CO129-334 - Governor Nathan - 1906 [5-7] — Page 586

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6.

So far the Canton officials have apparently been

satisfied with a moderate difference in fineness between their coins and

the British. If their object be to drive the latter out of circulation in

their country, their action is at least intelligible and, provided, compe-

titima between the respective coins remains as at present, doubtless

matters will right themselves at no great loss to anyone but the Hongkong

Government.

7. But if rapacity be the mainspring of their policy the

question becomes serious; for unless nipped in the bud, this debasing

process will grow to large and ruinous proportions, and to the prejudice of

Hongkong's trade; Each successive official will seize the golden opportuni-

ty until hopeless confusion and loss bring matters to a crisis.

3.

at

To make matters worse, a Chinese dollar note has recent

ly appeared in the colony and is actually in circulation in Canton,

9. If your Committee consider there be cause for alarm,

doubtless they will move the Government to legislate in the matter, and now

that the Government's profit on subsidiary coins is endangered(for if there

be no demand there will be no further coinage, and consequently no further

profit) perhaps their former reason for a policy of non-interference will

no longer weigh, and there may yet be time to frustrate the evil in its

incipient stage.

10. As regards a remedy I venture to suggest that British

coins be rehabilitated and protected by making them legal tenier up to any

amount, to the exclusion of all other coins, and by Government pledging

itself to releen all its coins at par.

I have, &c.

Sd. Edward Osborne,

Secretary.

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