Sessional_Paper_1903 — Page 526

HONGKONG.

CURRENCY IN HONGKONG,

(Correspondence respecting proposal for an enquiry.)

Laid before the Legislative Council by Command of His Excellency the Governor,

No. 37

HONGKONG GENERAL CHAMBER OF COMMERCE, HONGKONG, 28th February, 1903.

SIR, I am directed to inform you, for the information of His Excellency the Governor, that in November last the Singapore Chamber of Commerce addressed this Chamber, drawing attention to the steps taken by that Chamber with the object of investigating and considering the possibility of arriving at some method by which the fixing of Exchange between gold and silver in Singapore and the Straits Settlements might be solved, and asking for this Chamber's views as to the advisability of taking any action in the same direction with regard to the currency of Hongkong.

At a meeting of the Committee specially called to discuss this matter, held on the 23rd December last, it was decided to reply that, although they greatly appre ciated the friendly desire for joint action, the Committee regretted that, by reason of the very different position occupied by the two Colonies, they were unable to see their way, whilst China still retains a silver currency, to take any steps which might tend to lead the Government to adopt another Standard.

Since the expression of opinion by the Committee, a requisition from five members was received calling for a Special General Meeting of the Members of the Chamber, for the purpose of discussing the question of local currency, and this Meeting of Members was held on the 18th instant, when the following Resolution was carried by a majority.

"That in the opinion of this Meeting it is desirable the Straits Currency Commission should extend its enquiries to Hongkong with a view to ascertaining whether reform of the Colony's currency arrangements is advisable."

In this connection, I enclose copies of the following papers :--

1. Published minutes of Committee Meeting held 23rd December, 1902.*

2. Notice calling Special General Meeting of Members for 18th February,

1903.*

3. Published minutes of Special General Meeting.*

Hon. F. H. MAY, C.M.G.,

Colonial Secretary.

I have, &c.,

A. R. LOWE, Secretary.

* Not printed.

1903