CO129-365 - Governor Sir Lugard - 1910 [1-3] — Page 144

1.-.

139

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UNICO DESkinð estile ,taq t8on to de gatósíuotło new suamioo

Produk asɔ ezenido erit Jroaery JA „dwosalb equal a ja eTOW tarit

that there is no ground for discrimination against their coins

since our own circulate at an almost equal discount. It would

create no large class of new offences, since the bankers &c.,

are few in number, and ordinary circulation is not for the

present interfered with. It would create no rights of search

except in the case of the bankers, who would be in co-operation

with the Government, and who would not dare to hold stocks, the existence of which would be easily known; the right of entry

and search would therefore in practice never be enforced.

The issue of a new coinage forms an import-

-ant feature of several of the schemes put forward. Mr.

Clementi suggests a Nickel coinage in order to prevent its being

taken to china as the existing coinage has been. I an averse to

any new coinage for these reasons:-

(a).

Provided the profit made on minting Hongkong

cains is retained as a Reserve Fund to be used for no other

purpose than for the maintenance of the stable value of the

coinage there is no reason why Hongkong should desire te

restrict its coins from circulation in China. The reserve fund

which will be in a steady ratio to the quantity so withdrawn

to China will enable this Government always to maintain its

currency at par, and the interest on that Fund can accrue to Revenue. There is therefore no object in issuing a new coinage

Nickel or other » while for my part I hold that it is a

distinct advantage to trade that Hongkong coins should be

current