CO129-116 - Sir MacDonnell - 1866 [11-12] — Page 264

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away- at the same time we would point out that any action on the part of the Chinese Government to prove of real use must comprehend the whole Empire; it will not do merely to authorize the receipt by tale of British Dollars at the Treasuries of certain Public Departments, because they would be inevitably melted as is the Case with other coins at present, when the Chinese Customs freely accept them in common with all other coins of similar standard, by the whole system of weight.

Of Course similar action on the part of the Japanese Government would lead to the same beneficial results and no doubt both that Country and the Straits Settlements under any circumstances would absorb a large amount of the coin in time, if freely procurable, but they can no more than afford to pay two per cent seignorage for advantage. Though such is our advice, we are not to send for additional machinery at present, we think that requisite gear should be supplied to keep effective which the mint already possesses with the view of giving it a further trial of at least one year, especially as under the engagements with the Mint Officers, little additional expense is thrown on the Colony.