that the following telegram was sent to Sie Wandsmell.
on the of Apt "Machineg In Vatona Mint already punchered.
Die fren Las canend
a copy of the foremos despelet.
to be
duit
direct to the Mach
the Mint.
254
The Hongkong Mint. (From the Daily Press" of February 8th.)
Very important proceedings, in reference to the future of the Mint, took place yester day at a meeting of the Executive Council. We have received from a trustworthy source the following statement of what took place:-
His Excellency the Governor summoned a meeting of the Executive Council yesterday, at a quarter before li a.m., to consider the action necessary to take in consequence of the receipt of a telegram by last mail from His Grace th Duke of Buckingham. The telegram was dated the 30th of January, and informed His Excellency that the mail then leaving world convey to him authority to close the Mint, unless the Council and community objected and were prepared to assume the expenses. As the subject involved a referenco to the wishes of the community, His Excellency folt it desirable that the Executive Council, as soon as formed, should be aided by the opinions anti advice of others in a position to speak for the mercantile classes and the general community. Accordingly, when the minutes of the Executive Council had been read, the following gentlemen, who attended at His Excellency's request at 11 am., were admitted--The Hon., P. Ryris, the Hon. W. Keswick, representing all the unofficial element of the Legislative Can til. in the absence of Mr. Parry, who thang dalyj locum tenens for Mr. Gibb, soon expected to re- turn, had left the colony without sanction, and without resigning his place, so as to enable his Excellency to complete the already limited representation of the community. The Hon ourable W. H. Alexander was also present, as representing the financial interests of the Co- lonial Treasury, and Deputy Commissary-Gen- oral Uniacke those of Her Majesty's Treasury, whilst the managers of the five existing banks were also invited to attend, and were all present. His Excellency then informed the meeting of his receipt of the telegram mentioned from the Secretary of State, and explained as above the reasons, which induced him to invite the gentlemen present to assist the Executive Council with their opinions. As the question of the colony's financial position was one very material in considering the expediency of the community's undertaking the annual cost ($60,000 per annum) of meeting the present establishment of the Mint on its existing re- duced scale-a scale which at full work would rise to $100,000, to enable it to coin upwards of 13 millions of dollars required to pay its es- penses at the present rates of soignorage, viz: -1 per cent., he gave a brief approximate sum- mary of the existing financial position of the treasury. At this moment there were a large amount of coins there. From that amount, however, there were large deductions to be made, approximately as follows ;——
For Judicial Deposits...
Subsi liary Coins.
Police and Lighting Rates only
$57.000.00
54,000.00
available for a special purpose 30,070.00
Licensed Gambling Housea De
posit, and m uthly fees 130.000.00 A few other items.....
A
5,000.00
$276,000.00
re-
ان
which would leave really available balance of only $1,000, a
balance sulting chiefly from the stoppage various public works, whose resumption, when possible, was desirable. Out of that balance, the salaries and general expenses of the Government would have to be detrayed, early rext month, whigh, without incluling
to
at
281
police expenditure, would amount to $35.000, leaving only ittle more than $50,000
meet the expenses of the
colony Those liabilities. if the repairs and recon struction of the Praya, estimated at $178,000, were to be defrayed by the public, and if six quarters of the Military Contripation, dae next month, were also to be paid, amonating to about $165,000, would reach the large sum of $343,000, to be met with the $50.0.0 in bind and the incoming revenue already lible to the general expenses of the Government His Excellency further entered into explana- tious as to the reason for regarding the amount of $54,000 in subsidiary coins as unavailable for general purposes, because whilst great difficulty had been experienced in getting rid of oven the small silver coinage, there were actually now $34,000 in copper in the Treasury, which as they knew were
& discount of about 45 per
cent. and wholly useless. He had also put down all money received from the licensed gambling bouses as unavailable. because he had reason to hope it would not be applied to any imperial or colonial purpose, a result which would be personally most gratify. ing to bimself, as freeing an important measure of police from the embarrassment entailed by the revenue accidentally resulting therefrom. Solong as he had no sanction for declaring it unavail able, he was necessarily bound to regard it as part of the revenue, which he was bound to dis- pose of in some way, but if, as he now expected, he might yet be permitted to treat it as unavail- able, he would be at once freed from a great difficulty, and a very invidious responsibility. Therefore gentlemen present would do well not to regard any part of that revenue as a help. They should treat it as it was treated in the Treasurer's weekly returns, viz., A equally unavailable as the judicial deposits. With this information, to which they were entitled. they could better form an opinion of the ability of the colony to continue at its own exes the experiment of the Mint. The general questions affecting the latters prospective 93949. were no doubt understood well by the gentlemen present, and it was impossible to put before them at unce all the volu min us correspondence on the subject. which had passed since the report transmitted by him in December, 186, from the Commis. sion appointed to inquire into its prospects, a report submitted at the time to the principal Bankers, and though unfavourable to the Mint generally endorsed by them all. He might ap. proximately sum up the money account of the Colony with the Mint, by stating that it had now cost $500,000, and had produced a retnen of $20,000. His Excellency lastly gave som interesting details of the ineffectual efforts which he had made to introduce a Tael currency into China, and to obtain employment from
the Chinese and Japanese Go- ernments for the Mint, as also of the result of communications with Her Majesty's Minister at Peking, and the decided hostility of the Chi- nese authorities to any alteration of their pre- sent system of taking silver by weight and touch. He then proceeded to ask the unofficial members of Council, what they thought would be the feeling of the Community as to undertaking the expense of the Mint.
The Honourable P. RYRIR declared it to be against the foeling and interest of the Colony to do so.
The Honorable W. KESWICK stated that in- dividually he should much like a longor tria, given to an experim at of such importance, but he did not think in a mere pecuniary point of view the Community would be willing to undertake the expenses, or that the Mint could soon be rendered a paving concern.
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