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(F9248/1147/10)
F.O. 45/65
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Memorandum
The Chinese Ambassador presents his compliments to His Majesty's Principal secretary of State for Foreign Affairs and has the honour to state that enquiries have been received from the Chinese Government about the currency situation in Hongkong.
It is understood that during the Japanese occupation the exchange rate was first fixed at 2 Hongkong dollars to one dollar of Japanese military notes. Later the Japanese revised this ratio to 4 Hongkong dollars to one dollar of Japanese military notes. It is estimated that about 600 million of these notes have been in circulation in Hongkong.
The Chinese Chamber of Commerce in Hongkong have petitioned the Hongkong Government, asking that the numbers of these military notes may be registered by the British authorities and a neW exchange rate fixed between the Hongkong dollar and the Japanese military notes, with a view to obtaining eventually compensation from the Japanese.
The Chinese Ambassador will be grateful if
His Majesty's Government will be good enough to consider taking early action on this subject, thereby helping to relieve the Chinese merchants in Hongkong of much of their anxiety in this regard.
CHINESE EMBASSY, LONDON.
30th October, 1945.
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