2
5 circulation, vol within the limits of the Colony, but on serious pie the mainland of China, is not leading them to lose sight of the risk, that is continually augmenting, of future embarrassment to the Colonial Treasury through the petition to exchange at their full nominal value, in possibly very large quantities at once.
3. I have given this subject my best consideration. I would remark, in the first place, that the profit on coins, which is little more than what this Colony would obtain, without any expenditure of labour or trouble, by simply placing money in the Banks here on fixed deposits, has not suggested the obtaining of a single coin more than would have been asked for under any circumstances short of a prohibitive loss. If the coins were obtainable only at par, I should have recommended every requisition I have recommended; if they were obtainable at a slight loss, I should have asked for as many as I could afford. I cannot see that the Government is less bound to provide coin than it is bound to provide roads, water, or police; and I consider it as my duty to see that the supply of coin does not run out, as I do to take the same precaution with regard to the stock of Postage Stamps.
4. I would further say that this Government does not encourage the exportation of coin to China, but it is powerless to prevent it. It never issued subsidiary coins undertaking they would not be exported. The promise was not worth the paper it was written on, and such an exaction was a transparent farce that I substituted a system of granting, on any reasonable application for coin according to the circumstances of the applicant. A shopkeeper in a large way
Page 270
مجھو
2
5 circulation, vol within the limits of the
Colony,
but on
serious pie
the mainland of China,
is not leading them to lose sight of the
cisk, that is continua
tinually augmenting, of future embarra foment to the Colonial Treasury through the petion
to kens for exchange at their full nominal value, in possibly very large
of
quantitico at once"
3.
I have given
this subject my
best consideration. I would remark, in
on
the
the e first place, that the profit coins, which is little more than what this Colony would obtain, without any expendition of labour or trouble, by simply placing money in the Bracks here on fixed deposits, has not suggested the obtaining of a single coin wore than would have been cesked for
1 for under any circumstances short of a prohibitive lovs. If the coins were obtainable
only par Ishould have recommended every requisition I have rœcommended,
ab
If
If they
VACHES
263
obtainable at a slight love I for do many
should have asked.
do Ave
could afford. I cannot see that the_ Government is less bound to provide
coin than it is bound to provide roads,
water, or
much.
of coin
the
police ; and I consider it as
my duty to see that the supply
does not run out as I do to take
same precaution with regard to the stook of Postage Stamps.
4.
I would further way that this Government does not encou
encourage
the
exportation of coin to China, but it is powerless to prevent it. He neved to issue
on
on
only that they
subsidiary corres undertaking exported . The promise
a.
written
would not be
was not worth the
paper it was written on,
exaction was
and it
such a transparent farce that I substituted, it a system of granting for
any
reasonable application for coin according to the circumstances of the applicant. A shopkeeper in a large
way
Page 270*
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