309
once to the Banks, and that they be asked if they wish
to enter into a new agreement on the terms above indi-
cated, with the option of termination by either party
on three months' notice.
5.
We have put forward this suggestion solely
in the interests of India, but it has at the same time
occurred to us that the Government of the Straits Set-
tlements may desire revision of the present, arrange-
ments for the coinage of dollars in connection with
the proposal to introduce a gold standard into that
colony. Tenders for dollars were very active in the
latter half of last year, and it seems possible that
impending changes in the currency of the Straits Set-
tlements may have led speculators to force on the
coinage of dollars in anticipation of the value of the
Some speculation coin being enhanced by legislation.
of this kind took place in tenders for rupees just be-
fore the closure of the Indian mints, and it would, we
think, be well to be prepared for such a contingency
in case it is decided to limit the dollar currency in
We shall be glad to co-operate with the
future.
Colonial