CO129-334 - Governor Nathan - 1906 [5-7] — Page 587

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Enclosure 2.(#)

31358

RECE

¡REC 24 AUC 06

Letter from Mr. E. A. Hewett to Mr. E. Osborne datel the 28th, May,

1906.

Hongkong General Chamber of Commerce,

Hongkong, 28th. May, 1908.

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sir.

I have to acknowlelge the receipt of your

letter of 30th, ultimo in which you direct attention to the loss

sustained by your Company and others through, what you term, the

fall in the value of British subsiliary coin, and to inform you that

your letter has received the careful consideration of the Committee

of the Chamber of Commerce.

In the first place owing to the fact that

legal tender of subsidiary coin is limited and that intrinsically

it is not worth so much as the currency dollar, its exchange value

is neturally liable to fluctuate according to supply and demand.

2. The Committee of this Chamber are agreed

that the question of the loss in the purchasing power of British

Subsidiary coin, however it may have been caused, is one which

deserves serious consideration.

3. Without necessarily accepting either the

statement in this paragraph as to the actual discount at which the

British coin is now reported to stand, or that which gives the percentages of relative values in the past, the Committee do not wish to question your general remarks of a retrospective nature.

It would appear that the large demand for

Hongkong Subsidiary coin arose in the Southern Provinces of Chins,

and while the Colony at the moment undoubtedly benefited by the

then existing state of affairs, it was not to be expected that this

outsile