CO129-423 - Governor Sir May - 1915 [7-8] — Page 27

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altogether if financial exigencies demanded

the retrenchment, but the Gov. will no doubt

be alive to this and we need hardly suggest

NR. CONFIDENTIAL.

it.

The pp. as to the depreciation of the dol-

lar, or more correotly the appreciation of

notes, are with me, if wanted.

İ

sir,

C .)

35772

Acc

24

REG 4 NG15

GOVERNMENT HOUSE,

HONGKONG, 2nd. July, 1915.

508

AVC

avona

سيمة الله

SH-

lag.n.15

Referring to correspondence ending with my Confidential Despatch of the 30th. October, 1914, I have the honour to report the existing position in the matter of the rehabilitation of the subsidiary coinage of the Colony.

2.

From a total circulation of subsidiary win of

the face value of $43,999,830, coins in the total sum of 815,207,459.04 have been shipped back to London up to date. These figures include ten cent pieces issued in the sum of $38,686,227 and withdrawn in the sum of $14,319,762.80. The balance of sub- -sidiary coin outstanding amounts accordingly to $28,792,371, though it is probable that a considerable part of this has dis- appeared from circulation.

3.

The total charges incurred during the first half of the current year in respect of the shipment and the melting down of subsidiary coin amount to $42,500. It is anticipated that these charges will amount to some $500,000 in respect of the remainder of the year. Ten cent pieces of the face value of $2,600,000 have been shipped to England during the period January

to June.

4.

With reference to the fourth paragraph of my above quoted Despatch, during 1914 ten cent pieces of the face value of £929,179.90 were purchased for the sum of $800,000 in bank notes,

and

THE RIGHT HONOURABLE

ANDRE BONAR LAW, M.P.,

&C.

&C..

&o...