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Probably, however, at least ninety per cent of the coins issued find their way, within a few months, into China, where it is absorbed by the vast population and almost disappears. I was informed, the other day, of a shipment of ten thousand dollars worth of these coins to Foochow, the capital of the Fukien Province, itself a district as large as the United Kingdom.
A watch will be carefully kept not only on the operations of the extensive mint established at Canton (which is not, however, in active operation, and, from all I can learn, is not likely to be), but also on the tentative movement in favour of a silver coinage recently made by some of the higher officials of the Chinese Empire.
The market price of Hongkong subsidiary coin has lately been about 8 per cent premium. During the last seven years it has fluctuated between 13 and 14 per cent premium, excepting such periods as the eve of the Chinese New Year when it has occasionally risen higher.