4
at which they have arrived.
5.
For reasons given from time to time by the Lords of the Treasury, I regard this decision as very satisfactory; but though it clears the way for a Government issue of one dollar notes I am not, at present, prepared to recommend it
6.
It is however my duty to act Your Lordship to bring again to the notice of the Lords of the Treasury the advantage, I may almost say necessity, of allowing the Silver Yen to be a legal tender in this Colony.
7.
I observe from Mr Herbert's letter of the 13th of January 1899 that the Colonial Department was inclined to favour of this course, but Mr. Freemantle referring to the state of things in 1878, gave many sound reasons for thinking that it would not be of sufficient advantage to the commercial community of Hong Kong. Within the last two years, however, changes have occurred which I venture to think would be regarded by Mr. Freemante as justifying him in reconsidering his opinion. In the first place the trade between Hong Kong and Japan has immensely increased. The Mitsu Bishi Company are now running their fine line of steamers direct to Hong Kong, and
20.