CO129-399 - Governor Sir May - 1913 [1-2] — Page 69

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63

Colonial Secretary's Office, Hongkong, 27th. December, 1912.

With reference to previous correspondence on the sub- -ject of the subsidiary coinage, I am directed to state for the in- -formation of the British Members of your Chamber that the question of the prohibition of the circulation of foreign coinage as a necessary step towards the rehabilitation of that of the Colony is again engaging the attention of the Government Such rehabilitation is eminently desir-

-able if only for the reason that the annual loss incurred by Government

in receiving as reve me subsidiary coin which is at a heavy discount is very considerable.

His Excellency has been assured, from enquiry along

leading members of the com.unity, that prohibition is a step that

should be taken for various reasons (some of which are set forth below)

and I am to enquire whether the Britisn Members of your Chamber on con- -sideration see any objection to the Secretary of State being address- -ed with a view to obtaining power for the passing of the necessary

Ordinance.

follows:

The reasons for prohibition may be briefly stated as

f

(appropriation) of

(1). The natural economic result would be the Hongkong coin. It will probably be necessary to combine with prohibitior a concurrent scheme of redemption, but in the opinion of some, prohibit- -ion would in itself result in bringing the Hongkong subsidiary coin-

-age almost back to par.

There is at present under consideration such a scheme whereby the cost would be spread over a number of years instead of having to be Bonne at once or during a comparatively short period of time, and I should add in this connection that the estimates of the actual amount of coin in circulation, which have appeared from time to time, are now believed by Government to have been considerably exagger- -ated. This scheme is being forwarded to the Secretary of State and if it receives his approval it will be communicated to the Chamber before