CO129-410 - Governor Sir May - 1914 [3-5] — Page 273

Mr Robinson

Kin

Why is open cheeper in the N. to S. district of to N.I.?

Sr. 5. Bades.

Last

No≈ CONFIDENTIAL.

5.7.14

I'm afraid [cauiting the Cost

aptauntly plowed the mactice of the tumes. The reason may be that in the

mybe

Mother distret for ther

the people Janine

away

Som It King

earn less has less & pendon

a that it paid the frumer to hat them has it at a smaller face than

bect got for the Dong in the for them Dotnet

mer Kowloon.

? Perhaps we stack to toplam

18 5/57/14.

Ithink to : surely

it will

wie lat

pruslases wie becuade in ten path?

Pr.

6.5:14

arone e frikt

0315

Sir,

PEGL 30 APR 14

GOVERNMENT HOUSE.

HONGKONG. 7th. April, 1914.

266

I have the honour to transmit a copy of a schedule shewing the revised scale of the sale prices of Prepared Opium which the Opium Monopoly brought into force on the 23rd. March and for the purpose of comparison a further schedule showing the scale in force prior to that date.

2.

My object in causing the revision of the scale was twofold, to compensate for the loss to revenue due to purchases being made in Subsidiary Coinage on which the discount has, I regret to say, risan to 8 per centum, and furthermore to provide for the additional loss of sixteen or seventeen per centum, entail- -ed by the withdrawal and demonetization of the subsidiary coins thus received.

3.

As the receipts under the Opium Monopoly are almost wholly in depreciated silver currency and comprise the greater portion of the total receipts by Government of such sub- -sidiary coin, my action has an importent bearing on the larger question of the Colony's depreciated subsidiary currency and is an Gesential part of the general scheme for its rehabilitation.

1

10377

It is, as I explained in my Confidential Despatch of the 17th. March, the policy of the Government to reduce the excessive amount of subsidiary currency in circulation, and by bringing it into harmony with the requirements of the

Colony

HE RIGHT HORIOURABLE

LEWIS HARCOURT, M.P..

&0..

&c.,

&C...

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