he states that "

Mer

MINUTE.

Mr. Bramston.

Mr. Malcolm.

Mr. Meade.

Mr. Herbert.

Mr. Lowther.

Lord Carnarvon.

ひ

werg

part of the world the rate

at Hongkong of Bullion

Chop Dollars, clean Dollars

and subsidiary Coins rise and fall according to the

demand in China generally

of all or such

of or such thereof

"

I gather from these remarks

that the custom has been

whenever you had subsidiary

coinage to dispose of, to sell them

106

in exchange for a Bill on England; and it is obvious that in this procedure two distinct transactions are

(1) the issue of token coins

in exchange for the standard money of the Colony (2) the

remittance of such

perchan money to this country - have

been combined in one

are

5. Your predecessor does appear to have apprehended that the point as to which I asked for information

Concerned the relative rate of these token coins to the standard money of the

Colony

and did not in

conclusion

any way necessarily the rate of Exchange with England

6. It is undoubtedly both...