However, are based on so exceptional a state of things, and are so limited to the value of silver in India and at Hongkong (and its effect on their inter-local exchanges) rather than in the general world, that I doubt the value of the inferences I draw as to the future of the Hongkong Mint; and I need not remind you of the effect on the demand and value of silver caused by the war in America, nor of the present drain of silver from China to India created by the existing deplorable financial discredit.
Apart from principles, however, there are errors of calculation which interfere materially with Mr. Rennie's reasoning. In estimating the outturn of $100 in India when he makes the equivalent value Rs 227.11 less freight and insurance, or Rs 223.7 "excluding Mint charges" (which, as proposed, are about equal on both sides), he overlooks the fact that if the coin is passed through the Mint...
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