Sessional_Paper_1887-1888 — Page 124

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No. 19.

SIR,

TREASURY,

HONGKONG, 8th May, 1883.

I have the honour to suggest that the Crown Agents be instructed to send out to this Colony $50,000 worth of subsidiary silver coinage every half-year, without special instructions for each shipment. The proportion of 20, 10, and 5-cent pieces should be the same as in recent shipments, and no copper should be sent on any account. This plan of a half-yearly supply is the same as that adopted with regard to Postage Stamps, and if vigilance be used against over-stocking it works well.

But there is not the slightest risk of any over-stock of these silver coins, even if we got double the amount suggested. They disappear into the interior of China, and I am informed that they may be seen in the most remote parts of the Kwang- tung province, converted into buttons and all kinds of similar small articles. If this coinage were a source of loss to the Government, it would become a very serious question how the absolutely indispensable supply could be kept up, but as we make it at least five per cent. on it we can afford its steady absorption into China. Still, in view of the possibility that this correspondence may be submitted to the Imperial Treasury, I should like to say plainly that these coins are not asked for because, incidentally, they yield a profit. We desire to keep the Public Offices reasonably supplied with change, which is still difficult, and to have suffi- cient small coin left for the wants of the Public, the Army, and the Navy. I pledge myself to stop the supply on the very first symptom of the coins falling to a discount, but there is not at present the least reason to anticipate anything of the kind.

I am happy to say that the good effects of stopping the supply of copper are already perceptible. Copper cents used to be at a discount of thirty per cent., the discount now is only ten per cent. Still we ought not to think of having any out till they are at a premium.

I have the honour to be,

Sir,

Your most obedient Servant,

· A. LISTER, Treasurer.

Governor's Order in reply to the above.

I doubt very much whether the Secretary of State would sanction a general instruction of this nature. The introduction into any Colony of large quantities of Tokens is looked on with suspicion. It is easy to make requisitions from time to time as these tokens are wanted. $50,000 worth were sent for quite recently.

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No. 27.

SIR,

TREASURY, HONGKONG, 2nd July, 1883.

I have the honour to request that the Crown Agents be directed to order and forward to this Colony as soon as possible $60,000 worth of Subsidiary Silver Coin.

My reason for making this requisition at this time is that unless it be forwarded at once the coins will not arrive before the Chinese New Year, at which time there is always a run upon them.

I would call your attention to the following facts with reference to the last shipment, which speak for themselves.

$50,000 worth of small coin was ready for issue at this Department on April 17th last. No notice was issued to the public.

The military and naval authorities at once requisitioned for $22,000.

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