8?6 W. J. HINTON ra?e is regarded as very uncertain and incalculable by ?he dealers in ?his marke?. The quo?ed ra?e is, in fact often nominal, and ?he explanation is ?ha? a consider- able bu? almost unknown among ?he Chinese bankers, marke?. This outside marke? of exceptional ae?ivRy in ?he for. been market in taels exists outside the European ! is only felt at times movement of silver. We have then the following peculiarities to account The subsidiary coins of the Colony after having at a premium for many years went to a discount about 1906 and remainad at a discount, until quite recently. They are now at par. The paper money o! the Colony, being promises o! various banks to pay silver dollars, has boon at less and at value. Both other times worth more Fig. 1 and Fig. 2 show one time worth than its face this disooun? or even at a premium, and disappeared as fast as it was put into circulation. The requirements of the much' of it had' been. of at its making was height the Colony in* subsidiary coin have been estimated at $2,000,0?, but the table on the following page shows the amounts put into circulation, prior to 1906, when the discount first showed signs o! becoming permanent and heavy. An enquiry was then set Coin Committee was appointed in 1907, reported that the depreciation was due to over issue of Hongkong subsidiary coinage, to the exe~essive circulation in She diary coins struck at the Canton on foot and's Subsidiary which a large and also (3olony of subsi- mint. cleared out of the way first. coin was at a discount at when coin was the too the process at par, on the silver dollar, or premium on the note. The matter of the subsidiary coin is comparatively simple, and will be The ? subsidiary time when .this table was published, because made: yet
