4.
7
185
over
bullion equally rich in pure
silver, and it would be a mistake
to
say that its shape and stamp
supposed to add to its value in China as
a
they
do to the value of a shilling Crown in England. Herein therefore lies the principal secret of the Mint's inactivity, for there can rarely occur such a combination
of
circumstances as to make it
profitable to pay seignorage and premelting charges merely to
convert bullion into
a coin, which
in China will still continue to be
as
bullion
treated and valued simply as bullion and very probably be again here converted into Sycee.
To the other
question
5.
I make these remarks because
many hastily suppose, that the Chinese Proclamation gives any other value to the Hong Kong Dollar
than
the
an
admission that it contains
quantity of pure Silver certified by this Government.
I have the honor to be, Your Lordships' obedient Servant,
Richard Graves MacDonnell
Governor