CO129-334 - Governor Nathan - 1906 [5-7] — Page 588

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outside source of revenue would continue indefinitely and a change,

brought about by among other causes an over-production of Chinese subsidiary cain, should not be looked upon as a matter calling for

legislation on the part of the Government.

The second part under this head seems to imply a change i

in the difference of fineness between the Hongkong and Canton subsidiary coin of the present as compared with that of the past but of this the

Committee have no evidence.

4/5. It must be admitted that the over-production of Chinese

subsidiary coin has resulted in its depreciation and has also reduced

the demand for Hongkong coin, but it is an error to suppose that a debtor can discharge his liabilities in this subsidiary coin, though for sake of convenience no doubt many small debts are so settled.

No one in the colony need accept Chinese subsidiary coin

at all, while the legal limit for Hongkong subsiliary Silver coin is $2.00 and for copper $1.00. If payments are accepted in Chinese coin, or Hongkong coin in excess of the legal limit, this is entirely a pers personal matter between debtor and creditor, and is presumably due to causes not to be controlled by Ordinance, being merely an ordinary business question for consideration when fixing the price of commoli-

ties.

6/7. The developments foreshadowel in paragraph 7 are prob-

lematical. The Committee of the Chamber while viewing the exocusive production of silver and copper coins by the Chinese mints as calcula- ted to seriously effect the prosperity of that Empire, have no reason to assume that the Chinese Officials are actuated by other motives than the supplying of a useful medium of exchange for which there was, at one time at all events, a strong demand, and the making of a profit on the seigniorage as is usual in other countries making similar issues.

3. The existence of the Provincial Bank $1.00 note is of course known. It now bearsh special stamp to the effect that it is redeemable in 20 cent pieces. It is noteworthy however that the $5.00

notes are not so stampe 1.

8.