Our experience at Hong Kong, for I presume after experience that no one will advocate the establishment of a Mint at Singapore!
Your Lordship will perceive that in the Estimates for the Year 1869 I have included a sum of $60,000 as Revenue from the Mint - not that I anticipate receipts from seignorage to that amount, but because I am willing to allow the probable profit from the coinage of the 10 and 20 cent pieces to be included as Mint Revenue in order to show the Establishment in the annual estimates in as favourable a light as possible. At the same time I cannot disguise from Your Lordship that I have fears myself as to our ability to coin a sufficient quantity to attain even that low result.
Mine have been poor delays and accidents - though of a Minor Kind - have been recently occurring at the mint and the small coinage has been again deferred. Therefore I think the difficulties here in the way of successful minting are unusually great - not arising through inferiority of the staff or the Machinery.
Finally, I would observe that great as is the embarrassment caused to the Colony by undertaking an experiment so novel and costly as the establishment of a Mint on a small Island, where the local Authorities have no special facilities for informing outside the limits of the Colony.
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16
18
our
at Honghing, for I presume after experience that no one will advocate the
די
establishment of a Mint at Singapore!
Your Lordship will perceive"
that in the Estimates
fr
the
Year 1869
of $60,000 as
I have includub a sum
Revenue
fim
the Mint - not that
I anticipati receipts from seignorage
to that amount, but because I
am
willing to allow the probable profit the coinage of the 10 and 20 cent -prieces to be included as Mint Revenue in order to shoo the Establishment-
in the annual estimates in as in
favourable a light as possible. At the sure time I cannot disguise from that I have fears
myself
as to our
363
ability to coin a sufficient quantity to
16
attain even that
ow result. mine-
porr
delays and accidents -
though of
A
Miner Kind - have been rently wearing
at the mint mod the small coinage
Coinage has
been again deferred. Thinfore I think
this di
difficulties here in
successful minting
the
way of
are untus nalli
unusually
great- whithw arising through inferiority,
of the staff
or the Machinery.
18
Finially, I would observe that great!
as is the embarrassment
caused to the
Colony by undertaking an experiment
B
so novel and costly
as the establishment
of a Mint on
a small Island, where the
loeal Authorities have no
no special freitities
for informing outside the limits of the
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