CO129-386 - Public Offices & Others - 1911 — Page 361

confidential.

scopy come to her cent (2

대전

Ris

V receivau at the Agencjer bas one 07 to el.

Govt. had to meet when i was responsibɛe je th:

Agencies, but the G.P.C. must see! 13 now, mler tany

thankalvon by rifuging to

Sir J. Anderson

I don't think it necessary to inform

the C.P.0. of our intentions. Of course, when the

present subsidiary coins are demonetized we shall not

lake them from the Agencies at par value, in fact

their entrance into the Colony will be prohibited.

But I do not think we should take them at par value

even now. They ar not legal tender in China, and

the Postal Agencies can refuse to accept them except

al a discount in fact they can treat then as they

is paid in subsi-

do the Chinese subsidiary coin. If they take them at

par it must be at their own loss. Considering how

large a portion of postal receipts

diary coin, to accept the liability they ask would

dean a heavy loss to H.K. a loss getting on for as

bad as the loss involved in paying Mil. Cont. on the

receipts of the Agencies, which brought about this

ansfer to the Imperial Post Office, with all its

elaborate arrangements and heavy expenditure, simply

oecause the Treas. wanted to save their face over

the Mil. Cont. question.

The loss from depreciation of subsidiary coin

choose to ploveol

subrid any con

repment for ano ex opt

a

discount.

I would not consul Treas. on this paj er, a ty

take the side of the G.P.0. for s-lodeh r aon. No:

would I 1ạt G.P.0. know of our proposed

or they may accumulate a *ge stock of

ons

new co.nz.

{

Low oinage,

our subaida y

arc send then to H.K. just hafoor we poh bis

portation and oblige us to exchange then with the

1 + is perhaps inp:opez Le auspect a great

Govt. Dept. of being possibly guided by their economic

Interest only, but we can't be too carnful ).

9 reply as indicated at Á.

ift buite

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at mel

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359