G.F. 323
CONFIDENTIAL #
• 29
Compensation
74.
It has been put to us that the Government should exceptionally give sympathetic consideration to bearing the additional costs that may
be incurred by organisations as a result of any changes in our coinage.
As this issue was not included in our terms of reference, we have made no
But it is our view that the community at large will
recommendations.
benefit from our recommendations, and that organisations which may incur
additional costs initially will also benefit from the changes to an extent
which in the long term will outweigh any additional costs which may stem
from ur proposals.
Legislation
75.
The following approvals will have to be obtained in accordance with the relevant Articles of the Hong Kong (Coinage) Order, 1936.
Approval
Approval to coin new denominations
Article
3(1)
1.
2. Approval of specifications of new coins
3(2)
3. Approval to issue a Proclamation fixing
dates new coins shall be legal tender
4(1)
Article 4(1) of the 1936 Order reads as follows:
"If any new coins are coined they shall, from a date
fixed by the Governor in a Proclamation made with the
approval of the Commissioners of Our Treasury and a
Secretary of State setting forth in a Schedule particulars of the metal, standard weight, remedy allowance and, in
the case of silver coins, fineness, and provided that they
have not been dealt with in any manner prohibited by law,
be legal tender in the case of coins of denominations of
not less than one dollar for the payment of an amount
not exceeding one hundred dollars, and in the case of
coins of other denominations for the payment of an
amount not exceeding two dollars.
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CONFIDENTIAL
/Accordingly...
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