428
Annually to the extent of about £9500.
On this no compensation for interest and charges has been received save in the legitimate seignorage.
And no premium has been paid or claimed.
A supply of coin having arrived the practice has been to ascertain the wants of the control department and then to place the remainder in the Bank at the Exchange rate of the day for immediate general circulation conditionally, on a certain amount being held for the wants of the Local Government.
On the last occasion, however, the exchange rate of the dollar was exceedingly low, so much so that any immediate issue would have entailed a heavy loss; and consequently it was deemed advisable to postpone the circulation for a few months until Exchange rates rose to a level which would secure the Government from loss.
Regarding the question asked by Your Lordships as to the steps which have been taken to prevent the exportation of subsidiary coins I have only to state that our great difficulty has been, and always must be, in keeping them in the colony for local circulation as they are greedily purchased by the Chinese for exportation to Canton and other Ports.
Cms. 10 | 76–H & S 2454'
428
Annually to the extent of about £9500.
On this no compensation for interest and charger has been received
save in the legitimate clignorage.
aud
to premum has been at
bind
any
uccwid or claimed.
A supply of coin Laving arrived the practice has been to ascertain the wants of the control department and then to peace the remander in the Bank at Exchange of the day for immediate general circulation conditionally, on a certam amount being held for the
wouls of the Local Government.
token however the last supply arried chic-rate of the dollar was Exceeduigly low, so much so that.
any
stew Ler A. Kaaned
dote or
any immediate issue would have
Entailed a heavy loss; and consequently
to desta it was on that occasion deemed
• Understands
that the
Betting Sut of advisable to paretpone the circulation
sidian Co
mitarentation der a
confer
the vill
few months until Exchange
Money Why should rise to a rate which would tove quite
dithecks
the bed, secure thee to lous from loss.
This shee
Se creas!
源
De
regards the question asked by
Your Lordships
the
to the steps which
have been latten to prevent the booting
of subsidiary coins I have only to chee that our great difficult; has been
and always must be in
Keeping their in the colony for local circulation
av
they are greedily purchased by : the Chinese for exportation to Cauton
and the toast Port-
Cms. 10 | 76–H & S 2454'
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