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C
DRAFT.
During the interview you had with Mr. Rappresent I fail to understand why you phrased the drafted to interfere with Hong Kong even though it is prepared to consider a dollar.
Careful considerations show that it is costly and may conceivably be pronounced a mistake before it can come into operation.
6. I observe that in your Speech to the Legislative Council on the 4th ultimo, enclosed in your despatch No. 233 of 6th ultimo, you remarked that it "is probable, unless the Japanese Yen is made a legal tender, that action will shortly be taken in the direction of the coinage of a British Dollar".
With reference to this remark, I have to explain that although I have not hitherto replied to your despatches of the 21st of July and 5th September last, the proposal to legalize the Japanese Yen has not been lost sight of, but it has been, and is still under the careful consideration of those who advise me on currency questions, and I was hoping to address you very shortly on the subject when I received your telegram of the 19th instant on the subject of a British Dollar.
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7. I take this opportunity of requesting you to transmit to me at your early convenience copies of all currency Proclamations which have been issued where the British Dollar is a legal tender in the Straits Settlements.
You are of course aware that in Hong Kong the Japanese Yen is a legal tender alternative to the Hong Kong dollar.