I avail myself of this opportunity of pointing out how very objectionable it is to make remittances in Exchange drawn at six months sight, as is usually done in Hong Kong.
And still more so to buy Bills on... of a Bank who draw themselves, as in this instance = "Agra and Masterman's" ... the risk extends over... on Agra that the whole period of six months - between the purchase and the payment - without the collateral security afforded by acceptor on this side.
On... an independent... Six month's Bills drawn against Teas or Silks may be customary, if not unavoidable, as between the Merchant and the Banker; but Government purchasing Exchange for Cash the same necessity can scarcely be supposed to exist.
Either Commissariat Bills on Her Majesty's Treasury, or other short-sighted drafts on London Bankers, it is believed, may generally be procured in the Colony to a sufficient amount to meet the wants of the local Government, on terms which in the end may very possibly be found to be advantageous, considering that advances are frequently required here, and that such advances are seldom procurable...