CO129-365 - Governor Sir Lugard - 1910 [1-3] — Page 161

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Government House,

Hongkong, 19th October, 1909.

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.DAUNDROM

I have the honour to inquire what hope there is of

any effective steps being taken in the near future by the

Chinese Government to control the issue of subsidiary coinage

by the Chinese Mints, and to put the currecny on a proper basis.

2. In this connection I may inform Your Excellency

that during the three years 1906-8 this Government has incurred

an average annual loss of $184,204.00 in the demonetization of

Hongkong subcoins, which has been rendered necessary owing to

their depreciations, as a result of the depreciated Chinese

Currency which though not legal tender circulates in the Colony.

The depreciation of the subsidiary coinage has seriously affected

the business of nearly all the mercantile firms in the Colony.

3. A radical reform in the whole currency of China

is of course greatly to be desired, but I recognise the magni -

tude of the task, and the inefficiency of the means for carrying

it through. I would therefore desire to press the suggestion as

a first step in the reform, that effective means should be taken

for controlling the output of the Mints, I would suggest that

the best way of doing this would consist in the prohibition of

the coinage of any coins in a province where the coin is at the

time circulating at a discount -leaving the Provincial Minte

free to issue new currency whenever any particular coin should

reach par value. For this purpose all subcoin should be grouped

as one currency.

is Majesty's Minister,

I have etc,

(ad) F.D.Lugard.

Governor *0.

PEKING.