Page:HKGovGazette Old Series No 1.pdf/2

 have hither to been in universal use at Canton, and that a long time has elapsed since they were first introduced. Now, however, old Dollars have become scarce and new ones plentiful: still as the Shroffs and Money-changers are not yet familiar with the latter, they feel some uncertainty as to their purity, which cannot be so easily determined by them, as the touch of old Dollars. But they aim at no exaction, or the deliberate committal of injustice.

In judging of this matter, which has been brought officially to my notice by the said Consul and other foreigners, it is only natural that I, the Great Minister, should be guided by the desire I entertain of affording accommodation to the Merchants, and this induces me to accede to the request they have preferred. I have accordingly directed the District Magistrates of Nanhae and Pwanyu, to make it publicly known to those who are engaged in the Trade, and others whom it may concern, that, as equity should be observed by them in all their transactions, it is permitted that the new Dollars shall in future be used according to their established purity or touch, by which means all parties will be protected from loss,—the market rates will be properly adjusted, and abuses of long continuance effectually corrected.

The specimens of Dollars forwarded for my inspection are returned herewith, viz:—

To, Esq., H. B. M.'s Consul, Canton.

Heen-fung, 3d year, 8th month, —th day, (—th September, 1853).

Translated by

, Magistrate of the District of Pwanyu, &c., &c., &c., and

, Magistrate of the District of Nanhae, &c., &c., &c.

Decreeing that all Dollars, whether of old or new coinage, are to circulate among Merchants and Dealers, in one uniform mode, and in the same way as they (the old Dollars) have hitherto done, in order that an equitable adjustment of value may be maintained.

The Trade of Canton, once so noted for its prosperity, is now in a stagnant condition, and the Merchants and Dealers from different quarters are growing fewer in number. It behoves us, therefore, to promptly adopt such measures as shall ensure to those commodities that are now becoming unsaleable a freer circulation, and thus timely relieve the present depression.

We find that Dollars have hitherto formed the principal medium, through which the Trade has been conducted. Now however, we learn that of the various kinds of Dollars, those with flowery millings are gradually disappearing from circulation, and the Dollars now imported consist chiefly of mixed sorts, bearing a variety of impressions, such as eagles, horses, flowers, and plants, on which all the Merchants and Dealers demand a discount of five per cent. For a long time, the different parties interested have disputed this point with each other, and have never yet come to a definite understanding. They lose sight of the fact that coins of different nations cannot be identical with each other in respect to figure or device, and merely because the Merchants of the interior are partial to those they have been accustomed to use, they set a higher value of Dollars with flowery millings, and thus induce the opinion that none of the other kinds will pass current among the people. It is sufficient to cite the custom that prevails at Chaouchow, where all operations are conducted in Dollars with flowery millings, and where a prejudice obtains against other kinds, to shew that these objects rest merely on local usage or predilections of the day, and in no way affect the intrinsic value of the silver. On the other hand, as these high rates of discount have caused trade to be no longer what it formerly was,—have depreciated capital, and have led to a deficit in the Custom's receipts, they are open to most serious objections. The natural remedy is to allow those Dollars (which are subject to these charges) to circulate (as the old ones) have hitherto done, and by removing all monopolizing influences (on particular sorts) restore (them all) to an uniform standard.

Wherefore, it being necessary that the same should be authorized by public enactment, this Proclamation is to make known to all Merchants, Dealers, Linguists, and others, the following Decree:—

In your mercantile operations with the English merchants, take no regard of the devices of the Dollars that pass through your hands, whether they be those of eagles, or horses, of flowers, or of plants, for if the coins be not inferior in point of purity they are permitted to circulate at the same rate as the Dollars with flowery millings, therefore you should not, in consequence of any preconceived opinions, demand on them a discount, and thus occasion still further disputation on this head. But if you meet with any Dollars of inferior quality, the intrinsic value of which you cannot accurately determine, no objections can be made to your satisfying yourselves on this point, by melting one or two of the doubtful pieces, and comparing them with the broken or old Dollars. At present it is permitted to tender Dollars in payment of the patriotic contributions which continue to be unremittingly collected in this Province, but in future the Treasury will be guided in the receipt of Dollars solely by their purity, and without raising any question as to their form or pattern will receive those bearing devices of eagle, horses, flowers, or plants, at one and the same rate as those with flowery millings. By these means a circulating medium, available alike for either the upper or the lower classes, will be provided, and not only will those losses you have hitherto suffered, be saved you, but the increased prosperity which you will soon be observable will mark the general benefits accruing from the measure.

It is in pursuance of the orders of the High Authorities personally delivered to us, that we, the Magistrates, now make known this Decree; let there therefore be no distrust, delay, or hesitation, in giving effect to its provisions.

Heen-fung, 3d year, 8th month, 8th day, (10th September, 1853).

Translated by

W. H. MEDHURST.