(3)
T 392
the Imperial Maritime Customs in payment of duties nor lekin at par but subject to the usual discount.
Recently a new issue of $1.00, $5.00 and $10.00 notes has been made by the Kwang Tung Authorities.
Although these notes are issued at their face value, and on the reverse bear a copy of the proclamation dated two years ago to the effect that the notes can be used in the payment of salt dues and other Government Taxes, and the upper part of the notes is printed an inscription to the effect that the notes are redeemable in subsidiary coin.
This inscription, which is now printed as part of the note, is similar to that stamped on the earlier issue of one dollar notes already referred to.
The effect of this is that these notes are actually certificates for the depreciated subsidiary coin and do not represent their face value.
It is worthy of special mention that the Provincial Authorities only accept these notes in payment of Land Taxes at the current discount on subsidiary coins.
A few Kwang Tung Silver dollars have in the past been issued but have now almost entirely disappeared, having been reminted into depreciated subsidiary coins. It is now understood that the Provincial Authorities intend making a new issue of dollars with a view, so it is reported, of raising revenue; if this be the intention then either the weight or the fineness of the dollars will be reduced thus still further increasing the monetary confusion which already exists in China.
I would here remind you that the fineness of the British dollar is .900 and the weight 416 grains.
I would further beg to point out for the consideration of His Excellency that under the terms of the British Commercial Treaty of 1902 (Clause II) China entered into a specific understanding that she would take the necessary steps to provide a
1
(3)
T
392
the Imperial Maritime Customs in payment of duties nor lekin
at par but subject to the usual discount.
Recently a new issue of $1.00,
5.00 and $ 10.00 notes
has been made by the Kwang Tung Authorities.
Although these notes are issued at their face value, and on the reverse bear a copy of the proclamation dated two years ago to the effect that the notes can be used in the payment of
on salt dues and other Government Taxes, and the upper part of the notes is printed an inscription to the effect that the notes are redeemable in subsidiary coin.
This inscription which is now printed as part of the note is similar to that stamped on the earlier issue of one dollar notes already referred to.
The effect of this is that these notes are actually certi- ficates for the depreciated subsidiary coin and do not represent their face value.
It is worthy of special mention that the Provincial Authori- ties only accept these notes in payment of Land Taxes at the ourrent discount on subsidiary coins.
A few Kwang Tung Silver dollars have in the past been issued but have now almost entirely disappeared, having been reminted into depreciated subsidiary ooins. It is now understood that the Provincial Authorities intend making a new issue of dollars with a view, so it is reported, of raising revenue; if this be the intention then either the weight or the fineness of the dollars will be reduced thus still further increasing the monetary confusion which already exists in China.
I would here remind you that the fineness of the British dollar is .900 and the weight 416 grains.
I would further beg to point out for the consideration of His Excellency that under the terms of the British Commercial Treaty of 1902 (Clause II) China entered into a specific under- standing that she would take the necessary steps to provide a
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