273
that effect in reply to Your Lordship's telegram of the 29th of the same month. The Chamber now recommends for the reasons stated in the letters herewith forwarded (see Enclosure) and for other more important reasons which I shall communicate to you confidentially that the Japanese Yen be not legalized in Hongkong, but that a British dollar should be coined at the Bombay Mint, which the Chamber has reason to believe can be undertaken at a seignorage of 1 1/4 per cent, or less, and legalized in Hongkong.
4. I concur with the Chamber that it would be an advantage if the Colony were made independent of foreign countries in regard to its currency by being placed in a position to obtain, whenever necessary, a supply of British dollars at a reasonable cost, and I therefore
7a.
273
that effect in reply to Your Lordship's telegram of the
Gov
29th of the
the same
L
month. The
Chamber now recommends
for the reasons stated in the
1711493
کرانے ہیں
letters herewith forwarded (oke Enclos
and for other more
important
reasons which I shall com-
municate to you confidentially that the Japanese Yen be not
·legalized in Hongkong, but
"that a British dollar should.
be coined at the Bombay
Mint, which the Chamber
has
445.7
has
reason to believe can be
undertaken at a
seignorage
of 11/4 per cent, or less, and legalized in Hongkong.
4.
I coneur with the
Chamber that it would be
an
advantage if the Colony were made independent of -foreign countries in regard to its currency by being placed in a position to ob- tain, whenever necessary, a supply of British dollars at a reasonable cost, and I.
therefore
7a.
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