356
2.
The Auditor General's report framed before the opening of the Mint painted quite clearly that unless the exchanges operate in a way which they rarely do, it is highly improbable that Silver in Hongkong would fall to such a price as to enable its importation to be minted with any profit to the importer. Further experience has tended to confirm this opinion and whilst during the last two months bullion has scarcely been brought to the Mint, upwards of six or Seven Million Dollars worth of Silver have been sent to Calcutta for conversion into Rupees.
In addition to the circumstance that China receives an immensely large amount of Specie remittances or roundabout exchanges, the fact that in India Coin is necessary as a Medium of Exchange whereas in China a lump of Silver will do as well will always give the Indian Mints a preference over ours. As long as a Silver Standard is maintained in India it may be said that when this sanitary Dollar of Hongkong shall be declared to be the only legal tender within the Colony, the position of our Mint will more nearly assimilate to that of India. But as far as I can at present see that period is still distant.
356
2.
The Anditor General
al in
NI
a
report framed before the opening of the
Mint painted nich pretty clearly that r unless the exchanges
arate which they rarely
eter valve in produce from
greater
produce from India than
The sends back, and consequently is obliged
to make
good
it the Balance
of
Trade
by
India rose to
the
fact
tock it
highly improbable that Silver in Sborgtorg
price
would fall
to such a
to be minted with
any
Sbengkong
as to enable its
to the
profit
importer. Further experience has
tended to confirm this opinion and whilst during the last tivo months
bullion has
scarcely any Mint, upwards of lix
mir
дене
or Seven Millim
Dollars worth of Silver have been sent
to Calenta for
Conversion into Rupees.
In addition to the Circumstance
3
that China receives an
immensely
an- imY
236
Specie remittances or round. about exchanges,
that in India Cin is
necefiary
as a Medina of Exchange whereas in - Chino a lump of Silver will do as well will always give
the Indian Mints a
ميه
Standard is maintained in India
preference
over airs Ac
ling
as a Silver
J
may
be said that when this
4.
anitary Dollar of Hongking shall be declared to
See the only legal tender within the Colony
the prosition of
Mint will more nearly
The
late to that of Inding but as far
assimilate
as I can at present
present see that period is
for dielant- Hongkong as your
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