It appears from the Memoranda at p. 4 of Enc. in 17715, 18790 and 100 that at the beginning of 1870, every month $70,000 was wanted for fragments of salaries & contingencies, every quarter $73,000, about $60,000 will be wanted for military contribution in future probable, apart from Crown Agents' requirements) the current account to the maximum at the time so far drawings $100,15790 the amount concerned need not much exceed $100,000.
It appears on the other hand that the receipts in Hong Kong are for Crown Rents half-yearly about $80,000, Lighting Rates for Police and other sundry receipts, so far as they are concerned, no very large amount over and above this is the quarter, quarter accounts coming in at dates, at the same time, and it might easily be arranged to reduce these by telling Regents to draw at such times as to coincide with the special large receipts, though it may be somewhat in a strain.
This Agent's requirements - the money which the Agents themselves get in advance being placed on deposit at 7 days' notice, for which interest at about 1 per cent below Bank rate of discount can always be obtained; which latterly has been more than the 2 per cent which they get on current balance in Hongkong.
The Agent's requirements for subsidiary coins alone amount to from $1,000,000 to $1,200,000 a year and I cannot see why they should not draw at least $100,000 every month, drawings being made at fixed dates, so that the Hongkong Treasurer could always meet them without fluctuations in current account, knowing the dates beforehand he could always give the required notice to the Bank in question. In that way there need never be so large a draft as $78302.022 [see p.4 of Enc. in 15790] to meet at one time, & consequents so much money on hand.
The Agents have now in hand an order for $183,000 of coin to arrive in Jan next.
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