lator arc considerably enharrécò for want of readily divisible can; at present there is only the Dollar divided into 4100 Cash—the one, too large, the other too small for the daily currency. The Rupee can scarcely be considered as a circulating medium here - It is not accepted at Canton. Very soon after it is put in circulation, by payment of the troops or otherwise, it disappears, and is either sent as a good remittance to India, Singapore and the Eastern Islands, or it is melted into bullion by the Chinese money changers.
As soon as the Chinese Indemnity ceases to be available as a remittance to India, in exchange for Rupees - the cost of keeping up a supply of that Coin for payments here will be an expensive operation, particularly if Dollars be sent to Calcutta or Bombay, where they generally sell at a discount. The freight of Coin from India to China is one per cent. In a Queen's Ship there is no charge for insurance; in a merchant's ship, the risk is covered by one per cent. On an English ship, the freight of coin is half per cent, and the Insurance one per cent. There is another consideration worthy of note. The Rupee circulates at a rate above its intrinsic value. On the 1st April, during the past year, the Bank of England paid in London for the Company's Rupees 2/0 5¾d per Rupee. On the same day the price of standard silver in London was 59¼d. About the same period the Company's Rupees were quoted by Messrs. Sharp of the Chief Bullion brokers in London, at 1.74%. Very few Rupees are now sent to England, and when sold they are readily purchased by the Bank of France for melting and recoinage. If the Rupee, with its alloy, expensive coinage (2 per cent) and freight, and insurance be only worth...
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