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Tuesday, January 15, 1974
HONG KONG COINS TO BE REVIEWED
A special committee has been set up to determine present and
future requirements for coinage in Hong Kong and to relate these requirements
to coins currently in circulation.
The Coinage Review Committee is headed by the Aceountant General,
Mr. Douglas Blye, and will report its findings to the Financial Secretary,
Announcing the formation of the committee, a government spokesman
said the decision to undertake the review was taken in the light of the
increasing costs of maintaining an adequate supply of coins and because it
was considered in some quarters that the range of coins did not meet present
day noods.
It was also felt, he added, that the introduction of a 20-oent or
25-cent coin and perhaps $2 and $5 coins would be a convenience for the public.
"The cost of minting and of the metals used in the manufacture of
Hong Kong's coin has increased considerably in recent years and storage costs
have followed a similar pattern," the spokesman explained.
"Furthermore, in Hong Kong there are still comparatively few types of
machines or neters which take coins but, judging from what has happened in
other parts of the world, vending machines may soon become part of our way of
life," he said citing the Mass Transit Railway as one potential user,
"Before this happens it is clearly desirable that the range of coins
in circulation is as closely geared to present and future needs as possible."
The spokesman
No comments yet.
Private notes are available after approval.