MINT
The fluctuations in the sterling quotation of the local dollar, and the advent of the silver coins, including their importation in large quantities, recalls that at one time Hong Kong had its own mint, and used to turn out the local coinage. It was known as the Hong Kong Royal Mint, and was erected during the year 1865, and opened in 1866. The site was at East Point, and in connexion with the preparation of the place we read that a sum of no less than £9,000 was spent on reclamation work, besides $3,550 on the water supply, and $25,000 on the necessary buildings. The staff of experts was brought out from England. Up to 1868, however, the local mint had earned only about $20,000 in seigniorage, and in February 1868 it was closed on instructions from the Home Government. The machinery was sold to the Japanese Government for $60,000, and the ground disposed of to Messrs. Jardine, Matheson and Co., for $65,000. On the site Jardine's erected their China Sugar Refining Company, since shut down. Nearby was the junior mess of Jardine's, and on the hill across the road now known as Lee Gardens was the taipan's house, in use for a number of years, and sold to the late Mr. Lee Hysan about nine years ago.
"Dramaticus," "Herewith a few notes on the Hong Kong Mint that was (see 13-7-33). Captain Kinder was the Master of the Mint and, according to the Civil List, his salary was $6,720, (in those days our dollar was round about 4s. 4d.!) and it is to be noted that in 1866 this salary exceeded that of any Government Officer in the Colony with the exception of the two Judges and the Colonial Secretary. Capt. Kinder had as his immediate subordinates a Supt. of the Bullion Office, an Assayer, a Supt. of the Melting Department, all of whom received a salary of $3,840 per annum.
"These officers were granted free quarters the rent for which is given as $5,700 per annum. The other expenses of the Mint in the year under review amounted in all to $52,812.
"In addition to this sum, however, there was the cost of the gunboat, the military and the police to guard what was then known as the 'Herculean' Mint so called after Sir Hercules Robinson in whose regime the establishment came into being.
"What the soldiers and police cost is not easily ascertainable but in the Estimates I find the sum of $1,600 set aside for the purpose of erecting a Breastwork or Fortification at the Mint.
"As already stated the Hong Kong Mint as a business proposition never came up to expectations. At a public meeting held in 1866, in connection with the Stamp Act, the Mint was referred to by Mr. Dent as 'the ruin of the Colony,' and at this date it was tacitly admitted by the Governor and the Auditor General that the Mint could be considered a failure.'
The reference to the minting of money in Hong Kong makes it interesting to delve into the records of the colony's currency. We find that as early as March, 1842, a proclamation on the subject was issued by Sir Henry Pottinger, when it was declared that two and a quarter Company (East India Company) rupees should be equal to one dollar. The very next month, on the suggestion of the leading British merchants, a further proclamation was issued declaring the Mexican or other silver Republican dollar to be the local standard trade coin, unless otherwise specifically provided in agreements.
In 1845 there was another proclamation, stating that legal tender should be gold, silver and copper coins of the United Kingdom, and placing the gold mohur at 29s. 2d.; the Spanish dollar at ...
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