Page:Indian Journal of Economics Volume 2.djvu/395

 HONGKONG OUBRENOY shortly afterwards, in June and July, 1913, Legislature passed an Ordinance forbidding use of- notes and subsidiary coins other than of the Colony. This Ordinance came into the the those effect without difficulty, but did not remove some over-sanguine persons displaced amount Canton.. had the Canton of Hongkong Suce then the subsidiary subsidiary Treasury hoped. coin coin has the discount as Naturally it by a certain lrawn from redeemed as much as current revenue would allow, with the result that the subsidiary coin is now almost at par. It is probably too much to hope that the subsidiary coins will always be exactly at par, for the Chinese have an inveterate habit of exchanging currencies, and there is a money-changer's market in all coins. Temporary scacit. ies of small coin may occur from time to time. The fluctuations in the discount dollar are not so easily accounted for. to the two diagrams on preceding pages. is the first of a series of showing the variations iu the diagrams discount on the silver We may refer Fig. 1 (p. 877) we have made on the Hong- kong or Mexican dollars, and coin, the effective currency o! that city. it is not intended to speak at does vary in a most interesting bearing upon our own currency. Of present, way, The in the Canton subsidiary the latter though it and has some discount on the the most interestiug thing about the notes went to a discount in been at a premium for a year. it is April the fact tha after having (Fig. 2) refers to the months of March,.April and May, one year later. It shows the number of Mexican dollars obtainable for one hundred dollars in notes, and .sympathy with the discount on the Hongkong dollar, s shown for the first month only. The second diagram Hongkong dollar is represented by the thick black line; discount on old Mexican dollars, which moves in close