414
9.
The foregoing calculation is confined to the saving which would be effected under ordinary circumstances by the Home Government merely supplying the Commissariat chest in Hongkong with British instead of Mexican Dollars; but the saving under existing circumstances would probably be far greater, for the Home Government is at the present time and will for some time be receiving here large amounts of Lycee Silver in payment of the Chinese Indemnity. The Treasury chest is at present supplied with funds by the exchange of this Lycee for Mexican Dollars at the current rates in China - But Mr Maturin, the Commissariat Officer in charge there, with whom I have communicated on this subject and who entirely concurs in the views expressed in this despatch, has stated to me that were the Treasury supplied from home with British dollars, and were thus enabled to remit the Sycee in Sterling Bills on England, the profit to the Imperial Exchequer on the double transaction would probably be considerably over 10 per cent.
10.
At this rate the clear saving to the Home Government which would be effected by my proposal would be at the rate of $300,000 a year after payment of all the expenses of coinage in London.