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the Hongkong Mint.
This institution, as Your Lordship is probably aware, was abolished in 1868 after a brief existence, not long enough, in the opinion of some to allow of definite conclusions being formed as to the practical possibility of its permanent success.
But, if the suggestion to re-establish it were adopted, it would become necessary to abandon the policy represented by article 2 of the British Commercial Treaty of 1902, and to give up urging the Chinese Government to adopt a uniform currency for the whole empire. A British dollar for circulation in Hongkong alone would be a costly luxury, and it would have no chance of competing with the native coin once that was established as the circulating medium throughout China. Judging from the present attitude of the Chinese Government towards currency reform, and the recent establishment of a large number of independent provincial mints, worked each in the interest of the revenue of the province to which it belongs, it appears doubtful whether China will, within any measurable period, unify her currency in accordance with the undertaking she has entered into with Great Britain, the United States and Japan, no matter how much diplomatic pressure is put upon her, so that the risk of failure of a new mint at Hongkong, in consequence of the competition of a reformed Chinese system of currency, cannot be regarded as serious.
Should it be found, however, on inquiry, that a Hongkong mint is unlikely to earn its working expenses, it may possibly be found practicable to coin a British dollar in England for use in the China trade. It would be indispensable of course to maintain unchanged the good workmanship and excellent design which have characterized the British dollar minted in India. As to the desirability of our doing whatever is feasible to maintain that coin in...
292
the Hongkong Mint.
This institution, as Your Lord-
ship is probably avare, was abolished in 1868 after.
a brief existence, not long enough, in the opinion
of some to allow of definite conclusions being
formed as to the practical possibility of its per-
manent success.
But, if the suggestion to re-establish it were
adopted, it would become necessary to abandon the
policy represented by article 2 of the British Com-
mercial Treaty of 1902, and to give up urging the
Chinese Government to adopt a uniform currency for
the whole empire.
A British dollar for circulation
in Hongkong alone would be a costly luxury, and it
would have no chance of competing with the native
coin once that was established as the circulating
medium throughout China Judging from the present
attitude of the Chinese Government towards currency
reform, and the recent establishment of a large
number of independent provincial mints, worked each
in the interest of the revenue of the province to
which it belonge, it appeare doubtful whether China
will, within any measurable period, unify her cur-
rency in accordance with the undertaking she has en-
tered into with Great Britain, the United States and
Japan, no matter how much diplomatic pressure is put
upon her, so that the risk of failure of a new mint
at Hongkong, in consequence of the competition of
a reformed Chinese system of currency, cannot be re-
garded as serious.
Should it be found, however, on inquiry, thật a
Hongkong mint is unlikely to earn its working ex-
penses, it may possibly be found practicable to coin
a British dollar in England for use in the China
trade. It would be indispensable of course to main-
tain unchanged the good workmanship and excellent de-
eign which have characterized the British dollar
minted in India. As to the desirability of our do-
ing whatever is feasible to maintain that coin in
in
the
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