CO129-186 - Public Offices & Others - 1879 — Page 151

the Chinese trade

may

have revived, I

would beg leave to

refex

their Lordships to

the considerations urged in my report of the

20th of April 1877 report I pointed out that in the early

on this subject. In that

part of each

year

the Local Banks might,

as

as rule, prepare themselves for the China

Season " by purchasing in London all the

N° 7000/77

I observe that, as

•

148

regards the suggeded

issue of one dollar notes by the Government of Hong Kong, the Secretary of State raives

the question whether the retention in the Government vaulk of the whole amount

silver exchanged for noks should be insisted

may

upon." With reference to this question Is

perhaps venture to point out the danger

that

Mexican dollars which

may

arrive there, at

if

a part

of the

the amount of silver

and the

a

fraction above the refining value, and

thus not only procure

an

adequate supply

of coin, but also seave themselves against paying the heavy premium to which dollars

use when the demand comes. While such a course is open to them, I cannot but

think that complaints as to a scarcity of

coin have not much force.

received for notes were disposed of

proceeds invested in Consols, and it became

to realise

necessary

in times

of emergency

ro

considerable sums in specie, the bills deawn

for that purpose might probably command

a

large premium, and

the arcselt sums paid.

for

well

exceed

that the f so

premium might

the interest received

I

from