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(Enclosure to No. 3.)
112
A Despatch from Chau Viceroy of the Two Kwang Provinces dated
sir,
April 28th.
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Some time ago when the Board of Reorganiza-
-tion and the Provincial Mint sent in a report that the market
in was flooded with small coin, I issued orders to them that, order to restore the value of the subsidiary coinage, the nint-
-ing of small money was to be stopped and that dollars were to be coined in their stead. The Board of Reorganization then made the proposal that the minting of small coins should be stopped for 3 months, that they should at once set about preparing bullion and sycee for the ninting of dollars and that at the end of the 3 months they should again consider the state of the market and report to the Viceroy for action. These proposals
received approval.
In an interview which I had with His Bri-
-tannic Majesty's Consul-General I learnt that the minting of small money for Hongkong at Bombay had been stopped and that the Governor of Hongkong had withdrawn several million pieces from circulation.and had had them melted to prevent their further use. This information was at once conveyed to the Provincial Mint. At present it is decided that the mint is to stop the minting of subsidiary coins for a period of 3 months. At the end of that period they will examine the state of the
allow market and either continue the restrictien or, possibly,
them to be issued in reduced quantities.
In regard to the question of the Hongkong subsidiary coinage, it is necessary to prevent the importation by merchant of large quantities for the pretection of the market.
This matter has only just been settled, as
it had to be referred to the Board of Revenue and Statistics for decision. In addition to issuing orders that matters are to be
ordered
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