Since being received there from a local Bank, I think it best to explain back matters, lest an unfavourable impression might be surely conveyed of the prospects of the Mint at a time when the action of Your Majesty's Government in reference to the Charter is under consideration.
2.
The £50,000 of bullion received there have been transmitted by the Treasury to Assistant Commissary General Long for general purposes, and as he informs me, without any instructions referring to the Mint. We also told me that he cannot send it for coinage into dollars without a heavy loss, which he has no authority to incur.
3.
At present the charge for seigniorage has been reduced to half, experimentally, as I informed your Lordship in my 11th January Despatch No. 185 by last Mail. The fact, therefore, that the Head of the Commissariat, with every disposition to aid the Mint, feels that he cannot send bullion there for coinage at even half the usual expense, I fear, is a most unfavourable commentary on the probabilities of the Mint's future success.
In reference to the 10,000 taels in silver, it is true that they have been sent by the Chartered Mercantile Bank for conversion into dollars, but the transaction is alleged to be of an exceptional character. The object of the Bank is simply to ascertain the likely average value of...
silen being received there from a local Bank, I think it best to explain bach
matters, best
Aw BMA EMI OVVI
impression might
be shurely cominged of the prospects of the
Miur al
time when the action of Wer
Majesty's Geonument in reference charte
is under discnferen
2.
The I. 50,000 of bullion received
there have been transunited by the Treasury to Asistant Commisary General Long' for gunenal pemproses, and as he informs
instructions referring
without any inste
Mint. We also tells
Me
me
to the ?
that he cannot
sintiout a
send it for coinage into dollars vichout-
heavy loss, which he has no authority to
MOM.
3.
At present the charge for surguerage
has been reduced an
250
half, experimentally
my
as I informed four Lordship in 11th January Despatch N. 185 by laut Mail. The fact therefore that the Head of the Commipariat
1864.
?
<
with
every disposition to aid the Mint feels that he cannet send bullion chere for
half the usual expense,
coinage at cen
forins, I fear, a most informable commentary on the probabilities of the Mické future
sucess
In
reference
to the 10,000 anas
silver, it is tree that they have been sent. by de Chartred Mercantile Bank for
carousion inte dellars, but the transaction
is allégulen are of an exceptional character. The object of the Barest is simp
ascertain the live
wimjely
lo
averago
value of
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