17th February, 1888.
Colonial Secretary's Minute.
Report from Treasurer submitted for His Excellency's consideration. I presume a copy of it will be submitted to the Secretary of State.
FREDERICK STEWART.
Governor's Minute.
Yes: saying that I concur with his recommendations. The only doubt I have on the subject of small coins is whether the amount obtained should be equal each quarter. I understood from Mr. JACKSON the other day that the demand is far greater at the Chinese New Year, and the question therefore suggests itself whether the amounts obtained should not be, say, $400,000 to arrive about 1st January, and the balance of $1,000,000 in equal amounts at the other three quarters. It would be well for Mr. LaSTER to give me his views, after talking the matter over with Mr. JACKSON.
G. WILLIAM DES VOUX.
21st February, 1888.
HONOURABLE COLONIAL SECRETARY,
With reference to His Excellency the Governor's minute on C. S. O. 423 (Treasury Balances), I have seen Mr. JACKSON on the subject of the regular supply of subsidiary coins.
I find the same consideration had occurred to Mr. JACKSON as has been pre- sent to my own mind, viz., that an over-supply, or even a considerable reserve of these coins involves a serious loss of interest.
It seems more prudent to increase the supply by degrees till the limit of de- mand is reached, than to risk having a large dead balance lying idle here. I agree with Mr. JACKSON that the following shipments would in all probability meet the necessities of the case;-
To arrive abont January 1st in each year,
.$250,000/
27
April 1st
21
"
150,000
July 1st October 1st
15
"
150,000 200,000
$750,000
The extra quantities for October 1st and January 1st are in view of the de-
mand which sets in from about October for the Chinese New Year.
If the Crown Agents were instructed to take such measures as might ensure the regular arrival of coins in the above quantities, I think it is probable there will be no further trouble about the subject for some years to come.
The percentages
of each denomination of coin should be as at present.
If the above quantities are insufficient they might be increased. With proper watchfulness it ought to be possible to regulate the supply so as to keep pace with the demand, the balance left over from one shipment when the next arrives never greatly exceeding $5,000. But this of course presupposes that the coins will arrive regularly, and that, if an increased supply be asked for, it will be sent as a matter of course.
Submitted for His Excellency's consideration.
28th February, 1888.
FREDERICK STEWART.
my
Let all the minutes on the subject be sent to the Secretary of State, with recommendation of the last proposal of Mr. LISTER in his minute dated February 28th, commencing "with reference," and ending " of course."
29th February, 1888.
G. WILLIAM DES VŒUX.
14
A. LISTER, Treasurer.
1
REMARKS.
PRÉCIS OF ACTUAL COST AND PROFITS ON SUBSIDIARY SILVER COINS RECEIVED FROM ENGLAND,
When
Arrived,
Ship-
ment.
C.
*0
4,13
13,049.48
950.52
Str
fr F
mas
18,476.56
923.44
35.866.81
2,583.19
26189
% 0.9
19,200 11,715.15. 8
53,177.93
4,422.07
767%
Scissel returned at 457 per oz. Coins manufactured by Messrs. R. HEATON & SONS of Birmingham. bars, purchased at 4/54 per oz.
Coins inaumfactured by Messrs. R. HEATON & SONS of Birmingham. Silver 800 fino, cast into bars, purchased at 4,54 per oz. Seissel returned at 4,53 per oz. Expenses for coining £87.10.0.
Coins manufactured by Messrs. R. HEATON & Soxs of Birmingham. bars, purchased at 4,5 per oz. Scissel returned at 4'53 per oz.
Expenses for coining £90. Silver 800 fine, cast into
Silver 800 fine, cast into Expenses for coining £240.
Coined in the Royal Mint. No particulars given as to price of Silver. Mint expenses, including. dies, assays, bags, boxes, &c. £300.
by Messrs. HEATON & SONS. Silver purchased at 4'5a per oz. Expenses £300.
9,925.13. 1
46,255.47
1,744.58
Colned
9,913.18. 3
47,115.62
884.38
Coined by Messrs. HEATON & SONS. oz. Expenses for coining £500.
9,022.11. 0
8,796.17. 5
9,016. 1. 6
8,289.19. 2
40
45,112.75
43,915,18
2,887.25
28FCOT
3,102
44,278.81
42,558.10
3,726.69
5,441.901275%
Seissel returned at 454
A larger quantity of Silver than usual having been pur- Silver purchased at 4 44 per oz. Scissel sold for 48 per clused for coining, and the amount of Seissel cousequently larger, the loss sustained was about £118. Ou the representation of the Government, they refunded £71.13.6.
Coined by Messrs. HEATON & SONS.
Coined by Messrs. HEATON & SONS. oz. Expenses for coining £300.
£300.
Silver purchased at 4/1 per oz. Scissel sohl for 3:10% per
Silver purchased at 8/117 per oz. Expenses for coining
Coined by Messrs. HEATON & Sons. Silver purchased at 41 per oz. Expenses of coining
£300.
Coined at the Royal Mint. Mint expenses, boxes, &c. £250.
3
Rate of
Average
Remit-
fanees
Actual Cost in Dollars.
Profit.
Equiva-
lent to
per $.
** * •* • • *
6
8
10
11
12
13
14
15
412,400
384,881,21
27,568.79
· 359