Your Highness,
H.M. Minister to Waiwupu.
22 773 27 JUN 29 1960
PEKING, 30 April 1908.
I have the honour to acknowledge the receipt of Your Highness's Note of April 25th stating the action which is being taken by the Viceroy of Canton in regard to restricting the issue of subsidiary silver coinage.
Since writing my Note of February 17th, I have received two communications from the Governor of Hongkong and have also had the advantage of personal conversations with His Excellency on the subject during my recent visit to the South of China.
1
It was noticed last month that the discount on subsidiary coinage continued to increase, and on enquiry, it transpired that about 10,000 taels worth of 20 cent pieces, representing an output of 80,000, were being struck daily at the Canton Government Mint. The effect of this large output of subsidiary coinage, in view of the increasing discount, was inflicting serious loss on the Hongkong Government, for the reasons stated in my Note of February 17th, and at the request of the Governor, I made verbal representations to Viceroy Chang on the matter during my stay in Canton.
The Viceroy urges as excuses for the continued coinage of subsidiary currency that (1) he feared that if this coinage ceased entirely, a considerable number of the expert staff must be discharged, and these men might take to uttering illicit coin; and (2) that out of some 6,000,000 taels which the province has to remit to Peking, the profits from the Mint form a part, and that he would be at a loss to replace this portion if those profits were reduced. His Excellency, however, told me that he proposed, as far as possible, to restrict coinage at the Canton Government Mint to dollar pieces.
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8 JUL 08
Your Highness,
H.M.Minister to Waiwupu.
22 773 27
JUN 29 1960
PEKING, 30 April 1908.
I have the honour to acknowledge the receiptorYour Highnes: Mote of April 25th stating the action which is being taken by the Viceroy of Canton in regard to restric- ting the issue of subsidiary silver coinage.
Since writing my Note of February 17th I have received two communications from the Governor of Hongkong and have also had the advantage of personal conversations with His Excellency on the subject during my recent visit to the
South of China.
1
It was noticed last month that the discount on subsidiary coinage continued to increase, and on enquiry it transpired that about 10,000 taels woth of 20 cent pieces, representing an out-put of 80,000, were being struck daily at the Canton Government Vint. The effect of this large output of subsidiary coinage, in view of the increasing discount, was inflicting serious loss on the rongkong Government, for the reasons stated in my Note of February 17th, and at the request of the Governor, I made verbal representations to Viceroy Chang on the matter during my stay in Canton.
The Viceroy urges as excuses for the continued coinage of subsidiary currency that (1) he feared that if this coinage ceased entirely, a considerable number of the expert staff must be discharged, and these men might take to uttering illicit coin; and (2) that out of some 6,000,000 taels which the province has to remit to Feking the profite from the Mint form a part, and that he would be at a loss to replace this portion those profits were reduced, His Excellency however told me that he proposed as far as possible to restrict coinage at the Canton Government Mint to dollar
pieces
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