TNAG-0455-FCO40-520-Minting-of-new-coins-for-Hong-Kong-1974 — Page 48

CONFIDENTIAL #

CHAPTER I

INTRODUCTION

Appointment of the Committee

1.

On 6th November, 1973, the Financial Secretary appointed a small Committee to review Hong Kong's coinage, with the following terms of reference:

(i) to determine the present and future requirements (denominations, quantities, etc.) for coinage in Hong Kong and to relate these requirements to the coins currently in circulation;

(ii) with regard to (i) to make recommendations for the

denomination, design (including inscription), size, weight, metal content and shape of any new or replacement coins considered to be necessary, bearing in mind:

costs, ease of handling (including distinguishability to the eye and touch and to coin counting and sorting mechanisms), storage, price patterns, coin-receiving machines and meters, counterfeiting risks

and the future relationship between coins

and notes in circulation;

(iii)to estimate the probable amount and incidence of

the cost to the Colony of the recommendations made;

(iv) to report the committee's findings to the Financial

Secretary for subsequent submission to the Governor.

Membership

2.

Initial membership of the Committee comprised:

The Accountant General D.W.A. Blye, 0.B.E., J.P.

The Principal Assistant Economic Secretary A.D. Ockenden The Chief Accountant, The Hongkong and Shanghai Banking

Corporation D.F.L. Turner

The Assistant Director (Administration), Commerce and

Industry Department - M.D. Sargant, J.P.

G.F. 323

CONFIDENTIAL

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