CO129-114 - MacDonnell - 1866 [7-8] — Page 362

CO129 Colonial Office Hong Kong Records 理藩院香港檔案 All AI Reviewed
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357

Sir,—The Hongkong Bank is merely a Commercial Depth from which many of the great Mercantile Firms direct and settle trade operations recurring on the mainland of China.

The power of the local Government here can only extend to transactions in Coin actually occurring in the narrow limits of a small Island, whereas the vast extent of our Indian Empire ensures an immense circulation of any coin declared by the Indian Government to be legal tender.

That consideration alone is so vast and important an element in the discussion as to preclude all fair comparison between the probable success of minting operations here and at Calcutta.

If the Dollars of the Colony,—without any greater purchasing power than the Dollars of Mexico in circulation on the Coast,—cost the Merchants 2⅒ per cent more than the others, the merchants would naturally endeavour at Canton or elsewhere to make purchases requiring cash payments to avoid a heavy charge of 2⅒ per cent—a very important item in a large operation.—I should therefore be unwilling to proclaim the Hongkong Dollar as the only legal tender, unless I were certain either that it was taken at a premium or that Silver could be imported at a reduction of at least 2 per cent on the

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357 Sir,—The Hongkong Bank is merely a Commercial Depth from which many of the great Mercantile Firms direct and settle trade operations recurring on the mainland of China. The power of the local Government here can only extend to transactions in Coin actually occurring in the narrow limits of a small Island, whereas the vast extent of our Indian Empire ensures an immense circulation of any coin declared by the Indian Government to be legal tender. That consideration alone is so vast and important an element in the discussion as to preclude all fair comparison between the probable success of minting operations here and at Calcutta. If the Dollars of the Colony,—without any greater purchasing power than the Dollars of Mexico in circulation on the Coast,—cost the Merchants 2⅒ per cent more than the others, the merchants would naturally endeavour at Canton or elsewhere to make purchases requiring cash payments to avoid a heavy charge of 2⅒ per cent—a very important item in a large operation.—I should therefore be unwilling to proclaim the Hongkong Dollar as the only legal tender, unless I were certain either that it was taken at a premium or that Silver could be imported at a reduction of at least 2 per cent on the
Baseline (Original)
357 Sirdship Knews is merely a Commercial Depth from which many of the great Mercantile Firms direct and settle tradal operations recurring on the mainland of 5. Chino. The power of the local Government here can only extend to transactions in Coin actually ocenning in the narrow limits of a a small Island, whereas the vast extent of our Indian Empire an immense criculation of any declared by be the ensures Com the Indian Government to tinder legal -That consideration alone is so for all our Indian possessims vast and important an element in the discussion as to preetside all fair comparison between the probable succes of minting operations here and at Calcutta If the Dollars of the Colony, -- 6. without any greater purchasing power them the Dollars of Mexics in Criculation the Coast, Cosh the Merchants I cent of Minting charge per ariore than the others, the merchants would no naturally Emelnde at Cantin or elsewhere purchases requiring crin payments to avoid a histing charge of 21/10 per cent a very important item in a large operation - I should therefore be unwilling to He privolain the Hooghing Dollar as the only legal lender, unless I formed either that it was taken at a premium that Silver could be imported at a oy- reduction of at least 2 per cent on the
2026-05-19 10:50:37 · Baseline
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357

Sirdship Knews is

merely a Commercial Depth from which many of the great

Mercantile Firms direct and settle tradal

operations recurring on the mainland of

5.

Chino.

The power of the local Government here can only extend to transactions in

Coin actually ocenning in the narrow limits

of a

a small Island, whereas the vast extent of our Indian Empire

an immense criculation of any

declared by

be the

ensures

Com

the Indian Government to

tinder

legal

-That consideration alone is so

for all our Indian

possessims

vast and important

an element in the

discussion as to preetside all fair comparison between the probable succes of minting

operations here and at Calcutta

If the Dollars of the Colony, --

6.

without

any greater purchasing power them the Dollars of Mexics in Criculation

the Coast, Cosh the Merchants I

cent of Minting charge

per

ariore than the

others, the merchants would no

naturally

Emelnde at Cantin or elsewhere purchases

requiring crin

payments

to avoid a

histing charge of 21/10 per cent a very important item in a large operation - I should therefore

be unwilling to

He

privolain the Hooghing Dollar as the only legal lender, unless I formed either that it was taken at a premium

that Silver could be

imported

at

a

oy-

reduction of at least 2 per cent on the

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