CO129-399 - Governor Sir May - 1913 [1-2] — Page 70

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steps are taken to put it into operation.

(2).

There is no doubt that a large amount of distress

and trouble exists among the lower classes of the community on account of the various discounts on, and the fluctuations in the value of, the subsidiary coins at present in circulation.

(3).

The existence of a stable currency, circulating

alone in the Colony, would preclude in the future the possibility of political troubles such as the present boycott of the Tramay, and the prohibition of foreign coins would tend in the direction of putting a stop to that boycott in the event of its continuing for any length of

time.

(4). The present state of affairs in the matter of curren -cy must constitute a heavy tax on the community.

For instance there are now in existence no fewer

than 420 Money Changers' Shops whereas in 1905 when or before the fall

in the market value of the coins began there were only about 104 the

extra charge on the community for the support of these shops being

estimated at about $300,000 per annum; and, again, it is more or less

notorious that shroffs and other servants entrusted with the handling

of monies by the employers, whether public or private, have been en- -joying almost unlimited opportunity for illegitimate private profit

during the last six or seven years.

(5).

In conclusion it might we urged that it is the duty of a civilised Government to see that its currency is stable and worthy of the fullest confidence; the present condition being liable to be characterised as a disgrace to this comami ty.

I am etc.,

(Sd.) A. M. Thomson,

Colonial Secretary.

The Secretary,

Hongkong General Chamber of Commerce.