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The amount as estimated by Mr. Kinder for 1888
I would propose that the Government Notification of 20th December last be rescinded so as to reduce during a certain period.
The seigniorage on bar silver and sycee as on Mexican dollars, and in the coinage we have to consider, in the first place, the loss by interest during the time the silver remains uncoined if converted into dollars if the Mint charge is only 1/2 % and if exchange which is rising continues to do so, even 1% might leave a margin.
Should the Mint not be kept in full work, the Government might also with advantage sell in the market for the payment of its dues to the Chartered Banks buying bullion. The Mint charges on bar silver does not exceed 10% and expenses when the premium on Sycee is 8%.
Certificates as specie in reserve against Notes issued.
(signed) W. Rennie, Auditor General.
The coinage of $10,000 a day at 10% or $20,000 at 5% would give a certain amount of seigniorage.
At present prices, bar silver and Sycee could be profitably coined.
Acting Colonial Secretary