CO129-340 - Governor Nathan Acting Governor May - 1907 [4-6] — Page 42

.Y q U O

39

Jjei tury RANTING HAOF JJ ME

UPA UCL sondrenevano e at Jedi se vieroin: dowy INSP AJ 10

odel telt no yomely eat di★

eatce

Ak donesen Bad de acriokter Jum

conivoat edu en tageti anno kad

A1 00

a'dabout add to Findes vid tead Lednívnog 'n 1 ar citricoque

10

ot teldig og of Bi

for a considerable number of small silver coins in which small

transactions could be effected. It was when the Governsent of Canton issued quantities of these coins independently of the requirements of such transactions and practically forced them into currency by withdrawing the dollars taken for their manufacture

that the coins began to assume a relation to dollars different

to that expressol on their face and tending to that of the per-

-centage of silver on the respective pieces.

4.

Not only did the new issues of Chinese subsidiary coins then fall to a discount of over 7 per centum but all stocks of those and of Hongkong subsiliary coins fell with thes. The result of this is that all persons whose hoaris

are in subsiltary coins are poorer by 7 per centum than they were, the loss corresponding to all the profits made in the past on the minting of subsidiary coins. It is as if a tax had been imposed of over 7 per centum of their savings on the poor people of the Liang Kwang. Such a tax cannot but bear harily on them,

while with the wealthier merchants trade has been hampered by the

setting up of two standards of value according to whether pay- -sents are made in dollars or in the depreciated subsidiary

coins.

„Roddy "obus 18id”ro lap aciduurideri iskanjko smo, o kadKUTTIGER- cu devol ca un caso volitrend of anda card saa vile jumlad

&

નર es exque ૧૩

થી

૧

+

Leivund what cxf old sont bellow

tim Dewa ekið alty Chat quick auf

‚cand said of burbate „glive, fueYcí afgro eteĺkul of aerikier

5.

You may not consider it out of place to

quote to the Viceroy the following sentence in which a great

English writer has referred to the evils resulting from the

debased currency in England in the year 1895. de says:- "It may

be doubted whether all the misery that has been inflicted on the

English nation in a quarter of a century by bad Kings, bad

Ministers, bad Parliaments, and bad Judges nas equal to the

misery caused in a single year by bad Crowns and bad Shillings."

In making representations in this matter

8.

on the present as on past occasions I am certainly not actuated

#

Uneaed-iden00 e'ydanie ornardinė el

nonet

by any idea of securing a future profit to the Hongkong Government

that