437
H
J
have however failed to induce Merchants and Bankers to take any large quantity of subsidiary coinage even with an allowance of 7 and 8 per cent discount. They require 10, which would make it a more wasteful coinage than dollars.
The delay in disposing of such coins renders Bankers unwilling to incur the inconvenience of having their money locked up so long that the loss of interest swallows the apparent profit by the discount originally allowed Government.
10. I must here observe that Mr. Kinder, Master of the Mint is at present absent on leave in Japan, where he is occupied inspecting the Japanese Minting operations, and ascertaining the practicability of obtaining free circulation, if not a preference for, the Hongkong dollar in that country. The inclosed returns have not therefore been submitted to him, but I am not aware of any reason for doubting their accuracy, as the Superintendent of the Mint Bullion Office has expended considerable pains in their preparation.
As I observe that some English Public journals by last Mail report that the Mint was receiving large supplies of silver for coinage and was actively at work, I presume this report...
437
H
J
have however failed to induce Merchants and Bankers to take
any
large quantity of subsidiary coinage even with an allowance of 7 and 8
per
Jand
cent discount. They require 10, which losing, because
would make
more
it a
a more
wasteful, comage than dollars.
The delay in disposing of such coins
renders Bankers in
imuilling unwilling to incer
the incomenience of having their money
locked
up so long that the lop of finterest swallows the apparent profit
the discount originally allowed Government.
by
10. I must here observe that MOF
Kinder, Master of the Mint is at
#
he is occupied inspecting the Japanese Minting operations, and ascertiming
me the practicability of obtaining free circulation, if not a preference for,
for
a
the Hongkong dollar in that country. The inclosed returns have not therefore been submitted to him, but I
aware
of any
reason
am not
for doubting their
accuracy, as the Superintendent of the Mint Bullion Office
has
expended
#
considerable pains in their preparation.
As I observe that some
M.
on
present
absent
on
leave in
Japon, where
the English Public journals
by last Mail
that the Meint
gave currency
was rece
of
received
to a repart
receiving large
supplies of silver for coinage and was actively at work, I presume this
repert
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