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These are already at 7 per cent discount and would then assur- edly fall to demonetization value 0.g. 15 percent. This would involve serious difficulty in Canton aml also in Hong- kong. It would probably in that case be necessary for us to prohibit their circulation here. His Excellency swgested that you should point this out to the Viceroy and urge that no more should be minted. You informed us that recently some were mined to meet the notes of an insolvent Bank and His Excellency pointed out that the only proper course was to have a Reserve fund for all note issue.
6.
His Excellency pointed out that we have a law against the publication by any Hongkong paper of Articles like- ly to canse unrest in China and that the "Chung Kwok Yat Po" was now being prosecuted under this law. His Excellency would be glad if the Viceroy would let him know of any articles of which he complained; meanwhile it was unjust to prohibit the circulation of all Hongkong papers in Canyon because of the offence of one. You informed us that you felt certain that this prohibition had been withiram and His Excellency would
therefore be gled if you will kindly have this confirmed.
Believe mo,
Yours sincerely,
(sd.) C. Clemonti.
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