t
196
absorbed in the expenditure of the Colony instead of being
placed as I submit it should have been to the credit of a
Reserve Fund. As fast as the coins were imported they were
absorbed into the mainland of China where they spread
throughout the whole country. This export to China was in
no way whatever prompted or encouraged by this Government,
which was compelled to replace the coins by fresh importa-
-tions. The last importation of coin to Hongkong took
place in 1906, but in that year the Chinese Authorities had
already bedome alive to the profit derivable from the
minting of small coins, and the Canton Mint had begun to
pour out an enormous quantity of denominations identical
with ours, and of the same appearance and approximate
weight and fineness. These coins in their turn began to
invade this Colony, and as an excessive quantity were
issued they soon fell to a discount. The Hongkong Coins
being also in consequence redundant also fell to a dis-
-count, but have always maintained a slightly higher
value than the Chinese Coins. The shipment of 1906 was
therefore never put into circulation and in 1907 it was
re-shipped to England and demonetised. In the same year
it was decided that all Hongkong Subsidiary Coins received
by the Government in payment of taxes should be withdrawn
from
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