CO129-340 - Governor Nathan Acting Governor May - 1907 [4-6] — Page 229

CO129 Colonial Office Hong Kong Records 理藩院香港檔案 All AI Reviewed
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Your Lordship is aware that at the instance of this Government the Viceroy of Canton has suspended for the time being the minting of subsidiary coins by the Canton Mint. Nevertheless both Canton and Hongkong Subsidiary Coins were a few days ago at 10 per centum discount and are at present at 6 per centum discount, the fall being due to a temporary demand for cash to meet purchases of silk in the interior of China, the silk season having just commenced.

In discussing the matter recently with Mr. Wu Ting-fang, who is apparently acting as adviser to the Viceroy in this and other matters, I learned that it is the intention to mint Silver Dollars at Canton and to issue them instead of the small coins. In this way the Viceroy hopes to relieve a situation which is causing even the Provincial Government anxiety.

I endeavoured to persuade Mr. Wu Ting-fang against the adoption of this remedy. I explained to him that with subsidiary coins at the high discount that prevails, the dollars would be driven from the market and would quickly disappear. I warned him of the fact, of which he seemed to be unaware, that a standard dollar of a fineness

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Your Lordship is aware that at the instance of this Government the Viceroy of Canton has suspended for the time being the minting of subsidiary coins by the Canton Mint. Nevertheless both Canton and Hongkong Subsidiary Coins were a few days ago at 10 per centum discount and are at present at 6 per centum discount, the fall being due to a temporary demand for cash to meet purchases of silk in the interior of China, the silk season having just commenced. In discussing the matter recently with Mr. Wu Ting-fang, who is apparently acting as adviser to the Viceroy in this and other matters, I learned that it is the intention to mint Silver Dollars at Canton and to issue them instead of the small coins. In this way the Viceroy hopes to relieve a situation which is causing even the Provincial Government anxiety. I endeavoured to persuade Mr. Wu Ting-fang against the adoption of this remedy. I explained to him that with subsidiary coins at the high discount that prevails, the dollars would be driven from the market and would quickly disappear. I warned him of the fact, of which he seemed to be unaware, that a standard dollar of a fineness
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)( 225 3. Your Lordship is aware that at the instance of this Government the Viceroy of Canton has suspended for the time being the minting of subsidiary coins by the Canton Mint. Nevertheless both Canton and Hongkong Subsidiary Coins were a few days ago at 10 per centum discount and are at present at 6 per centum dis- -count, the fall being due to a temporary demand for cash to meet purchases of silk in the interior of China, the silk season having just commenced. 4. In discussing the matter recently with Mr. Wu Ting-fang, who is apparently acting as adviser to the Viceroy in this and other matters, I learned that it is the intention to mint Silver Dollars at Canton and to issue them instead of the small coins. In this way the Viceroy hopes to relieve a situation which is causing even the Provincial Government anxiety. 5. I endeavoured to persuade Mr. Wu Ting-fang against the adoption of this remedy. I explained to him that with subsidiary coins at the high discount that prevails, the dollars would be driven from the market and would quickly disappear. I warned him of the fact, of which he seemed to be unaware, that a standard dollar of a fineness
2026-06-04 08:04:47 · Baseline
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)(

225

3.

Your Lordship is aware that at

the instance of this Government the Viceroy of Canton has

suspended for the time being the minting of subsidiary

coins by the Canton Mint. Nevertheless both Canton and

Hongkong Subsidiary Coins were a few days ago at 10 per

centum discount and are at present at 6 per centum dis-

-count, the fall being due to a temporary demand for cash

to meet purchases of silk in the interior of China, the

silk season having just commenced.

4.

In discussing the matter recently

with Mr. Wu Ting-fang, who is apparently acting as adviser

to the Viceroy in this and other matters, I learned that

it is the intention to mint Silver Dollars at Canton and

to issue them instead of the small coins. In this way the

Viceroy hopes to relieve a situation which is causing even

the Provincial Government anxiety.

5.

I endeavoured to persuade Mr. Wu

Ting-fang against the adoption of this remedy. I explained

to him that with subsidiary coins at the high discount

that prevails, the dollars would be driven from the market

and would quickly disappear. I warned him of the fact,

of

which he seemed to be unaware, that a standard dollar of a

fineness

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