Government House,
Hong Kong, 24 April, 1899.
Sir,
I have the honour to report that my predecessor Major-General Black, C.B., caused the Government of India to be addressed on the subject of the execution in India of supplies of subsidiary coin for this Government.
2. A copy of the correspondence is enclosed for your consideration, together with a schedule showing the comparative cost to this Colony of obtaining subsidiary coins from England and India respectively.
3. The Peninsular and Oriental Steam Navigation Company has consented to accept through shipments of treasure from London to Hong Kong via Calcutta on Red Bills of Lading covering all insurable risks, freight and insurance at 7/8 per cent, and I have authorised the Acting Treasurer to accept this offer conditionally on the Government desiring to act upon it.
4. You will observe that the schedule mentioned in paragraph 2 above shows that the charges payable by Government under the scheme now presented are less by 2.95 per cent than those paid under the existing arrangement. Assuming that $3,000,000 worth of subsidiary coin is annually received,
Right Honourable JOSEPH CHAMBERLAIN, M.P.,