CO129-331 - Public Offices - 1905 — Page 618

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This Document is the Property of His Britannic Majesty's Goverment)O

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CHINA TRADE.

CONFIDENTIAL.

[December 2

(REC 25 SECTION 3.

No. 1.

(No. 345.) My Lord,

Sir E. Satow to the Marquess of Lansdowne,~~(Received December 2.)

Peking, October 19, 1905. I HAVE the honour to transmit to your Lordship herewith, in continuation of my despatch No. 387 of the 13th instant, précis of a Memorial of the Board of Rovenue which appeared in the Peking Gazette of the 13th instant, respecting the cessation of the coining of Peking "ten-cash" pieces.

E6

I have, &c.

(Signed) ERNEST SATOW.

Inclosure in No. 1.

Extract from the "Gazette" of October 13, 1905.

Précis of Memorial of the Board of Revenue, September 17, 1905.

CESSATION OF THE COINING OF THE PEKING “

>> TEN-CASH PIECES.

THE memorialists state that the Head Mint at Tien-tsin has started operations, and copper coins are being experimentally mintedl. Measures for the introduction of the new coin must be carefully thought out and discussed.

The Peking ten-cash pieces only circulate within a few miles of the capital, and their production by the Pao-chuan and Fao-yuan mints annually results in large deficits on account of labour and material. The present depleted state of the Treasury necessitates the exercise of strict economy. In addition, while the weight of the Peking cash is the same as the new ten-cash pieces, their touch and current value are quite different; the simultaneous circulation of these two kinds of coin, which have similar names, would lead to confusion and much inconvenience. The unification of the currency being now contemplated, it seems inexpedient that the production of the Peking cash should be continued, even though their withdrawal from circulation may be at present impracticable.

The memorialists therefore propose that the coinage of Peking ten-cash pieces at the Pao-chuan and Pao-yuan mints should be stopped from the end of the 9th moon (27th October). But in order to prevent a scarcity of coin in the Peking district two workshops belonging to the Pao-chuan mint should be retained to turn out ordinary small cash, the copper and alloy remaining in the Pao-chuan mint, and the Pao-yuan mint being handed over to them for that purpose. The remaining workshops of the Pao-chuan mint and the Pao-yuan mint should then be shut down and the employés dismissed.

Any further matters requiring attention will be made the subject of a further Memorial.

Imperial Rescript. Let it be done as recommended.

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