47
on any other number of millions of dollars for
· Hongkong Government."
11
is under the control of the local
18. If that number of "model" dollars was
to be coined there would be
as
already stated
in the first place a loss incurred in direct
proportion to the amount coined and when this
could keep
I was achieved what possible power those dollars at Hongkong or prevent them being
sent to China, India and elsewhere? They
would have to be
perpetually
recoined at a
still further loss to feed the melting pots of
be converted into Rupees
as is the case at present.
bhina,
мали
Rupees in India,
19.
IA
would appear
that those who make
such suggestions contemplate compelling by Law
the Mercantile Community here to
use
Hongkong
dollars as their sole medium of Exchange here.
In other words they contemplate putting
the community at
a
this
disadvantage
on an
average
of 24 per cent on all bargains requiring
a
payment at Hongkong - A tyranny which
would
very
soon banish
commercial transactions
to places free from such Mediaeval Legislation.
20.
I therefore trust Your Lordship will
bear in mind
that
Hongkong
is
a secure
depôt and
"Exchange" for the
commerce
carried
on
with
the neighboring Empire. Its currency therefore
must correspond with that
of the mainland
and no human
power can
force into circulation
a coin which without
acquiring thereby
any
increased purchasing capacity would cost 2d