CO129-394 - Governor Sir May & Public Offices - 1912 [12] — Page 190

Gentlemen

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I have asked you to come here today in order to speak

to you about the boycott of the Tramway.

FGE20 JAN 13)

You know that according to the law of Hongkong the

only money which a creditor is obliged to accept in payment of a

debt is Mexican er British Dollars and Hongkong subsidiary coins.

In making this law, which is an old law of many years

standing, the Fongkong Government has exercised the prerogative,

which every Sovereign State is very jealous of, of regulating

its own currency.

The Hongkong Goverment refuses to accept in any of

its Departments any money which is not legal tender as rescribai

by law, and it therefore refuses to receive the small coins of

the Canton Mint.

This action is not at all singuler. Those of you who

have been abroad know that each country has its own currency.

Thus if a man travels from England to China vià France, Germany,

and Russia ho must change his money in each country. When he

gets to Ching he has to change his money several times for

different money is used in Paking and Tientsin where the small

coins of the Mukden Mint are used, in Hankow where only the

small coins of the Hupeh Mint are used, in Toochow and Amoy

where only the small coins of the Pukion Kint are used, and

again in Canton where the coins of other Chinese mints are

refused.

You may ask why do Goverments take such trouble over

their currency. The answer is, in the first place, in order

to protect their own people and to insure that there is a supply

of good sound money in the country for their use; and in the

second, to safeguard their own erodit for on the credit of a

country depends its prosperity and strength.

So you see what the Tramway Company is doing is

according to law and in accordance with the practice of the

Government itself and in accordance with the usage in other

countries.

You may ask why has the Company made this new regulation. The reason is simple. Wongkong subsidiary coins are