CO129-365 - Governor Sir Lugard - 1910 [1-3] — Page 115

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Conclosure 3.

1101

Rec

0116

Scheme for Rehabilitating Hongkong Subsidiary Collag

On the 5th. August, 1909, the Executive

Council advised "that the withdrawal of subcoin for the purpose

of demonetization should be discontinued for the present": and

this is at present the last word on the subject.

The recommendation that all subcoin received

by this Government as revenue should be collected by the Treasur

and be periodically sent home to be disposed of by the Crown

Agents was originally made in paragraph 6 of Kr. 7. H. May's

Confidential Despatch to Lord Elgin, dated the 27th. April,

1907: and Lord Elgin replying in a Confidential Despatch dated

the 18th. June, 1907: wrote:- "The measure proposed in paragraph:

*6 of your Despatch will obviously give no iemediate relief es,

"on the figures supplied by you, it would have to be in operatio

*for 50 years before the whole of the excess coins were thereby

"withdrawn from circulation; but it is a step in the right

"direction, and I, therefore, approve of your proceeding as you

"suggest, p ending a consideration of the question whether it "will be necessary to take further mesures on a larger scale".

a

For subsidiary coins received by the

Treasury on and after the lat. January,

1909, a sum of 14% is

placed on the Treasury books as loss, and I am told that 14.82;

would more accurately represent the loss at present rates:

while