368
Deducting this from the out-turn of Rupees it follows that silver sufficient to make
100 new dollars in
Hongkong is the
Hongkong equivalent of about Rs. 225.70 in India, excluding Mint charges which are about equal on both sides, and that if no change higher than that it will
not be likely for silver to rise in Hongkong to such a price
as that it could be coined for the Public with profit. Admitting however that exchange
with India did reach 223.90 - Is it likely that this would be permanent? I think money must pass from China to India to pay for opium & consequently that the rate of 225.70 prevailed the export of silver from Hongkong - how could the
good silver be placed in India to make the balance of trade! England receives
more from India than she sends and the balance is met by specie remittances. The new exchanges with England will not therefore produce the equilibrium and all drafts on England will continually have to be met by remittances of silver from Hongkong - Bars shipped from London at 17 dwt. costing 5/1 per cwt. freight,
and insurance, interest and other charges of say 1¼% could not be laid down in India cheaper than 3/3¼d. or Indian standard, and
adding to this the
minting charge of 2¼% and the Rupee
could not be produced at less than 2/0¾d. This at the intrinsic value of Rs. 227 per