242
collecting the Sycee, from the various Firms, here together with the losses incurred on interest.
I should not realize anything approaching the premium realized by selling Sycee at the Average rate during the last two years, which accounts to about 7 per cent.
Moreover, the new British Dollar to be coined at the Hong Kong Mint cannot be expected to be received by the Native Communities of the Northern Part of China and Japan for a period of time and would, therefore, be useless to the Chest for Expenditure for Consular and Navy Services in those Countries.
Again, unless the Local Government proclaim that the British Dollar is to be the only legal tender here, it will be mere waste for purposes of account to this Department to retain only one species of Dollar, viz., the Mexican, in the Chest.
On the other hand, should such a stipulation appear—and the matter, I believe, is left for decision until after the arrival of the new Governor of this Colony—it would be more advantageous to coin the Mexican Dollar for local purposes here, which can be done free of all charges during the first two years after the opening of the Mint, than to retain and send the Sycee and have to pay for Coinage.
There must be a supply, as before stated, of Mexican Dollar kept in the Chest for the expenditure of the Department out of Hong Kong for some time to come. The question of importing Bar Silver, should exchange rates warrant it, or Mexican Dollars, to be procured in the interim on money exchange, should be considered.
242
collecting the Sycee, from the various Forls, here together with the
losses incurred on interest.
for
uve
money
on mon
: exchange and to be procured
I should
in the Interim:
ལལ། །
not realize any thing approaching the premium reblized by selling. Syece at the Average rate during the last
which ancounts, to about
tivo
years
7 per cent.
Moreover the
new
British
Dollar to be corned at the Hong Kong
Mint cannot be expected to be Received by the Native Communities
@
vonne
of the Northern Part of China and Japan for
period of time and would", "therefore, be useless to the
Chest for Expenditure for Consular and Thury and - Vavy Services
in those Countries.
Again, unless the Local co Government proclaim that the
British Dollar is to be the
only. legal tender here it will be
mere
encent for purposes of account to this Department to
retain
only
one
species of Dollar
the
the Mearcan _ in the Chest. _
On the other hand should.
notification.
such a stipulation appear _ and the matter I believe is left for
decision until after the
the arrival of the.
the new
Governor of this Colony,
_ it would be more advantageous to se com the Mexican Dollar for local purposes here, which
done free of ellent charges during
the first twe
امتنا
can be
after the
opening of the Mint, than to retain and send, the Syeee and have to
Cent for Coinage..
pay two per
to there must be a supply,
LeavOND
for the
before stated, of Mexican Dollar kept in the Chest
for the expenditure of the Departinent out of Hong Kong for
some
time
the question of importing Bar Silver, should exchange rates warrant it, or
Mexican
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