Establishment of such a Mint would involve at the outset a considerable capital expenditure, which the Colony can ill afford at the present time, in view of the fullest works which are being undertaken.
For these reasons, therefore, I am not prepared, at present advised, to approve the proposal submitted in your despatch under acknowledgement, but I shall urgently require data from the mint regarding the supply of coins in China, for which, with the information which is available, the Government is bound to pray, with careful regard.
The proposal to establish a working mint is open to question as the working off of the Mint could be carried out at a considerable loss; it will be remembered when this estimate was made, the question whether the old Mint proposal compares favourably with the present situation was considered.
The Hong Kong Government has been informed that it is not sensible to attach too much importance to any further views which may be put forward.
You may wish to consider the merits and convenience of the scheme, and the Banks in Hong Kong are disposed to ignore such considerations.
Then I have, …