Sessional_Paper_1884 — Page 548

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There seems to be a consensus of opinions that a larger issue of Dollar Notes is urgently required. There can be no doubt that an increased issue of these notes by the Hongkong Bank will not be perinitted by the Secretary of State, and the remedy appears to be for Government to issue a sufficient number of these notes, and to call upon the Hongkong and Shanghai Bank to withdraw from circulation those which have been issued by it. I am of opinion that this course may be recom- mended for the approval of the Secretary of State.

26th October, 1883.

W. H. MARSH.

Enclosure 5.

SIR,

HONGKONG GENERAL CHAMBER OF COMMERCE, HONGKONG, 10th October, 1883.

I have the honour to acknowledge the receipt of your letter No. 1402, dated the 4th September, forwarding, for the consideration of this Chamber, copy of a letter from the Secretary of the Hongkong and Whampoa Dock Company and others, asking for an increase of the circulation of One Dollar Notes and Subsidiary Coins, viz.: 20 cents, 10 cents, and 5 cents.

The Committee desire me to inform you, for the information of His Excellency the Governor, that the inconvenience complained of is by no means overestimated, and they are pleased to find that a supply of subsidiary coinage is already on the way to this Colony.

The want of a sufficient supply of One Dollar Notes is severely felt by all the employers of labour in the Colony, and also by the Naval, Military, and Police Paymasters. The Chinese money changers and shopkeepers always exact a squeeze on Silver Dollars, under pretence that they are short in weight, or deficient in touch, and, unfortunately, they are strong enough to have their way in the

matter.

The remedy for this very great grievance, which affects a large number of employés as well as soldiers and sailors in this Colony, would be to allow the Hongkong and Shanghai Banking Corporation to issue to the extent of five hundred thousand One Dollar Notes, instead of limiting their issue to two hundred and twenty-six thousand dollars as at present.

The Committee most strongly recommend the adoption of the above course.

I have the honour to be, Sir,

Your obedient Servant,

The Honourable the Colonial Secretary.

P. RYRIE,

Vice-Chairman,