289
Specie Banks to be established
of
the
scheme using
vast British Trade in these
countries, and it
Is it
recently that it has been known
in Shanghai
would. it is believed
add largely
to British Prestige.
If Your Lordship asks
why these arguments did not
occur earlier to the
commercial
and Banking communities of
Hongkong, I would reply that
it was proposed some time
ago,
about 10 months,
and they are perhaps deterred by the
results of the Indian
Silver policy were
felt in this Colony, Singapore and
Penang.
7. There is another point also
to which I should refer, and
that is that if the Japanese
Yen were legalized here, their
subsidiary coinage would
doubtless soon be accepted and
that the Government would thus be
deprived of a profitable source
of Revenue.
It is more than a matter of speculation,
it is an actual fact.
I have the
honour to be,
Your Lordship's obedient servant,
[Signature]