CO129-340 - Governor Nathan Acting Governor May - 1907 [4-6] — Page 222

CO129 Colonial Office Hong Kong Records 理藩院香港檔案 All AI Reviewed
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CONFIDENTIAL.

Hongkong.

PREC 3 JUN 07

Government House,

Hongkong, 27th April, 1907.

My Lord,

With reference to Sir Matthew Nathan's Confidential Despatch of the 5th instant, and previous correspondence, I have the honour to represent to Your Lordship that in my opinion the time has arrived for this Government to take some steps for the rehabilitation of the subsidiary coin of the Colony.

2. To say nothing of private firms, the Government alone is regularly losing a large amount on account of the receipt as Revenue of sums of subsidiary coin tendered in accordance with legal requirements, such amount of course varying with the rate of discount which has been as high as 10 per centum. At present, however, there has been an improvement in the rate which has fallen to 6 per centum presumably on account of the near approach of the silk season in the Canton Province, but it is anticipated that with the close of the season the coin

RIGHT HONOURABLE

THE EARL OF ELGIN, K.G.,

&C.


&C.

1

will

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CONFIDENTIAL. Hongkong. PREC 3 JUN 07 Government House, Hongkong, 27th April, 1907. My Lord, With reference to Sir Matthew Nathan's Confidential Despatch of the 5th instant, and previous correspondence, I have the honour to represent to Your Lordship that in my opinion the time has arrived for this Government to take some steps for the rehabilitation of the subsidiary coin of the Colony. 2. To say nothing of private firms, the Government alone is regularly losing a large amount on account of the receipt as Revenue of sums of subsidiary coin tendered in accordance with legal requirements, such amount of course varying with the rate of discount which has been as high as 10 per centum. At present, however, there has been an improvement in the rate which has fallen to 6 per centum presumably on account of the near approach of the silk season in the Canton Province, but it is anticipated that with the close of the season the coin RIGHT HONOURABLE THE EARL OF ELGIN, K.G., &C. &C. 1 will
Baseline (Original)
FIDENTIAL. Hongkong. IREC 19659 Pref 3 JUN 07) Government House, 218 Hongkong, 27th. April, 1907. 11 hout My Lord, With reference to Sir Matthew Nathan's Confidential Despatch of the 5th. instant, and previous correspondence, I have the honour to represent to Your Lordship that in my opinion the time has arrived for this Government to take some steps for the rehabilitation of the subsidiary coin of the Colony. 2. To say nothing of private firms, the Government alone is regularly losing a large amount on account of the receipt as Revenue of sums of subsidiary coin tendered in accordance with legal requirements, such amount of course varying with the rate of discount which has been as high as 10 per centum. At present, however, there has been an improvement in the rate which has fallen to 6 per centum presumably on account of the near approach of the silk season in the Canton Province, but it is anticipated that with the close of the season the coin RIGHT HONOURABLE THE EARL OF ELGIN, K.G.. &C... &0 + + &C. 1 will
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FIDENTIAL.

Hongkong.

IREC

19659

Pref 3 JUN 07)

Government House,

218

Hongkong, 27th. April, 1907.

11

hout

My Lord,

With reference to Sir Matthew

Nathan's Confidential Despatch of the 5th. instant, and

previous correspondence, I have the honour to represent to

Your Lordship that in my opinion the time has arrived for

this Government to take some steps for the rehabilitation

of the subsidiary coin of the Colony.

2.

To say nothing of private firms,

the Government alone is regularly losing a large amount on

account of the receipt as Revenue of sums of subsidiary

coin tendered in accordance with legal requirements,

such

amount of course varying with the rate of discount which

has been as high as 10 per centum. At present, however,

there has been an improvement in the rate which has fallen

to 6 per centum presumably on account of the near approach

of the silk season in the Canton Province,

but it is

anticipated that with the close of the season the coin

RIGHT HONOURABLE

THE EARL OF ELGIN, K.G..

&C...

&0 + +

&C. 1

will

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