CO129-334 - Governor Nathan - 1906 [5-7] — Page 585

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31358

Enclosure 2.0)

RECE

Rec 24 AVC 06 Letter from Mr. E. Osborne to Mh. “E. A. Hewett, Chairman, Chamber of

Commerce, dated the 30th. April, 1908.

Sir,

Hongkong,

579

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attention to the recent fall in the value of British subsidiary coins

by which this Company and others whose business lies on a cash basis,

are losing heavily.

2.

And apart from loss to individuals the

matter is, I submit, of sufficient importance to the colony at large to

warrant the consideration of your Committee.

3. For many years and until recently, Chinese

subsidiary silver coins were at a discount of about 56; British subsi-

diary silver coins maintained a parity of value with the dollar; whilst

British copper coins as measured in Chinese silver coins were at a

premium varying from 2 to 4 per cent. British subsidiary silver coins

are now quoted about 5% discount and copper 9%. +

The former disparity between British and

fe. Chinese coins was I understand due to a difference in finances.

4. Recently the Canton silver coin has shown

a tendency to further depreciate and, what is of more importance to

Hongkong, has apparently dragged the British coin with it, the reason

assigned being that the debtor, finding he can discharge his liabilities

in the baser coinage, has no further use for the higher.

5.

Following immediately upon the minting in

Canton of copper coins, the British one cent piece sunk to the level of

its Chinese counterpart, and, it is assumed, for the same reasons as led

to the fall of silver coins.

8.