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Colony of Hongkong would derive from being the seat of a Mint, (and which we as American Merchants would regard with significant satisfaction) one of themselves, considerations of sufficient weight, perhaps, to warrant the hope that Her Britannic Majesty's Government would not hesitate in view of the necessary outlay for such an establishment.
But your Excellency will probably regard the following figures as proving that, if the Chinese accept a new coin; they are not likely to demur to the payment of an ample seignorage for the boon.
At Canton, during an average year, 105 Taels weight of Mexican dollars are sufficient to buy 100 Taels of Sycee (Pure Silver). But 112 Taels weight of the same Coin are required to make 100 Taels of Sycee - The difference of 7 Taels, or nearly 7 per cent, is, therefore, the premium ordinarily paid for the advantage of refined Money.
At Foochow, about 101½ Taels of chopped dollars buy...