CO129-399 - Governor Sir May - 1913 [1-2] — Page 71

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Enclosure

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7082

Sir,

St. George's Building,

Hongkong, 8th. January, 1913.

I have to acknowledge receipt of your letter No. 6640/10

of 27th. December, 1912, dealing with the subject of subsidiary coinage which was considered this afternoon by the British Members of the Committee, and I am now instructed to reply as follows: -

The Members of the Committee are unanimously of the opinion that the time has now arrived when the use of subsidiary coin other than that of this Colony should be prohibited in Hongkong. The exact date at which the prohioition should take effect is a matter which might perhaps be best discussed later, but the Committee think the very earliest date at which the proposal should take effect should be 1st. January, 1914. The longest possible notice of tuis intention of the Government to be given to the public.

(1).

The Committee are of opinion that this prohioition would result in the Hongkong coin gradually reverting to its par value, or

nearly so. It is probable that the improvement would come very slowly,

at any rate in the early stages, and the Committee does not anticipate

that the prohibition of Canton subsidiary coinage would result in a

redundance of the Hongkong subsidiary coin being sent back to the

Colony too rapidly to permit of absorption by the Goverment, as they understand that in certain parts of Southern Chine the Natives prefer the Hongkong coin to their own and will thus only part with it gradual- -ly. In fact, it is quite possidle that the Hongkong subsidiary coins will continue to circulate in certain districts in Southern China for

many years to come.

(2).

The vie s expressed in your letter under reply in tais paragraph are endorsed by the Committee.

(3).

The Committee concur in the view that the present boy- -cott of the Tramway Company is very closely allied to the subsidiary coinage question, an any steps therefore taken by the Government to ensure the stability of the coinage of this Colony must be for the

good.

S OJ Blasil nisu nol. bite doelei

*N JAU 500 zil

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