356
2.
The Auditor General's report framed before the opening of the Mint painted quite clearly that unless the exchanges operate in a way which they rarely do, it is highly improbable that Silver in Hongkong would fall to such a price as to enable its importation to be minted with any profit to the importer. Further experience has tended to confirm this opinion and whilst during the last two months bullion has scarcely been brought to the Mint, upwards of six or Seven Million Dollars worth of Silver have been sent to Calcutta for conversion into Rupees.
In addition to the circumstance that China receives an immensely large amount of Specie remittances or roundabout exchanges, the fact that in India Coin is necessary as a Medium of Exchange whereas in China a lump of Silver will do as well will always give the Indian Mints a preference over ours. As long as a Silver Standard is maintained in India it may be said that when this sanitary Dollar of Hongkong shall be declared to be the only legal tender within the Colony, the position of our Mint will more nearly assimilate to that of India. But as far as I can at present see that period is still distant.