CO129-335 - Governor Nathan - 1906 [8-10] — Page 22

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Mr. Carnegie to Prince Ching.

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32948

RECY (RES 5 SEP 06

Pexing, July 9th, 1905.

Highnees Your bellendy,

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...0.X WAMTAM Aumilay nil

With reference to previous correspondence on

the subject of currency reform in China, I have the honour to

request the Board's earnest attention to the condition of the

coinage in Canton Frovince, respecting which i have just receiv

ed a despatch from His Excellency the Governor of hongkong.

His Excellency states that according to

information received, the Canton Mint issued in the year 1905 no less than 71 million twenty-cent pieces, and that the issue is proceeding this year, dollars being melted down to furnish

the silver required.

The result is that these small coins are

tending to become not a subsidiary coinage at all, but the main coinage of the Kuang Provinces, a fact evidenced by the $1. notes of the Provincial Bank bearing a special starp to the effect that they are redeemable in twenty-cent pieces, and further by the acceptance of these pieces in payment of shares in the recently issued loan for the Canton-Hankow railway.

His Excellency points out that the unrest - tricted issue of these subsidiary coins will entail the gradual iisappearance of the dollar in Canton Province and the substi- tution of a debased currency, of which the value in relation to commodities will vary from time to time according to the amount of silver put into it: while already the depreciated

value

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