CO129-365 - Governor Sir Lugard - 1910 [1-3] — Page 130

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Sonclosure 5.

Rece

5116

Rece19 FEB 10)

125

Memorandum respecting Subsidiary Coins.

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„brenul +0.4 (.82)

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Many schemes have been proposed having for

their object (a) the rehabilitation of the Hongkong Sub-coinage

and (b) the elimination of Chinese Subsidiary Coins from circula-

-tien in the Colony. To these I have generally speaking been

opposed because I have believed that there are at the present

time many powerful factors operating in China, which have bean

absent (or at any rate not present in the same degree) in

former years, all tending to compel her to establish her

currency on a uniform basis, and to control the output of her

Mints. I believe that in view of the very intimate connection

in matters of trade which this Colony bears to China, it would

be detrimental to those interests were this Colony to adopt any

course of action which might dislocate the free exchange between

South China and Hongkong. I believe also that any drastic act

of prohibition or restriction might cause a friction which

'

would disturb good relations and involve political difficulties,

and possibly retaliation in commercial relations. I have there-

»fore, though with some reluctance, considered that the most

advisable course to pursue, was to await developments in China,

while using every effort both through the Home Government,

His