CO129-346 - Governor Sir Lugard - 1908 [1-3] — Page 107

2.

Since that date the question of what steps

should be taken to re-habilitate the subsidiary coins -issue

山:05萬元

in the past by this Government, has been the subject of enquiry

by a Committee, copy of whose report is enclosed. have

decided to make another effort to obtain from the Viceroy of the

Two Kwang Provinces an undertaking, binding not only on himself

but also on his successors in offico, that the manufacture ai

isque of subsidiary coins by the Provincial Authorities will 'be

discontinued until their coins reach par; that thereafter the

issue of such coins will be limited to the actual requirements

of the currency and to such quantities as will prevent the

coins again falling to a discount; and that in the meantime

influx of the subsidiary coins of other Provinces in China ato

the Two Kwang will be prevented.

3.

In this connection I may observe that this

Government not only stopped the import of subsidiary coins in

1906 when the coins began to fall to a discount, and it becomes

obvious that the number of such coins exceeded the amount re-**

-quired for currency purposes, but went further and shipped back

to England $3,398,000 worth of Hongkong subsidiary coins to be

melted and sold as bullion, at a loss to this Government of

mintage charges, freight, insurance, agency &o. Since that date

all subsidiary coins received by Government as payment of.

Bevenue