42
me,
that the admission of the dollar by the Chinese Authorities in payment of Customs duties at the Treaty Ports is of little use to the Mint. Such admission, though regarded by Sir Hercules as ... very important, is merely an announcement that the dollar contains the amount of fine silver which this Government professes to put in it - No Chinese Proclamation can make it so. The Chinese merchant will not accept dollars of that kind unless the Government does or can guarantee that they are of the proper fineness.
A legal tender dollar would cheapen the manufacture of the dollar, for it would render silver in that form a preferable bullion within the Province to silver in any other shape - till it becomes the currency of the country.
The Government has no means of effecting the adoption of the dollar as a currency in China, a result which Her Majesty's Government is aiming to achieve.
I can raise no objection to Her Majesty's Treasury directing payment to be made in Hongkong dollars for all Imperial services in China, as suggested by Sir Hercules, provided Her Majesty's Treasury pays for the dollars. It would, however, be frequently a very costly proceeding.
Thus, at present, it would involve a loss of 3 per cent on 300,000 dollars per month, or 9000 dollars per month - a most extravagant mode of assisting the Mint, if Her Majesty's Government should decide on adopting the suggestion.
Sir Rutherford Alcock has already made a similar suggestion regarding payment of the Diplomatic services, but was obliged to recall his instructions when he learned from the Auditor General that compliance therewith would entail a heavy loss either on the Government or on the contractors.
42
me,
that the
dmission of the dollar by
the Chinese Authorities in payment of Customs
duties at the Treaty
Ports
is
of
little
Ase
to the Mint. Such admission, though regarded by Sir Hercules
is merely
ad
...t
· very important,
an announcement that the in
dollar contains the amount of
Hàng Nóng silver which this Govenment profefces put in it - No Chinese Proclams
can
to
&
Chate
fn
nothing,
Chmer
willanty
lete
Ollas
of that Kind A uation does or
A
cheapen the manufacture of the dollar,
for render silver in that
tender over
in that form a preferable
bullim withint Prisp
silver in
any
other shape - till mach
the
currency of
In erst of corning.
Government has
whatever of
W
no means
the dollar be adopted
China, a result which Her Majesty's
effecting.
I
cam
raise
of
course no
objection to
Enclosure No!.
Her Majesty's Treasury directing payment to be made in
Hongkong
dollars for all Imperial serveres in China, no puggested by Sir Hercules, provided Her Majesty's Treasury
pays for the dollars. It would however be frequently a very costly proceeding.
·
it would involve
а
lofe
Thus at present
3 per cent on
of 3
300,000 dollars per month, or
9000
dollars per
month- a most extravagant mode of afsisting
the Maint, if Her Majesty's Government should
decide on
8.
adopting the suggestion
Sir Rutherford Alcock has already
made a
similar suggestion
the Diplomatic pervices,
but
as
to payment of
من علماء
obliged to
recall his instructions, when he learned from
the Auditor General that compliance therewith would entail a heavy lofs
either
on the
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