Page 313
The only legal tender in Hong Kong are Mexican dollars, which are quoted in London at present at 5s 7d per ounce of bar silver, but the price is 5/1/8. Which at this price Mexican dollars bear a premium of about 13% beyond their intrinsic value, even in this country, and they bear a still higher premium in China; and the heavy loss which, in consequence of the outflow of this coin, falls not only upon the trade of China, but also upon the Imperial Exchequer, makes it desirable to push forward the project of a Mint at Hong Kong with the utmost dispatch.
I recommend therefore that this draft Ordinance, with a copy of the correspondence which has passed on the subject, be forwarded by the next mail to the Officer administering the Government of the Colony to be laid before the Legislative Council.
I would advise also, in view of the heavy loss which the Imperial Exchequer is at present falling - a loss which I roughly estimate at between £30,000 and £40,000 per annum, - that a Master be appointed at once.
H
313
the only legal tender in
are quoted
London at
Hemploy
at present in
576 per
念
Bar Silver is but 5/1/8.
Whiche
this price Mexican dollars
tha
ah
Que
premium of about 13
per each
beyond their intrinsic
value, wven in this Country,
and
My bear a still
higher premium in
Chine;
and the heavy top which,
mi consequence of
In
Fearil
only
of this coin, falls not
all
&
sugaged
thu
fosing a trade of China, but
also
or
the Imperial
Schequer unders
نے
luny
desirable to fuccus forward the
V
moject of
a
Mint at
Houghing
with the utmost dispatch.
I commend thenfure
that this draft Ordinance
with a
copy of the conserpondence
which has passed
on the
subject be forwarded by
the next mail to the Offein leaministeriz
Nu Govermect
of the Colony to be laid before the Legislative Cormeil.
I would advice also
in vines of the heavy loss which
the
is at present falling Imperial Exchequer - a loss which I roughly
the rate
I roughly estimate at
of
between £30,000, and £40,000
per annum, -
that a
Master be appointed at
que
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