suppression of the Taiping rebellion. But whatever treatment they accorded to Indian opium, they all along permitted the cultivation of native opium in the inland provinces.
Questions of currency were much debated in Hongkong during this period, since October, 1850, when the comparatively rare Spanish dollars commanded a high premium in the market at Canton, where at the time the bulk of Hongkong exchange operations was conducted. Rather sudden fluctuations occurred in 1851, placing Mexican dollars, rupees and English money at an enormous discount. Various schemes were propounded to smooth matters, but all proved futile. In 1852, the coinage of a British dollar was first mooted in connection with the resolution of a public meeting held at Singapore (January, 1852) which suggested the coinage of an East India Company's dollar with divisions of half, quarter and eighth dollars for circulation in the Straits. Unfortunately the proposal was shelved for years. By notification of April 27, 1853, Sir G. Bonham published a Royal proclamation of October 16, 1852, to the effect that, whereas hitherto the silver coins of the United Kingdom had passed current in Hongkong (and some other British Colonies) as an unlimited tender for payments, they should henceforth (as in England) not be a legal tender in payment of sums exceeding forty shillings due by or to the Government. This proclamation, artificially bolstering up a theoretical gold standard, which had no commercial reality in the Colony, came into force on October 1, 1853, and delayed the rehabilitation of Hongkong's original silver (dollar) standard. Meanwhile contention arose in Hongkong through contradictory official decisions. In January, 1854, the Chief Justice ruled 'that, when an agreement runs for dollars of any denomination, such dollars must be paid with—in English money—whatever premium they command in the Hongkong market,' and again, 'that Court fees must be paid in dollars, but that it is not proper to refuse English money in payment of costs.' On the other hand, the Colonial Treasurer (W. T. Mercer) made an order (February 9, 1854) that 'all Government land rents must for the future be paid in dollars
