was most inconvenient and he thought that some different system might be suggested.
Hon T. H. WHITEHEAD said that it was very difficult for the Government to give what they had not got. A few days ago he applied for $10,000 or $12,000 worth of subsidiary coinage And he was informed that the Government had not got it.
Mr. J. J. FRANCIS proposed that the Committee should take into consideration the question of subsidiary coinage.
Mr. GRANVILLE SHARP Seconded.
Mr. T. JACKSON thought that it would be exceedingly injudicious to pass any hostile resolution at that meeting. If they passed the resolution it might look as though they regarded the Chinese as interlopers and it was to the Chinese that they had to look for the circulation of their coinage. He advised that they should not pass any resolution on the subject.
The resolution was not put to the meeting, and the proceedings then terminated.
PETITION BY BANKS IN FAVOUR OF A BRITISH DOLLAR.
The following is the petition of the Banks on the subject of a British dollar, and the letter of the Chamber, referred to at yesterday's meeting of the Chamber of Commerce:-
Hongkong, 16th February, 1877.
To the Honourable J. Gardiner Austin, C.M.G., Colonial Secretary.
Sir,-The undersigned, representatives of the Banking Institutions in Hongkong, have the honour to submit, for the consideration of His Excellency the Governor, the desirability of endeavouring to induce the Home Government to take steps for supplying to Hongkong and other Colonies where dollars are the standard currency, a coinage of British manufacture; feeling confident that in a country like China, where British interests are so predominant over those of any other foreign country, a coinage of well ascertained purity, guaranteed by the British name, would, in a very short time, be received, throughout the Treaty Ports as freely as the Mexican dollars, and might, in view of the uncertainty of the supply from Mexico, be fairly expected, eventually, to supersede the coinage of that country.
2.-Depending, as we do at present, upon Mexico for the dollars current in Hongkong and the principal ports of China, it is hardly necessary to point out the very serious inconvenience which is frequently experienced from the stoppage of the supplies consequent upon the almost chronic state of disruption which exists in that country, and it is a matter of notoriety that during the last year such inconvenience was greatly felt in Hongkong and that the financing business of the colony was seriously hampered thereby.
3.-We would respectfully point out that with colonies such as are possessed by Great Britain, where dollars are the only current coins, there is an element of unfitness in a dependence upon any foreign country for supplies, more especially so when such dependence is on a country so utterly unreliable as Mexico, and that, from a purely business point of view, there is absurdity in supposing that England cannot compete with America and Mexico in the manufacture of coinage for her own possessions.
4.-The experience of Her Majesty's Government with regard to the Mint established in 1866 in this colony was such that it would, we fear, be hopeless to endeavour to induce a repetition of the experiment at the present time. We are, however, strongly of opinion that the failure of that institution was too readily admitted; that with further experience, careful management, and economical working, the colony would have benefited by its continuance, and neighbouring colonies, as well as the ports of China, would have shared such benefit. To theorize upon such a subject is, however, useless, but we would express an opinion that the introduction of a British dollar into the British Colonies in this part of the world, and eventually into China generally, would probably lead to the re-establishment of the Hongkong Mint,-its central position of the Island, the cheapness of skilled labour, and the fact that it is a British possession rendering Hongkong eminently suitable for such an institution.
5.-For the present, however, all we ask is that Her Majesty's Government will coin in England dollars equal in fineness and weight with the Mexican dollars, and we would suggest that, in the event of this being favourably considered, the representatives of the Eastern Banks in London should be consulted as to designs and other details.
6.-Representations from the Straits Colonies have already gone home on this subject, and we trust His Excellency will see fit to give hearty support to the suggestion we have the honour to put forward.-We have the honour to be, sir,
our obedient servants,
For the Oriental Bank Corporation,
(Sd) C. MORLAND KERL, Manager.
For the Chartered Mercantile Bank of India, London, and China.
(Sd) H. H. NELSON, Manager.
For the Chartered Bank of India, Australia, and China,
(Sd.) By HORBURN, Acting Manager.
For the Comptoir D'Escompte de Paris.
(Sd) R J. MACKENZIE, Acting Manager.
For the Hongkong and Shanghai Banking Corporation,
(Sd) T.JACKSON, Chief Manager.
For the National Bank of India,
(Sd.) C. F. THOMSON, Acting Manager.
Hongkong General Chamber of Commerce, February 21st, 1877.
Sir,
The Managers of the Banks established in Hongkong having forwarded to the Committee of this Chamber copy of a despatch addressed to you by them on the 16th instant respecting the coinage and issue by Her Majesty's Government of a dollar coin equal in fineness and weight to the Mexican dollar, for circulation in this and other colonies, I am requested to address you on the subject, and to express the full concurrence of this Chamber with the tenor of the despatch in question.
It is unnecessary to recapitulate the arguments so forcibly set forth by its writers as to the advantages of having such a coin produced under the guarantee of Her Britannic Majesty's Government, the inconveniences arising from the occasional interruptions of supplies from Mexico, and the unfitness of relying upon any foreign country to furnish the current coin of British Colonies. The opportunity which would be afforded of introducing into China generally a standard British dollar, and the possible eventual re-establishment of the Hongkong mint, form additional arguments in favour of the project And this Committee would only add to the considerations most fully discussed in the despatch in question its suggestion that Her Majesty's Government be urged to bestow its immediate and careful attention on the subject.
I have, therefore, the honour to request that you will lay this communication before His Excellency the Governor, with a view to his informing the Secretary of State for the Colonies of the opinion of the Chamber.—I am, sir, your most obedient servant,
(Signed) W. KESWICK, Chairman.
The Honourable J. Gardiner Austin, C.M.G., Colonial Secretary,
Page 361
was most inconvenient and he thought that some different systeto might be suggested.
Hon T. II. WHITEHEAD said that it was very diffioult for the Government to give what they had not got. A few days ago he applied for $10,00) or $12,000 worth of subsidiary coinage And he was informed that the Government had not got it.
Mr. J. J. FRANCIS proposed that the Com. mittee should take into consideration the ques- tion of subsidiary coinage.
Mr. GRANVILLE SHARP Seconded.
Mr. T. JACKSON thought that it would be exceedingly injudicious to pass any hostile re- solution at that mearing. If they passed the resolution it might look as though they regard. ed the Chinese is interlopers and it was to the Chinese that they bad to look for the circalation of their coinage. He advised that they should not pass any resolution ou the subject.
The resolution was not put to the mealing, and the proceedings then terminated.
PETITION BY BANKS IN FAVOUR
OF A BRITISH DOLLAR.
The following is the petition of the Banks of the subject of a British dollar, and the letter of the Chamber, referred to at yesterday's meeting of the Chamber of Commerce:-
Hongkong, 16th February, 1877. To the Honourable J. Gardiner Austis, C M.G.,
Colonial Secretary.
Sir.-The undersigued, representatives of the Banking Institutions in Hongkong. have the honour to submit, for the consideration of Bia Excellency the Governor, the desirability of on- deavouring to induce the Home Government to take steps for supplying to Hongkong and other Colonies where dollars are the standard currency, a coinage of British manufacture; feeling ou fidout that in a country like China, where i British interests are so predominant over those of any other foreign country, a coinage of well ascertained purity. guaranteed by the British name, would. in a very short time, be received, throughout the Treaty Ports as freely as the Mexican dollars, and might, in view of the un certainty of the supply from Mexico, ba fairly expected, eventually, to supersede the coinage of that country.
2-Depouding, as we do at prosent, upou ! Mexico for the dollars current in Hongkong and the principal ports of China, it is hardly necessary to point out the very serious incoù- venience which is frequently experienced from the stoppage of the supplies consequent upon the almost chronic state of disruption which exists in that country, and it is a matter of no- toriety that during the last year such incon- venience was greatly felt in Hongkong and that the financing basiness of the colony was seriously! hampered thereby.
3.-We would respectfully point out that with colonies such as are possessed by Great Britain, where dollars are the only current coins, there is an element of unfitness in a dependence upon any foreigu country for supplies, more especially so when such dependance is on a country so utterly unreliable as Mexico, and that, from a purely business point of view, there is absurdity in supposing that England cannot compete with America and Mexico in the manufacture of coinage for her own possessions.
4.The experience of Her Majesty's Govorn- ment with regard to the Mint established in 1866 in this colony was such that it would, we fear, be hopeless to endeavour to induce a re-
petition.
361
petition of the experiment at the present time. We are, however, strongly of opinion that tho failure of that institution was too readily ad- mitted; that with further experience, careful management, and economical working, the colony would have benefited by its continuance, avil neighbouring colonies, as well as the ports of China, would have shared such benefit, To theorize upon such a subject is, bowaver, useless, but we would express an opinion that the introduction of a British dollar into the British Colonies in this part of the world, and eventually into Chins generally, would probably bad to th re-establishment of the Hongkong Miot,-be central position of the Island, the cheapuess of skilled labour, and the fact that it is a British possession rendering Hongkong ominently suit- able for such an institution.
5-For the present, however, all would at is that Her Majesty's Government will coin in England dollars equal in fiueness and weight with the Mexican dollars, and we would suggest that, in the event of this being favourably con- sidered, the representatives of the Eastern Banks in London should be consulted as to designs aud other details.
6-Representations from the Straits Colonies have already goue home on this subject, and we trust His Excellency will see fit to give hearty support to the suggestion we have the honour to put forward-We have the honour to ba, sir,
our obedient servante,
For the Oriental Bank Corporation,
(84) C. MORLAND KERL, Manager. For the Chartered Mercantile Bank of India,
London, and China.
(Sd) H. H. NELSON, Mangor.
For the Chartered Bank of India, Australia,
and "bina,
(3d.) By HORBURN, Acting Manager. For the Comptoir D'Escapte de Paris.
(84) R J. MACKENZIE, Acting Manager. For the Hongkong and Shanghai Banking
Corporation,
(84) T.JACKSON. Chief Manager. For the National Bank of India,
(Sd.) C. 2. THOMSON, Acting Manager.
Hongkong General Chamber of Commerce, February 21st, 1877.
Sir. The Managers of the Banks established in Hongkong having forwarded to the Com- mittee of this Chamber copy of a despatoù ad- dressed to you by them on the 16th instant re- spreting the coisage and issue by Her Majesty's Gorerumeut of a dollar coin equal in fineness and weight to the Mexican dollar, for circula- tion in this and other colonies, I am requested to address you on the subject, and to express the full concurrence of this hamber with the tenour of the despatch in question.
It is unnecessary to recapitulate the argumenta so forcibly set forth by its writers as to the ad- vantages of having such a coin produced under the guarantee of Her Britannic Majesty's Go- rernment, the inconvenienos arising from the | occasional interruptions of supplies from Mexico, and the unfituoss of relying upon any foreign country to furnish the current coiu of British Colonies. The opportunity which would be | afforded of introducing into Chins generally a standard British dollar, and the possibly evBU- Itual re-establishment of the Hongkong mint, form additional arguments in favour of the project And this Committee would only add to the considerations most fully discussed in the despatch in question its saggestion that Her Majesty's Government be urged to bestow its immediate and careful attention on the subject.
I have, therefore, the honour to request that? you will lay this communication before His Excellency the Governor, with a view to his informing the Shoretary of State for the Colonies of the opinion of the Chuaber. —I am, sir, yone most obedient servant,
(Sigued) W. KESWICK. Chairman. The Honourable J. Gardiner Austin, C.M.G.,
Colonial Secretary,
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