36.
Treasury are prejudiced to the whole amount in which a non-current coin is forced in circulation by local legislation. The absurdity of supposing that the drafts of the Commissariat amounting to an annual average of about £120,000 could materially influence the exchange rates which represent the whole amount of commerce and a yearly circulation of about Forty Millions Sterling, I have often pointed out, that it is not needful again to go over ground. The currency of Hong Kong was formerly regulated in the belief that Chinese mercantile operations would be subjected to it and the Pound Sterling become the universal Standard. The consequence has been a constant loss to the Treasury of all the difference (excepting that portion paid in Salaries to Public Servants) between a nominal Official value given by the Currency Ordinances to the circulating Medium - and the real Commercial value of that currency (dollars) in which all accounts in the Colony are kept, with the solitary exception of those of the public.
15. No greater Service could be rendered to our Commercial