and be a heavy additional charge on the annual revenue. Often this cost is less than the initial outlay, and produces a considerable return.
The obstinate opposition of the H.E. to the use of the stone from the Govt. quarry at, I think, Castle Peak, has so far prevented the adoption of this treatment to some extent. Some of the Council and H.Kong merchants have expressed their approval of his H.E.'s authentic decision.
I would suggest that Mr. Cardwell had given considerable weight to the arguments advanced by Mr. Mercer against calling in the Coinage Act to control the currency, and the other British Colonies to the test of its metallic standard.
Unable to act in the day, lacking any reasonable grounds for exemption, as in the case of H.K. & Kowloon, it must be considered (as he has already been informed) that this matter is definitely settled as a tentative measure up to the amount prescribed by the date of receipt. But Mr. Cardwell and the Executive Council have decided that this continuation lay certain conditions and arrangements consistent with the British Treasury's views, respecting the mint and respecting the Opium Expenditure, and other items.
But the inconvenience of the delay renders it inconvenient to await the Colonial Govt.'s decision. The sum required is a large one.
13
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