CO129-346 - Governor Sir Lugard - 1908 [1-3] — Page 105

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already fallen about 5 per centum an effect presumably

due to the action taken by this Government, and of the

suspension of the issue of subsidiary coins from the

Canton Mint since March last. I am myself, however, in-

-clined to ascribe this fall in discount directly to the

cessation of the issues of enormous quantities of subsidiary

coins by the Canton Mint in the case of Chinese coins, but

to doubt whether the fall in discount on Hongkong coins

may be wholly or chiefly ascribed to the withdrawal of so

comparatively small a quantity as we have already withdrawn

and to think that the partial rehabilitation of the Hong-

-kong coins is due rather to sympathy with the Chinese

coins just as it originally fell in sympathy with the

depreciation of those coins.

4. •

Upon receipt of replies from His

Majesty's Minister and His Majesty's Consul-General I shall

address Your Lordship further in this matter. On the

practically unanimous recommendation of the Committee I

have decided not to dispose of the coins withdrawn from

circulation, either by shipment to England or otherwise for

the present.

I have the honour to be, My Lord,

Your Lordship's most obedient,

humble servant,

Mugard

Governor, &c..