اشا
losure 5.
571
Viceroy's Secretaries for communication to the Viceroy the
difficulties that the large issue of subsidiary coins had
already created and the danger to the commerce and finances
of the Kwang Provinces, which must attend any further issue.
Mr. Hunter agreed, and the Consul-General at Canton was good
enough to arrange for Mr. J. C. Peter of the Bank meeting
on the 13th. Instant Taotai Wen, the Viceroy's Secretary,
two Chinese officials from the Mint and one from the Board
of Reorganization. The result of this meeting is set forth
in the annexed copy of a Memorandum by Mr.
Peter. Mr.Hunter
in forwarding this Memorandum to me stated that he thought
it too probable that the Viceroy would prefer to go on
turning out subsidiary coins until it was plainly more
expensive immediately than shutting down the mint. I have
not yet, however, received from Mr. Mansfield the promised
expression of the Viceroy's views in the matter.
9.
Whatever the Chinese do with regard to it
it seems clear to me that "Profit on Subsidiary Coin"
should not again form an item of the Hongkong Estimates
of Revenue. I am very doubtful whether this Government
should ever have endeavoured to make a profit by supplying
China with coins of which the intrinsic value was largely
below their face value. I have not been able to trace in
detail
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