the Chinese trade
may
have revived, I
would beg leave to
refex
their Lordships to
the considerations urged in my report of the
20th of April 1877 report I pointed out that in the early
on this subject. In that
part of each
year
the Local Banks might,
as
as rule, prepare themselves for the China
Season " by purchasing in London all the
N° 7000/77
I observe that, as
•
148
regards the suggeded
issue of one dollar notes by the Government of Hong Kong, the Secretary of State raives
the question whether the retention in the Government vaulk of the whole amount
silver exchanged for noks should be insisted
may
upon." With reference to this question Is
perhaps venture to point out the danger
that
Mexican dollars which
may
arrive there, at
if
a part
of the
the amount of silver
and the
a
fraction above the refining value, and
thus not only procure
an
adequate supply
of coin, but also seave themselves against paying the heavy premium to which dollars
use when the demand comes. While such a course is open to them, I cannot but
think that complaints as to a scarcity of
coin have not much force.
received for notes were disposed of
proceeds invested in Consols, and it became
to realise
necessary
in times
of emergency
ro
considerable sums in specie, the bills deawn
for that purpose might probably command
a
large premium, and
the arcselt sums paid.
for
well
exceed
that the f so
premium might
the interest received
I
from