currency, we trust you may be able to make such re-
presentations to the Government of India as may
lead them to reconsider their intention of giving
priority to both India and the Straits, in order that
silver deposited for coinage into British dollars
may continue to be minted within reasonable time,
and also to appeal to them to modify their present
proposal to double the seigniorage.
We venture to think that this small concession
to the needs of this Colony will not greatly
inconvenience the Indian mints, as owing to the
demonetisation of tae British dollar in the Straits,
the amount of silver deposited for coinage is not
likely to be on a large scale for some time to come.
There is no doubt however that the British dol-
lar is gradually making its way into circulation
throughout China, more particularly in the North,
and as this cannot help proving advantageous to Bri-
tish interests generally, it would seem desirable
that, instead of placing restrictions on the supply,
every encouragement should be given to increase its
circulation.
303
It seems to us indispensable that the Colony
should be provided with some certain means of con-
verting bullion into currency, as required, and if
the Government of India do not see their way to meet
us in the matter, the only alternative appears to
be to re-establish a local mint.
(Signed)
We have, &c.,
Chartered Bank,
HongKong and Shanghai Banking Corporation.
It