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legal tender and will be received only at their value as
bullion.
516
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Chambers of Commerce are to be asked "to
give lectures explaining the gist of these Regulations, that all persons may know that this reform of the coinage system is designed for the benefit of the merchant and the general public,
and by abolishing the irregularities that have prevailed in the weight and valued of the various coins, to take the first
steps towards the reform of the finances of the country",
The Regulations contain strict
and detailed provisions as to the limit of tolerance between
the actual and legal weight and between the actual and legal
degree of fineness of the new coins; their deterioration
through use and wear; the right to refuse coins wilfully damag-
-ed; the limitation of the amount of the subsidiary coins to
be minted; the rates of exchange between the old and the new
currency, and the assaying and control of the coins issued.
The minting of all coins now in circulation
was to cease from the date of the publication of the Regulations
and I understand that simultaneously all the Provincial Mints
now existing are abolished, and that the minting of the new
coinage will be undertaken by the General Hint at Tientsin, cer-
-tain existing Mints such as those at Hankow, Chengtu, Hukden,
etc., being made branches of the General Mint to assist in the
issue of the new am currency.
The currency decree and the Regulations
would certainly appear to indicate a serious determination on
the part of the Chine se Government to deal in a practical
manner with the reorganization of their financial system, the
necessity for which has so repeatedly been urged on them both in the interests of foreign commerce and of the stability
of Chinese credit and it is to be hoped that steps will be
taken without undue delay to put the proposed measures into
practical effect. The vested interests of innumerable officials
and
No comments yet.
Private notes are available after approval.