356
No. 58.
SIR,
(9)
TREASURY,
HONGKONG, 24th September, 1885.
With reference to your letter No. 1316 of yesterday's date, in which you refer to me for consideration and report a Despatch from the Secretary of State, No. 34 of August 17th, on the subject of the issue of subsidiary coins here, I have the honour to report as follows :—
There is not at present any prospect of subsidiary silver coin being at a dis- count, or of any difficulty being experienced in issuing it. There is to-day a balance of $54,000 worth of these coins in the Treasury, all of which, and far more, could be got rid of in a few days by simply letting it be understood that Chinese might have as much as they liked to ask for. I hope to keep a special reserve of at least $50,000 against the Chinese New Year, but whether this will be sufficient to abate the run on small coin which always exists at that time only experience can shew.
The market prices of these coins have been as follows :-
Τ am, however, to add that My Lords hope that the large profit made by the Colonial Government upon the issue of these silver Tokens for circulation not within the limits of the Colony, but on the mainland of China, is not leading them to lose sight of the serious risk, that is continually augmenting, of future embar rassment to the Colonial Treasury through the return of worn tokens for exchange, at their full nominal value, in possibly very large quantities at once.
The Colonial Government is of course under no obligation to furnish a medium of exchange to the Chinese Empire, and if Chinese subjects choose to buy Hongkong tokens for their own convenience, they could not complain if the Hongkong Government were to refuse to repurchase them, from holders resident in China, at the price of issue. But the question is whether it will be possible, when the coins circulating in China are defaced (by unfair means perhaps) to prevent Hongkong dealers from collecting them at a discount, and then presenting them to the Treasury for redemption at par.
My Lords hope that this subject may be carefully considered before the next demand for Hongkong Token coins is made.
I am, &c.,
1883, May 1st,
November 6th,
1884, May 2nd,
November 3rd,
1885, May 2nd,
September 24th,
.9 1
per cent premium.
23
"
1.4
""
12
31
.85 1
39
71
"
15
"
.5 "
""
">
The Under-Secretary of State,
Colonial Office.
It will be seen that there is no tendency towards a reduction in the market- able value of the coins, in spite of the larger quantities which have been imported. It must be clearly borne in mind that we are only pouring water into a sieve, and that on the other side of the sieve is China, an enormous country with no coinage, but quite alive to the advantages of one.
Should the value of these coins at any time sink to par, shipments will be suspended.
I have the honour to be,
Sir,
Your most obedient Servant,
HONGKONG. No. 17.
A. LISTER,
Treasurer.
P.S-To-day's low rate of premium on these coins is probably caused by the fact that they are obtainable free at the Treasury, which is the exception and not the rule. Directly our balance is exhausted the rate will rise till the next shipment arrives.
The Hon. F. STEWART, LL.D.,
Acting Colonial Secretary,
(10)
&o.
SIR,
(Signed),
R. E. WELBY.
(11)
DOWNING STREET,
4th February, 1887.
I have the honour to transmit to you a copy of a letter from the Treasury stating that the mint has been directed to supply the subsidiary coins asked for in your despatch No. 362 of the 15th of November last, and drawing attention to the danger of the issue of these coins in large quantities for use outside the Colony.
I see that my predecessor drew Sir GEORGE BOWEN's attention to this question in a despatch dated the 17th of August, 1885, No. 34.
I have the honour to be,
Sir,
Your most obedient humble Servant,
The Officer Administering the Government of
HONGKONG.
(12)
H. T. HOLLAND.
(Copy)
SIR,
The Treasury to the Colonial Office.
TREASURY CHAMBER,
14th January, 1887.
In reply to Mr. MEADE'S letter of the 31st ultimo, I am directed by the Lords Commissioners of Her Majesty's Treasury to aquaint you, for the information of the Secretary for the Colonies, that the necessary directions have this day been given to the Deputy Master of the Mint to supply (should he see no objection) the undermentioned subsidiary coins for the use of the Government of Hongkong, to the total nominal value of $150,000, as requested in the letter under reply, viz.:
20 cent pieces
10
5
15
.10 per cent.
.60
.30
*
No. 10.
SIR,
TREASURY, HONGKONG, 6th April, 1887.
I have the honour to acknowledge the receipt of your letter No. 367 of the 16th instant, transmitting for my consideration and report a despatch from the Secretary of State, No. 17 of February 4th, on the supply of subsidiary coin to this Colony, and its use in China.
2. In an enclosure to that Despatch the Lords of the Treasury express through their Secretary, a hope "that the large profit made by the Colonial Govern- ment upon the issue of these silver Tokens for circulation, not within the limits of the Colony, but on the mainland of China, is not leading them to lose sight of the serious risk, that is continually augmenting, of future conbarrassment to the Colo- nial Treasury through the return of coins for exchange at their full nominal value, in possibly very large quantities at once.'
13
સ
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