this means the great commercial emporium of Japan, Osaka (through Ito port Biogo) is brought into direct communication with this Colony and South-China. The issue of the Yen has also increased and it's extensive mintage seems to be well received.
9. With our increased Japan trade the inconveniences of our defective currency in Hongkong have seriously increased. At the beginning of this year, the managers of two of the banks, the principal European merchants, the principal Chinese traders and the Chamber of Commerce all urged me to declare the Japanese Yen current in the Colony. I enclose for Your Lordship's information a copy of the letter to this Government from the Chamber of Commerce asking me to take action on the subject. But as Sir Michael Hicks Beach's despatch of the 20th of November, 1879, had just been received by me, I felt bound to see how the existing state of things would answer, and I was also considering the other branch of the currency question.
10. Recently the manager of one of our leading banks assured me that, to his knowledge, week after week European merchants trading with Japan lose large sums...