cost of Mexican Dollars so that the Minting charge might be covered.
7.
Another very important consideration in the success of the Mint, especially as regards the Colony, is the question of whether the Government can ever reimburse this expenditure incurred upon it, or even ever pay for its working expenses. If it cannot, it seems clear that the Mint must be given up as the position of this Colony is not such as to justify its not merely expending its small revenue - but actually imposing on the Community additional taxation to be expended on financial experiments more suited to the position and resources of India than of this Colony.
8.
358 The Cost of the Mint to the Colony may be taken as: -
Original outlay of $35,000 c.64 $21,000.
Wear and tear of Machinery say 2½% on $25,000.
Working Expenses ... $80,000
# $126,000
The seignorage at the highest proposed is only calculated at 2 per cent. Reducing from this the loss on Melting and Coinage as shown in the annexed report from Mr. Kinder of at least half per cent; the profit will only be 1½ percent, requiring a coinage of more than $27,000 a day to defray the cost. Now the utmost amount ever hitherto coined has been $15,000 in one day, and that only when all the bullion...