CO129-431 - Governor Sir May - 1916 [1-2] — Page 359

!

1916

HONG KONG

6160

REC

C. O.

€160

REGY 16

Tal Busies Carriage

Feb

previous Paper.

356

Hong K`& Thanghai Banking

15 forfor holds

Go0000 dollars, onbide 949 To circulation less than 100,000 dollars.

Subsidiary Coin no Mi Ristey

Reminded 12 June 17 Cass Conf. 9 Aug. 26170-

Connal

bsequent Paper.

Sir G. Fiddes

oopy corresp. to Treas. and say that with their concurrence S. of S. proposes to approve

ses to

-

of change proposed, provided that sufficiently long notice say 6 months is given, so that the chopped coins may leave the Colony without too great a disturbance of monetary conditions. As to the manner of effecting the ohange, say that under section 4(1) of the 0. in O. of 1895 legal

·

tender is made conditional on coins not having been dealt with in any manner prohibited by law and that under Ord. 7 of 1895 the shopping of British dollars was prohibited. At that time however there were no

Br. dollars in circulation, whereas now it is a

question of demonetizing a large amount of dol-

lars which are at present legal tender under the 0.

in C. The Gov. speaks of demonetizing by Ord.

notwithstanding anything contained in the O. in C.

.

Treas

329/3

WI. 83800—6. 45,000 12/15. B M & J.