THE ELECTRIC TRACTION COMPANY OF HONGKONG
リ
19, ST SWITHIN'S LANE, LONDON.E.C.
500
TED.O 22120
R: 20 Jul 06
19th June, 1906.
My Lord,
I am directed by my Board to place before your Lordship certain facts in regard to Chinese subsidiary coinage circulating in Hongkong, and to ask your Lordship to consider whether it would not be possible for the Hongkong Government to take some action to alleviate what is a heavy tax on the trading community in Hongkong and which affects us particularly as a Tramway Company owing to the large number of small coins which are tendered to us in fares.
We believe that the following extract from the "South China Morning Post" of the 27th March, 1906, sets out the facts accurately and will place your Lordship in possession of the material points so far as the Chinese coinage is concerned :-
"The Chinese subsidiary coinage nuisance is becoming worse than ever. These coins are pouring into the Colony from the interior and the Banks accept them, reluctantly, at a discount of 745 on the $1,000. Firms handling large sums can protect themselves by discounting payments at the Bank's rate, but the hardship falls on the poorer people, the small dealer and the purchaser. The Tramway and Ferry Companies must also sustain heavy losses on this debased coinage, and surely something can be done to check its circulation. The public see very little Hongkong small coinage, for the simple reason that being of higher value than the Chinese coins, it goes into the interior and does not return, unless in the shape of Chinese pieces after being reminted. As we have pointed out previously and repeatedly, not only is the Viceroy of Canton robbing the Hongkong Government of its profits on the circulation
The Rt. Hon. The Earl of Elgin.
THE ELECTRIC TRACTION COMPANY OF HONGKONG
リ
19, ST SWITHIN'S LANE, LONDON.E.C.
500
TED.O 22120
R: 20 Jul 06
19th June, 1906.
My Lord,
I am directed by my Board to place before your
Lordship certain facts in regard to Chinese subsidiary coinage
circulating in Hongkong, and to ask your Lordship to consider
whether it would not be possible for the Hongkong Government
to take some action to alleviate what is a heavy tax on the
trading community in Hongkong and which affects us particularly
as a Tramway Company owing to the large number of small coins
which are tendered to us in fares.
We believe that the following extract from the "South
China Morning Post" of the 27th March, 1906, sets out the facts
accurately and will place your Lordship in possession of the
material points so far as the Chinese coinage is concerned :-
"The Chinese subsidiary coinage nuisance is becoming worse than ever. These coins are pouring into the Colony from the interior and the Banks accept them, reluctantly, at a discount of 745 on the $1,000. Firme handling large sums can protect themselves by discounting payments at the Bank's rate, but the hardship falls on the poorer people, the mall dealer and the purchaser. The Tramway and Ferry Companies must also sustain heavy losses on this debased coinage, and surely something can be done to check its circulation. The public see very little Hongkong small coinage, for the simple reason that being of higher value than the Chinese coins, it goes into the interior and does not return, unless in the shape of Chinese pieces after being reminted. As we have pointed out previously and repeatedly, not only is the Viceroy of Canton robbing the Hongkong Government of its profits on the circulation
The Rt. Hon. The Earl of Elgin.
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