I am assured by Fur[Mr?] Phocalta that the Straits dollar will not be intrinsically inferior to the best Mexican dollar. But on this point, I am likely to be guided by the opinions of the Governor and of their Officers at Hong Kong, which appear from their Despatch to be highly favorable to the success of the British dollar. With British reference to the subject of device, to the degree of fineness and to the weight of the new dollar, the suggestions offered by Mr. E. B. Robinson are fully concurred in by me.
The quantity of dollars required in China for the purposes of the Hong Kong Government is estimated by Mr. E. B. Robinson at 300,000 annually, amounting to about £600,000. The execution of such a coinage is calculated to occupy the Royal Mint fully for about three months. It is probable, however, that not more than one-third of the amount stated would require to be executed at any one time, and that more would be desired for a just experiment.
With the present engagements of the Mint, an opportunity for undertaking the work in question is not likely to occur before October or November next; but it is probable that by that time the new dies for the dollar will be ready for use.
It is rather probable, however, that about the time mentioned the Bank may begin importing gold into the Mint, which would cause the immediate suspension of all other operations, and the postponement of the dollar coinage to perhaps the January following, or even later. As the Mint is now established, different coinages cannot be carried on profitably at the same time. Another contingency is that the occupation of the Mint with the dollar may oblige the Government to contract for a further supply of the new Bronze Coinage.
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