624
into circulation under conditions which will enable it to
compete with coins from Mexico that is at the lowest pos-
-sible price.
meeting hel
12.
I have ascertained that the Bombay
Mint can undertake the coinage of British dollars at pre-
-sent and probably for some time to come. If it would
undertake it at the former rate of seigniorage, which in-
-volves no actual loss to the mint, the chance of the
British successfully competing with either the old Govern-
-ment or proposed new trade Mexican dollar would be greatly
increased. If the English mints could arrange for coinage
of the British dollars at the same seigniorage at any time
when the Bombay mint was fully occupied with its own work
the chance of failure to supply the demands of China would
be reduced. If these arrangements could be made for a
period of 5 years, say up to the 31st. December, 1910, the
question of the re-establishment of the Hongkong Mint
might again be considered in that year by the light of the
conditions then obtaining.
I have the honour to be,
Sir,
Your most obedient
Humble servant.
1
Governor, &c..
I