CO129-385 - Public Offices - 1911 — Page 33

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comparative certainty with which in time the circulation

of the latter could be contracted in Hongkong as compared

with the difficulty which, for years to come, is likely to

attend a similar operation in China with regard to the

Standard Dollar.

It appears to me probable, therefore, that in order to

retain her position as the trade centre of Southern China,

Hongkong may be forced to admit toe Chinese Standard Dollar

into circulation as part of the legal tender in the Colony.

In that event, the Colony of Hongkong is likely to be faced

at no distant date with questions of gravity with regard

to the reminting of its existing circulation including

subsidiary coins and the adjustment of the authorised hote

issues of the Foreign Banks. If the interests of the

Colony are not to be prejudiced, these and cognate ques-

tions would appear to call for the early attention of/the

Government of the Colony with a view to framing such!

measures as may be required to meet the changing mouetary

conditions arising out of the reform of the Currency inf

China.

(Signed)

Yours, &c.,

C. S. Addis.