THE HONGKONG TELEGRAPH FRIDAY JANUARY 24 1908.
HONGKONG'S SUBSIDIARY
CURRENCY.
RECOMMENDATIONS
BY COMMITTEE OF INQUIRY.
GREAT DIVERGENCE OF
OPINION.
MATTER TO BE DISCUSSED BY EXECUTIVE AND LEGISLATIVE COUNCILS.
(signatorisa to Resort I on the farmer --| kara) 19 ન
HOMSON,!
in
The Honourable prezi
The Colonial Secretary,
A
CAR
explanation
diteri
The standard is any country is and take them seriailm, and that the minority appears to require some further practically worth only its bullion value, The will record their via wao where they do not Persons (under section 6) more alloy therefore the lower the valas of the "gres with the majority
Legally Impor When: I have the specified
quantities of prohibited coint, and committee's reply to this memo, — which 1 presumably under
under the Licences referred to India at the rate of as to the huis pro think can be quickly answered will consider there when canilor Police fiel
15 6. prize question in Executive Corucil, Theme-
thorised. How in far above its ballion, value and it must the14 mo, should be printed and distributed, sa that midate between the coins circulated alter fore be in these circumstances:
each daber iday consider the points and import and those circulated after: illegal inte abbaidiary coin, or token,'
come to the meeting with bis views.clear on port Clearly the only resoures available to a each laque,
person who F. D
Raks legally importedly In gaantities less than scribed or under licence) to change i-at once for legal tender, the object being to create a large demand for legal tender and so to re- habilitate the hongkong
THE MAJORITY REFORT. We'the budersigned members of the comm mittée have the honour to report as follows
1. Subsidiary calmage is solely for the par pose of the internal retail trade and other small
within the Colony transactions
mpaignerbagai in past years the Hongkong tree that in pas subsidiary colos
( coinage played ́a' considérable' part; in the trade with Canton; but judging from thei; frouble that has kilsen in the last two years ili would appear to have been an economic mis
directed it from its true purpose. 3. Just what quantity may from time to time. be required is a matter of experience, but the chief lest is the value of the coin in the open! market.makeupl
30 have
#. It may however be taken that is per head is sufficient" in" a "community whose standard coin is St and where the is $2. 200
legal limit of tender: 5. Taking roughly the population of.. thai Colony al
1 th November, 1907.
Ré Enclosure 2. It is essential to cr to cur that the subsidiary coin cannot be of the standard coin otherwise is would cease to be
bellion value proportionately as the 'subsidiary coinage in the true sense plate The mema, referred to in the foregoing
value as the standard would email a large (vi.
· so-called- Bubsidiary coinage of the same minute is as follows
The papar submitted consist of recommend tisl expense with constant recurrence, dud isations by four members (which I will call the unaocasiaty if the present coinage is rehabili. majority report),
of a second set of I recommend. ations (the minority report) and'veparate notas: by two members (the Independents) will take the principal recommendations and en- deavour to shew where divergence or concessus of opinion was expressed, and in what particu» lars Governmeal would desire faller informa tlonjakke againg
It is perfectly certain that Chion would nevas listen to ike proposal.
AMT.
AJRA
W. A YUK
RIPORT BY MI, J, ARMSTRONG.':
|
be
this m
I maka a large proft to the clans? and (as above suggested) should not this be simulianoonely mit by a heavy (ax, on this class? Would, the committes agree that the probibition
bition of circulation, should be temporarily deferred in order to prevent (a) disincation of trade, (5) hardship to ignorant and poor sons and undus interference, with the Jadivi- dual, and (e) influx China which, avon
stances be
wonld in such
Oroposed with
– It is clear that such a Billas could only be introduced simultaneously
which regolations would indicais the extent to which the powers conferred by the Bills were
; report and minutes by the Governor wore in⋅ / far they can make their meetings open to the 400,000 it would, therefore, appearation of Chinesa' eubsidiary 'coln" without thicks Nk would be effective? Both; in. to be exercised. It is therefore necessary · In
At the meeting of the Legislative Council lestations should obviously be 'cosfidential until Thursday afternoon the report of the Bubsidiary Government has decided upon the courie of: Cola Committee was laid on the table as action is proposes to adopt. ssssional” paper No. of The minority
1908.
will be for the committee to decide how corporated in the same paper. As this vexed public without endangering free discussion of the subsidiary coinage of the and interchange of opinion. The object may Colony ls of general interest we reproduce in perhaps be attained by a précis of the dis- "the present issue as much of the paper as will cussion of each day being communicated to
rounding any scheme for the reform of the contingent expenses (reporting, typewriting, local subsidiary currency. The draft Bill etc.) to the lowent practicable limit. referred to in the majority report (A) for want
F. D. LUGARD. · of space and time, has been omitted i
that a total of $2,000,000 at any one time is sufficient and assuming that the life of a coin is 20 years (which owing to past circostances cannot yet be verified) a supply of $103,000
1-ACTION AS REGARDS CHINA RA The majority report oppose any matormenta with Pek og of Canton (para. 18) while the I think it is desirable to probibit the important in Tour of negotiation and
is strongly favour permit from the Government gen
Subsidiary cola e used principally for independents are in favour of negotiation, Mr. Com mature of the regulations which
considering (ibe. proposals, to
to consider at the Amstrong qualifying this by urging that action" termal circulation: it is only the medium of ex- should not be delayed pending the result of would give practical effect to it, and it is st change for goods to a small extant: sellers of such efforts, and Mr. Osboms desiring a time this object that I have indicated what further in Hongkong.currency: sellers of sugar 6. The issue outstanding during the last 40 etc, here are willing to accept Chinase sub report is opposed to negotiation para. 13 of the this head,
-III,÷WITHDRAWAL OF HONGKONG COINB)), years is $30,000,000 of which about $30,000,000 sidiary coin in payment, that is their affair, and chairman's forms on which the report is based were issued in the ten years prior to 100 and their refusal to do so world in eb WEY PIT... that Government' should take whatever' FROM: CIRCULATION BY GOVERNMENT. the coinage has been during the past two years judice our
our.. ganeral-bas
business-relations with steps are possible to unge China to reform berit was stated by the chairman that 1 had
• ■f'a discount
Corrency. There is in any case a mejonte urged this course, but reference, to my name. It is proved without doubt that the bulk of of the minority report? The latter with Mr. subject. It was on the other hand the accepted favour of negotiation, on the lines i presume will show that I expressed no view on the the Chinese subsidiary coin now circulating in Osborne desire to defer any action for six the Colony has not been brought hern for the months till the result is known. The majority i Policy of the Govammant before my aniver And it received the approval: of the Secretary
afford a clear conception of the difficulties sur- the Press. Cara will be taken to keep down.uld be ampla ander present Circula: silk in Carton insist on payment being made: un of six months. Although the majorite and more preciso information is inquired (an
THE GOVERNOR'S MINUTE.
OBJECT OF COMMITTEE. The object of appointing a Committee is goi only to advise Government on the steps to be taken, but also to dispose of impracticable pro- posals by pointing out why they are impractic able, and so, to put an end to controversy by the waight, altaching to the opinion of so re- presentative body of public and expert epiolan
PRESENT PROPOSALS,
2. Some of the courses suggested, with the arguments advanced against them, are very briefly as follows:-
20th August, 1907.
· [Enclosure ¿]
MR. MANSFIELD'S SUGGESTIONS. 1. That either the Government or the Banka
issue fractional notes of different sizes for 50, 25, 10, and 5 cents ip sufficient quantity for the requirements of the Colony. Such notes to be legal tender for any amount.
3
cent., 20ing from.9 par ceat to 4 per Canton,
7. From these facts-it may be justly inferred' that there is in existence under present circum- sidiary coinage. stances a large over-issue of Hongkong sub-
1
saya.
and their coinage uniform In
A
purpose of buying goods, but by speculators 8. Forttasona unnecessary to state la datacs / who buy the coin in Canion at a discount with with MD Armstrong would desire to take ac of State ft lavofres of conso an annual
money they rem
e negotiations. There lay of revenue. The majority report approves remit from here which they attain independently of the it is obvi un that it is desirable to rebabilitate
get
is thus a majority of one for the latter couro, a dis
discount and are able to circulate the
this course, with however the very important 3. That a proclamation be made that from the currency of the Colony and it only remains
cola here at a profit.
Note Are the negotiations with Peking to consider the best practica le means for this While I agree to the proposal to approach undertaking contained in Att. If of the Mackay here connote does it mean prohibition of certain fixed date no subsidiary coins of any
proviso that to urge the fulfilment
of the vague bition is enforced. What does "prohibition
Wit will be a failure unless probi- merely lo kind can be accepted in the Government purpose.
the Chinese Government either direct or Treaty ? or does the committee suggest that we offices, ali foreign enterprises isau ng similar existing currency as any scheme for, the subs-through our Minister in Feking, I think it now should urge that all. Provincial Miate should import only and of both Chinese and Hong
9. There in Do
on necessity to demonetise the notices.
desirable that the Government should act in- That the Government when that date titution of a dew coinaga must necessarily prova | dependently and at past, as bodoubtedly timed be under central control, their outpat limited. | kong colas, or the former only? In so important
more expensive than the rebabilitation of the will be lost in approaching the officials in and face value. Or that a gold standard should
in essential The proviso absolute clearness weight, fineness,
mlaority
consider withdrawal by prescot coinage unless, indeed, it
apparently is proposed Peklog.
Government annecessary?
ty? and consider that it be urged, or any other proposals? I do not would simply cause Hongkong colo to he re I therefore recommend that the Government think that at this stage it prohibit the importation of all coins not being possible to second an officer to go to
would be useful or
placed by Chiness; in which view 1 under- legal tender in this Colony, except with garde Caning the proposals of Peking, stand the majority to concar in law of the
referred to, In the provisa the
·la' report are clear
committee. then minutes other points were raised. Is it suggested that the Viceroy should-be asked to withdraw any. of the colpa now in circulation? I assume act.
dollars?
expires undertake to repurchase for melting (4.) That Hongkong subsidiary coinage be- Hongkong subsidiary coinage at such premium „, ing. in excess of currency demands should be over its intrinsic value as the Colony estimates withdrawni (4) By exporting all resit can afford. It is believed that this will have gradually ceived by Government as revenue within the the effect of firaits, of legal tender; (8) By purchasing and Colony much of the Colonial cold on the fect of gradually drawing back to the Additional cous as revenue permits. nearer mainland and will have a tendency to Argumentai-Assuming that Hongkongcoins further depreciate the Canton coleswhich, are thus rebabilitated will this benefit trade suffering under so many disabilities, will be even though benefits raves
ravente (by decreasing likely to leave the Colony. Once the trams,
the discount oa
baidiary COLOR
酒
to repudiata a proportion of the latter, counse most objectionable attending to which is lower the credit and honour of the depressed condition of the subsidiary cola is 10. One of the circumstances of the present notoriously the excessive circulation in the Colony of small-coins struck at the Canton
MioL
permit.
30th October, 1907,
J. A.
'As
of meetingsposed to the present policy of
unless prohibition is enforced) It most Important for the Government, to be
it, Thèse do not really constitata a sub- Osborne who had left the Colony before the Should bea (as suggested) be asked to coin and quite clay on this point iso in the case of
revenue) sinca sobnidiary Chinese ceios ampans,"chairs, rickshas and the`large shops | sidiary coinage as there is no legal standard in
existance to which they are subsidiary, but are
fato' the Colony and-form render? Some once relegated to the small Chinose shops and simply no Imitation of the currency of the
should
Coleny manufactured by a local Government sitterly ignorant of the first principles of one wafte of these cofus is therefore simply
value
be
money,
15.
The following Nota is by the Hon. Mr. E
third meeting -
to exist in
EDWARD OSBORNE..
sae
II.—PROHIBITION-IMPORT, EXPORT, AND
CIRCULATION.
of
my
formabl
memo., as
momo,, i bare carefully avoided the. expression of my private viawi. My object in the former mimo. was to my before the com theories advanced, in order that they might mittas, as concisely as possible, few of the record their view on each: My oblatz fo The present memd. is to make it quite clear what the recommendations of the committes where th and to ask for a fuller expression of their views cision. I desire therefore that the committee
require
ire amplificallos
comm should meet once again and formulate replies
hop
that to the questions I have asked and 1 those who dissent from the majority report will nevertheless be so good as to give their views on the points raised. Later when the matter is discussed in Executive and debuted in Legis. intive Council it will be fime enough for me to express my personal
Tad ke 4. P. LUGARD,
th November, 1907,
THE REPLY.
His Excellency's memo, of the 16th November, 1907, reads
The reply of majority report signatorias' to
IL-PROHIBITION.-IMPORT, EXPORT AND
CIRCULATION, ARLES (a.); Import: of: Chinese subsidiary colók.
quarter of the amounts Indebted for, 80. that the Secretary of State has been recommend the renalakong, is probably SAUNARI for. i would suflet, and that Hongkong is 100 in- | ingen legitimate, exchange business in the
that
it
Colony; that there should be no licence fee:
and that so such fee would be justifiable in nice as it would be a tez on legitimate business, which would fis
Lederspred unduly thereby.
coins flow generally insist on all payments being la a medium of ex* notes, t
the debased Caston currency will be.
1 egros entirely with the Chairman's Memo change, even though not legal
randum, at being the only practical solution of maintain that withdrawal would stimulate the even from them would probably in time dis-
the difficulty, and consider that the Colony infida of Chinnie colas and if these are debas- appear.
should either protect its currency or else ru and I assume from para 14 that the draft Bill The majority report recommends prohibition, ad others hold that they would oust tau better】 The inconvenience of the very small notes is
linquish it altogether, and do what Shanghai, submitted (which i have, not seen before) is coinage. Others again think that as Hong. acknowledged, but Japan has or bad them to
Hankow and other commercial centres do the approximate form which they desire that kong color would be worth more bere than in as low a value as to sen.. To obviate this in
and solely their value as bullion.
“At the sama *time, I recognise that if the the Legislators should take. Mr. Osborns they would be attracted here. If some degree the 5 cent noies might be
12. From a political point of view it would Chinese Government will withdraw from cir desirable to exculde this alian coinage which culation some of the coins already in existence air months. Mr. Armstrong agrees to prohible agrees with them, but would delet action for Coins were rababilitated the econo-made very this, and be bound is title books
is to a certain extent responsible for the de- and promise to regulate its fatare issues so an import (but says nothing about export or position of Hongkong wired-vis Carloz of zo like the ricksha tickets in Shanghai, would be improved, and debased coin might After being torn out, however, the loose ones
pression in the market value of the Colony's to maintain the value of its small coin, the circulation does be agres regarding these?) cease to be accepted?-or be heavily dis should be redeemable at
once
at some special 13. Also, from the retail point of view at all difficulty solves itself without any action on our except under permit which is provided in, sec. counted.
office. Arrangement should also be made that
und for that reason I would support Mr. | 6 (3) of the draft Dill all di (8.)
there can be an objection to its ex- Law resolutions provided & time limit (say 6 Hongkong subsidiary That
dirty coine
Bod
events, ragged fractional cotes passing
CODIG, Hir clusion
He angreplication
to be licences be made up limited legal tender and Govern thmagh the Government offres and Banks
on commercial grounds provided that meaths) be added, at the sxpinion of which, if granted on application without restriction with mant should redeem at par.
a supply of Hongkong coinage is maintained, the Chinese have accomplished nething, it be destroyed and now ones issued in Arguments:—A Government pledge would their stead.
a view to proving that the import is not solely and there is no evidence to show that any loss agreed that the Chairman's recommendations or chiefly from Canton, and shat it is done by be necessary or the currency would fall to the
or damage would occur to International trade be adopted. The argument that the Government into intrinsic valus, of the subsidiary coins? Result blame for the excessive issue of subsidiary
on account of such exclusion.
money changers and money lenders who do not would be that the dollar would be finally oust coinage and cannot therefore in jaktice demo-
affect trade.. In the Jatter view Mr. Osborne $4,"Taking this last saini dim. 1918, gelulozit juruang
14th October; 1907-*** the must be put into force giving the
„Mr.Armatrona's romady apparently od and upheldiary.caina,would be rule, che i volivat hbia water."It implies that the
ibe Governor-is-Council the powers already con
is that: Government should fix. "TAID, Of..SR- THE MINORITY REPORT. Inure are insufficient dollars to redeest with. ernment knowingly and for the sake of profit ferred on the Governor-in-Council of the Straits
change and establish a Bureau. This in effect The Government liability would be acknown flooded Hongkong and the mainland with aub the impers and circulation of alt alien submitee appointed by His Excellancy, the. Gor with the minority, which appear fear in
Settlements, with a view to the
We the undersigned members of the com- is that be is opposed to probibliion, and sides prohibition of and enormous, as all Hongkong colus in Can-sidiary coinage, but this was not the case. To
from too would be collected and sent here? There is the writer's own knowledge, and the fact will idiary coinage whatever (imitation or other), depreciation of the subsidiary coinage of the licence system really amounts only to registra.
ereor to inquire into the causes of the his remaris. on page 9 of
37 no obligation on Government to take so drastic be borne out by the Treasury, archives, before with the exception of the Chinese Cash, (which, Colony and to advise as to what means can be tion of imports as in cplum; &c. The votes on 1 step is it only imported coins in accordance the opening of the Chinese minis it was found standard, and not a subsidiary coln), dere taken, with due regard to the interests of trade, this subject are therefore 5 for and 4 galost. zwith the demand at the time.
That paper money should be issued insidiary coinage for local use, and the Home
Impossible to keep in Hongkong sufficient substandard
while admitting
ting There, is therefore a majority in It le understood that at present Govern. 10 rehabilitate such coinage, accordance Mt. Mansfield's proposals. En Government grudgingly supplied perhaps. subsidiary coin received as revenge and that estimated by the chairman of the commites in the minority report on the grounds are issued only to the extent necessary for carry mant is now, withdrawing from circulation all that the amount of British subsidiary coin, prohibition. (This was opposed emphatically The majority consider that permits should be closure, 1.
Arguments:--That such a proposal could the Colony was always on short commons, not be adopted until all Hongkong coins bad which t
to permit the redemption at market value of a
requirements of the Colony caupot the public greatly resented. The ports
pot admit timately associated with South China to render it is desirable, in the first instance, to uke been redeemed?
sum not to exceed $1,000,000 yearly,
possible for us to exclude Chinese colo, fd That importation and circulation of Chi-mother, Foochow Amoy, Beatow and
Any action that might result in the further which would depreciats Chinese coins.) have taken enormous many other
16.We approve of this course, (which, how-
ADY ness. coins should be made illegal-ride Straits quantities of the coinage if the Banks
ever, will be a failure unless prohibition is depreciation of coin casal (hese coins for the such legislation were bardly sufficiently debat coinage of the Note The practical dificulties in enforcing Ordinance.
Two Kwang provinces së have obtained them from the
anforced), provided that, when the coinage Treasury. Argumenta:-That this would dislocate trade,
chief, if pet the only, medium of payment by should be
be divided into 4, stop.
The proposal may the consumers of goods bought ped and a reserve of coin be
And
· be kept
exported
(b). Import of colus which are legal tender. have been supplied long ago by that country.
heads are all
and equally practicable equally That the Chizess might retaliate; that it would t is estimated that some 43 million dollars
so as to prevent a shortage in the supply and The trade of Hongkong
useful? 11 which should be tried first,
andepudiation of our coltage can be enter cause great discontent among the Chinese worth of coins ware issued, but it must be re-
avold the possibility of the coinage being at
closely con-
with what inital modifications?
Anything in the draft Bill inconsistent with here; would lead to an excessive number of membered that those are scattered over many
(a) Import of Chinese subsidiary coins-In the report should be modified, but the Bill only premium. As an additional precaution the pected with that of the Two Kwang provinces prosecutions; that it would "constitute.am arbl.
export of floogkong com might be prohibited. that any attempt to rehabilitate: the Colony's what way do those member who described the trary interference with the rights of the Inditionsands of square miles, and the writer does
not believe that one-tenth of that Amount will Application for coin from such reserva should subsidiary coinags by restricting or probibiting provisions of sec. 6 as too drastic suggest that gives powers which may or may not be exer dual to part with his
be strictly kept down to a maximum for each under penalties the use of. Canton coins in the restriction should bear lean hardly, pther. The report does not advies that probiblion "sideration
he likes; for whatever
though 'importation ever return to Hongkong even though a good
premium were offered for them,
application.
wise than by reduction of penalties? Since the Hongkong, as provided for in the proposed prohiblled possession or
Circulation
17. 11 is
Ordinance submitted by the chairman, would majority recommend this course what modifics-import of our own coin 'should be imposed at all events in the present circumstances of cannot be unless it is fraudulently tendered
[Enclosure..]
in the opinion of the undersigned, bring about tons or tentative measures would the sign the case, but if the words in the Bill are debased or spurious colos) and that it EXTRACT FROM MENO, BY SIR F. LUGARD.
of retaliation by the Canton authorities, ad- notice be given to all parties concerand exceps lead to financial disabilities, if sol to measures | exicut at first be issued? Should there be a part of coins which are legal tender.—-
further depreciation of these coins and might tories of the minority report suggest? To what thought objectionable they can be deleted would amount to confiscation of private pro-
do the majority consider that permits which is admissible only if the article is,
(JUNE, 1977.)
If any
ad- should at
i is a mattor similar to the deleterious to morals or dangerous (eg, l'quor,
it is clearly of importance as regards the
licence fee? If it is true that Chinesa subsidi commendation is made in the repert
above. No re versely affecting the trade of the Colony, arms, opium, &c.). Prohibition of importation future, that continual efforts should be made
to" pro 18. It does not appear that there would be. It is, therefore, advised by the undersigned colas are largely imported by leaders or bibit export in present circumstances it was is Impracticable Tina a free port and without by H.M.B.'s Minister at Peking to urge the any advantage to the Colony to attempt to
that the Government al. Hongkong should special and costly preventive services?
do Chinese Government to give effect to Article come to agreements on this question with the
licence fee for impost in bulk be justified such in case it (4.) That the remedy lies in bands of indivi. 11 of the Mackay Convention. In this con- authorities either at Canton of Peking
ment through the moni official channels_the and duals, who should refuse Chinese coins or ac-naction it seems to me that a anggestion might
urgent necessity of China reforming her Currself to check over-large imports without re- discount.
The majority de at
of be made that when reforming the currency
f the Mackay Trea3Y, in accordance with economic principles, reucy in terms
o not advise any agreem sorting to prohibition at first? high fifth with the Government of the Two Kwang in the game That a complete boycott is not Chink should undertake to make all subsidy
3. Enter into Degotiation with the Imperial
(Import of coins which are linna anomer as they consider the question one for feasible, and if partial the firm refating drives coinsge minted of the same millesimal fineness
Chinese Government:
ong Government alone positioned a to the Hongkong custom
arriving at an amonat to repudiation, against which the Com.There is not the slightest fear of any gras -a..view:.to 6.g., 10 ten-cent pieces must equal one dollar
the Chinese Imperial millen is unanimous (see note of minority on That nothing should be done, and that to weight, in order to abolish the disparity in in
para 9 of majority report). Some members export business so long as the colonge is at 5X
ers discount, and subsidiary coins will then depreciate to the builion or intrinsic valus between the two,
coin from the Canton Mint antar wek mensabili Feara. period :of.grace after not arise till it is at pary or at premfúnis VER
the output of subsidiary suggesteden fra extent of their difference in bullion value from This would do away with the exining discount, the dollar and remain stationary? it will then which paturally tends to approximate to the
repudiations I proposal was abandoned by all it Government has a large coantity of coins "no longer pay the Cantop, mint to coin them. difference between the intrinsic and the face
Aubsidiary coins reach par vaine, must be remembered that we have made locked up whereas it might be reduced: 10 Argumen! **That depreciation is largely due value. In order to encourage the Chinese Go- to temporary causes which will, tight them- verament to do this it might be worth while to give an undertaking that 14 and when China or CRIFA.
this proposal, any subsidiary
with Chian which is essential to Hongkong very abvious want in Chipa, which should reaches par value, redemption the Colony from Hongkong for use in these provincës. “
MAY
110
111
It is recommended that, whatever course of action be adopted by: Government, das perhaps in the case of the import of alien coins "arose in particular instances due consideration would be given so such.
1
19. Until Chips has properly initiated a cur
.cised..
بار
Impress on the Imperial Chinese Governors, for discount proft would not a very | only advised that power might be taken to i
usefull Would anch a fee be suscient in in the falam i might be considered necesIES.
resci no proper agreement is evan possible and it is always probable that if one ware entered into profit therefrom might accrue to the a authorities agreement concerned.
Tivals. 15, Roy Caso custom je as the dollar and of equal proportional weight. - it would be evaded or abrogated according as 'ter at: Paking through ♬. B/M.%.Minis Rafusal to admit our own coins would seem to.
British
As the action of China is the originstadog future should also be of the
and
cause of this difficulty, it would be well for the sams Committee to record their view as to what dollar. If China
in
10. The regulation of its subsidiary coinago * purely an internal affair of the Colony and it would appear to be, at least, undignified for this Government to rely on assistance from Foreign Power to ensure its rehabilitation avan if such assistance were practicable and fork- coming.
21. Whatever the Government can do, how- Lever, to urge the inception of a
proper currency
vo further, and agree
coinage already cir to urge on Paklog,
the culated by hex mints, might to interests of that covalement ofde Minute at the same. The advantage has made would be
course of action it is desirable and practicable to ra-misz-tbonate
weight as the Fin China should be dopo...
to
great, and assuming that not more than 20.
A. M. THOMSON, Chairman; ROOT. SHEWAN, A. J. RAYMOND,
·WEI A YOK,
26th October, 1907:
The argument, there set out is 1 billon dollars worth of Hongkong subsidiary fro endorsed by:sir T. tackson. coinage. It issued #
pass value' than has be of incoinage, is still in circulation,,' the cost of REPLY OF THE 4 MEMBERS WHO BIGNED.",
101
If a new bar silver to avoid redeaming, and replacing it would not be an and subsidiary, coins should not be excessive price to pay for the benefit.
[Notes on Governor's Minute of 20th Acgost, 1907.)
·
Pars: 1. (a). Sus Report A
Government
bo
(which in open under these into circulation, tricate B-portting thesa calas' how
of the andersigned profit of two millions on putting these c Bid | Bare-a
they will do
"and mstaanders); BOOB THE CHA view of these remarks are
she committne. prepared to withdraw these
the
agreemant
fithe) questions would therefore
business of the Colony,
of the probiblison would
of prohibited coins-No.
ab tau Acoing suficient la moat the ousted from circiliation: As Messrs. Showen | difficulty arises as circulation is to be probibit. :
10
Exchange purpotere
any more
In consideration of the Hongkong words from the draft Bill? Of course, restric-be largely a matter of experience, but the Government agreeing not to issue tions on import of Hongkong colos could be giving of rewardus to informers as contous more subsidiary coin except for the temporarily withdrawn if more such coins were
own use; to only mint new required in order to replace the Chinese cejas plated is very effective mearored vasthou
(d): Circulation: public: delcand
to maintain the and Armstrong point, out, It in the principled in foto of coins at
costained in the words which give tower to Coins imported ender licence are only to be Theenden igstd feather desire to recommend prohibit import of legal tender to which I refer us to the Government that the second proposal Sisco
Since It
spports to be at
be at variance with the The money changers should be taken in hand srst, and they respect. unanimous view regarding repudiation record business perhaps than they have been doing
ed by the committee.m Colony be seconded wilkout, delay to proceeds) Export of legal Lander Coins Are the recoily, but, in any case it would any from to Peking to
to farish H.B.M,'s Minister with majority onnimous in thinking prohibition of other legitimate business in the Colony by put e for Government to discriminates them “ from detailed dinformation during the negotiations,
uch cotal to: Da expedient or necessary? "ox to hele report of the majority is; modified In the event of the negotiations being with. cept as a misasure of reciprocity in case the **** dollar and the acceptance of the debased coin Commolites be called togeiber spala six months export of their coinage which would be im of circulation to be deferred for such time as This would result in the exclusion of the out resalt the undersigned recommend that the Two Kwang provinces undertook to prohibit by (paragraph:17. which would allow prébibiden only a of the subsidiary coinage of the Colony 1 have value say 11 per cent, discount. and if made of the same, proportionate the bonour to transmit for consideration of the
A copy of the chairman possible and chimerical? - The object being to Goverment considered.expedient@yZATE igs and finasuis, as the mandard it might overnment the following documents, viz
(6) MR Mansfelda: proposals 'involves rabeen supplied to us, is, altarbed; bearing our Etios wou that export to may jarge, extent of Hongkong.coin is say caso) —
be advantageous, and” it. A-Report of four members, and
pudiation which cannot be recommended.
improbable The note issue wonid" B-Draft
would take place, as in former years, Bill suggested in paragraph: 14and expense.
would become the standard of the
Bes Report A
VICTO
is expected shortly it is advisable that
this Government should decide exactly wint
It considers that it is practicable to orge,
Enclosure 2.
Treasury, Hongkong, 6th November, 1997. Sir-As chairman of the commitine appoint
My ?—That subsidiary coin imed to‘inquire into the, múlier of the condition' }ago as the standard of the Colony at its tris.hesca to further deliberang
drs, be mi rad down at any time according as value
of ballion factuated and thus involve great
trouble
vvvlosa, to GaraiomantizPo centra. It is urged ** wth fiction the Governor's minuts of the coinaga.MARTS, SP Jogal tender the summat
that both the windard and subsidiary silver coln should have, suficient alloy, to prevent 20th August, 19297400etang
Bbova bullion value...
D-Report by Mr_JFZ
Armstrong waight and freness in E-Note by the Hos, Mr. E. Osborne who Jess In vaine than the had left the Colony before the third meeting.! the impao, but on the F-Repon by throw members of the come
that the rupea itself is mittes.or
and is now itself a ly ferReporterly notes of proceedings
thres meetings held... [Not printed)
WRASER ELEy add that it would only mess an
Konizovalny, if the signatoria
reply 14/the.com.
A
galimited leral tende subsidiary Colonych ga
(*) The community has already been in formed by a public notification as to the trom value of Canton coin
(.) ke Cantou mist may Always, bo
the 10 lison whenever the price makes it proßsal
de les variation in the internal sach
annotation.
report, which bas rehabilitate our colag®, decrease 20
D.R. LAW. A. G. WOOD, JR. M.SMITH.
"Hongkong, 5th November, 1907.
MINUTE BY HIS EXCELLENCY THE
ETA GUMlls from my.
DOW
2he majority have no objection to the lófux
FIL-WITHDRAWAL OF HONOTONO COME!!
that China is flooded with a andsidiary cold. FROM CIRCULATION, nga: afd hir, own.?...' It is in fact admittedThe word "probibition" sa
the danger lies the other way wls, majority report means total prohibi of an infics of Hongkong coins from China culation (ditat dan nolics) and in addi
Their value" approaches per here? If assist such prohibition, panial wa/Hongkong: coins should, rise; sbors, par: Fimport of allen coins vega
the
they can be reduced in value by issues from Hongkong colas are not copsiderad, tadar the reserve, Proibition, export: would be
I desire export is I prosame meant to apply only after, and give Hongkos Colan TERCOOPE
Tisplation of prohibited.
Bocesjar to give
drculation, and that 35A PUC
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