TNAG-0455-FCO40-520-Minting-of-new-coins-for-Hong-Kong-1974 — Page 80

G.F. 323

CONFIDENTIAL

機密

- 33 -

Kong may be stimulated. We believe that it would be in Hong Kong's

interest to issue proof sets of our coins and understand that a proposal

to this end is now being considered by Government.

Cost of converting coin-operated machines

81.

In paragraph 45 we have made reference to the facts that there

are relatively few coin-operated machines in Hong Kong and that parking

meters are by far the most numerous. Other than for parking meters, of

which when we began our work there were approximately 9,000 in use or

in store and a further 4,000 on rder, we have made no attempt to determine

the numbers of other coin-operated machines in use. We believe the total

of these other machines is so small that conversion costs resulting from

our recommendations would be insignificant. Accordingly we have prepared

no estimate of the costs that may have to be borne by the private sector.

82.

The Principal Government Electrical and Mechanical Engineer

has not been advised of the specifications of the coins in the proposed

new range but considers, subject to acceptance of coins no larger than

the present $1 coin, that meter conversion, if required, could be carried

out at an estimated cest of between $30 $40 per meter. The maximum

expenditure that could arise is estimated at $520,000 (i.e. 13,000 meters at $40 per meter).

Coinage Costs

83.

It is difficult to estimate with accuracy the coinage costs

of the proposed new range as the acceptability of the new 20 cent and

$2 coins is an unknown factor. However, we believe that the range of coins we have recommended (paragraph 65) will result in significant

savings. This is perhaps best demonstrated by a comparison of present

day coinage costs relating to the actual and estimated circulation figures

for the existing and proposed ranges respectively, on the assumption that

the latter had already been introduced. The following points have been

taken into consideration in estimating the cost and circulation figures

of the proposed range:

(i) the recommended reduction in size and weight of the 50

cent and $1 coins (paragraphs 53 and 60);

(ii) the recommended initial ordering quantities for the new

20 cent and $2 coins (paragraph 77); and

CONFIDENTIAL

/(iii)

機密